Document:

exhibit10_4.htm

    
      

    

     

    
      
        
          Exhibit
            10.4

          Voting
            Agreement

          Between

          U.S.
            Energy Corp. and Crested Corp.

          And
            Certain Shareholders of Crested Corp.

          

          This
            Voting Agreement (“Agreement”) is entered into on July 31, 2007, but is
            to be effective as of January 23, 2007, by and between U.S. Energy Corp.,
            a
            Wyoming  corporation (“USEG”), and the individual shareholders
            (each, an “Individual Shareholder”) of Crested Corp., a Colorado
            corporation (“Crested”) identified on the signature page.  Each
            of USEG and the Individual Shareholders are individually referred to
            as a
“Shareholder;” and collectively those parties are referred to as the
“Shareholders.”

          

          WHEREAS,
            USEG and Crested have entered into an Agreement and Plan of Merger (the
            “Merger Agreement”) providing for the merger of Crested with and into
            USEG (the “Merger”), dated as of the date hereof.  Terms not
            defined in this Agreement have the meanings defined in the Merger
            Agreement.

          

          WHEREAS,
            the Merger Agreement requires that the Shareholders, in their capacities
            as
            holders of Crested common stock, enter into, and the Shareholders have
            agreed to
            enter into, this Agreement.

          

          NOW,
            THEREFORE, in consideration of the premises and other good and valuable
            consideration, the receipt and sufficiency of which is hereby acknowledged,
            the
            parties hereby agree as follows:

          

          1.           Representations
            and Warranties of the Shareholders.  The Shareholders represent
            and warrant to Crested as follows:

          

          (a)           Authority;
            Binding Obligation.  The Shareholder has all necessary power and
            authority to enter into this Agreement and perform all of the Shareholder’s
            obligations hereunder. This Agreement has been duly and validly executed
            and
            delivered by the Shareholder and constitutes a valid and legally binding
            obligation of the Shareholder, enforceable against the Shareholder in
            accordance
            with its terms.

          

          (b)           Ownership
            of Shares. The Shareholder is the beneficial owner or record holder of the
            number of shares of Crested listed under the Shareholder’s name on the signature
            page (the “Existing Shares” and, together with any shares of Crested
            common stock the record or beneficial ownership of which is acquired
            by the
            Shareholder after the date hereof, the “Shares” including (only for the
            individual Shareholders) any shares of common stock of Crested which
            are
            acquired pursuant to exercise of options to buy Crested common stock
            (the
“Option Shares”) and, as of the date hereof, the Existing Shares and
            Option Shares constitute all the shares of Crested common stock owned
            of record
            or beneficially by the Shareholder).  Provided, however, that
            the Existing Shares shown for each individual Shareholder does not reflect
            that
            person’s beneficial ownership (as defined in Rule 13d-3 promulgated under the
            ’34 Act) of shares of Crested common stock which he holds indirectly as
            an
            officer or director of USEG.

           

           

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

           

          
With
            respect to the Existing Shares, the Shareholder has (and with respect
            to the
            Options Shares, will have), without any restrictions, except as imposed
            by law
            and this Agreement, (i) sole voting power and sole power to issue instructions
            with respect to or otherwise engage in the actions set forth in Section 2;
            (ii) sole power of disposition; and (iii) sole power to demand dissenters
            rights
            under Article 113 of the Colorado Business Corporation Act (subclause
            (iii)
            applies only to the Existing Shares).

           

          (c)           No
            Conflicts. Neither the execution, delivery and performance of this
            Agreement nor the consummation of the transactions contemplated hereby
            will
            conflict with or constitute a violation of, or a default under, (with
            or without
            notice, lapse of time, or both) any contract, agreement, voting agreement,
            shareholders’ agreement, trust agreement, voting trust, proxy, power of
            attorney, pooling arrangement, note, mortgage, indenture, instrument,
            arrangement or other obligation or restriction of any kind to which the
            Shareholder is a party or to which the Shareholder or Shareholder’s Shares are
            subject to or bound.

          

          2.           Voting
            Agreement and Agreement Not to Transfer.

          

          
            	
                    (a)  

                  	
                    The
                      Shareholder agrees to vote or cause to be voted all of the
                      Shareholder’s
                      Shares:

                  

          

          

          (i)  consistent
            with the vote of holders of a majority of the shares of Crested common
            stock not
            held by the Shareholders (the “Majority Vote of the Minority Holders”),
            whether in favor of, or against, the approval of the Merger Agreement
            at a
            meeting of the Crested shareholders, as well as any other matters required
            to be
            approved by the Crested shareholders at the meeting wherein the Merger
            is voted
            upon by the Crested shareholders.  Provided, however,
            that USEG may elect not to vote in favor of the Merger, even if the Merger
            Agreement has been approved by a Majority Vote of the Minority Holders,
            to the
            extent such election is permitted pursuant to the termination provisions
            of the
            Merger Agreement.

          

          (ii)  against
            any action or agreement that would result in a breach in any material
            respect of
            any covenant, representation or warranty or any other obligation or agreement
            of
            Crested  under the Merger Agreement; and

          

          (iii)
            against the following actions (other than the Merger or the consummation
            of any
            actions contemplated by the Merger Agreement):

          

          (A)
            any
            extraordinary corporate transactions, such as a merger, consolidation
            or other
            business combination involving Crested;

          

          (B)
            any
            sale, lease, transfer or disposition of a material amount of the assets
            of
            Crested, except as may be contemplated by the Company SEC Reports;

          

          (C)
            any
            change in the majority of the board of directors of Crested;

          

          (D)
            any
            material change in the present capitalization of Crested;

          

          (E)
            any
            amendment of Crested’s articles of incorporation or bylaws;

           

           

          
            
              
              

            

            
              2

              
                

              

            

            
              
              

            

          

          
 

          (F)
            any
            other change in the corporate structure, business, assets or ownership
            of
            Crested, provided, however, a vote in favor of amending the Crested Incentive
            Stock Option Plan to allow for cashless exercise shall be permitted;
            or

          

          (G)
            any
            other action which is intended, or could reasonably be expected to, impede,
            interfere with, delay, postpone, discourage or adversely affect the contemplated
            economic benefits to Crested of the Merger and the transactions contemplated
            by
            the Merger Agreement.

          

          (b)           The
            Shareholder(s) agree not to (i) sell, transfer, convey, assign or otherwise
            dispose of any of his, her or its Existing Shares, or any of the Option
            Shares
            if an Individual Shareholder exercises his or her Option before the Effective
            Date; or (ii) pledge, mortgage or otherwise encumber such Existing or
            Option Shares.

          

          3.           Cooperation.  The
            Shareholder(s) agree that he, she or it will not (directly or indirectly)
            initiate, solicit, encourage or facilitate any Takeover Proposal.

          

          4.           Shareholder
            Capacity. Each Individual Shareholder is entering this Agreement in his
            or
            her capacity as the record or beneficial owner of the Shares and the
            Option
            Shares, and not in his or her capacity as a director or officer of Crested.
            Nothing in this Agreement shall be deemed in any manner to limit the
            discretion
            of any Shareholder to take any action, or fail to take any action, in
            his or her
            capacity as a director or officer of Crested that may be either
            (a) required of the Shareholder under applicable law or (b) is
            otherwise permitted by the Merger Agreement.

          

          5.           Termination.
            The obligations of the Shareholder(s) hereunder shall terminate upon
            the
            consummation of the Merger.  If the Merger is not consummated, the
            obligations of the Shareholder shall terminate upon the termination of
            the
            Merger Agreement.

          

          6.           Specific
            Performance. The Shareholder(s) acknowledges that it would be impossible to
            determine the amount of damages that would result from any breach of
            any of its
            obligations under this Agreement, and that the remedy at law for any
            breach, or
            threatened breach, would likely be inadequate.  Accordingly, the
            Shareholder agrees that Crested shall, in addition to any other rights
            or
            remedies which it may have at law or in equity, be entitled to seek such
            equitable and injunctive relief as may be available from any court of
            competent
            jurisdiction to restrain the Shareholder from violating any of his, her,
            or its
            obligations under this Agreement.  In connection with any action or
            proceeding for such equitable or injunctive relief, the Shareholder hereby
            waives any claim or defense that a remedy at law alone is adequate and
            agrees,
            to the maximum extent permitted by law, to have the obligations of the
            Shareholder under this Agreement specifically enforced against him, her
            or it,
            without the necessity of posting bond or other security, and consents
            to the
            entry of equitable or injunctive relief against the Shareholder enjoining
            or
            restraining any breach or threatened breach of this Agreement.

           

           

          
            
              
              

            

            
              3

              
                

              

            

            
              
              

            

          

          
 

          7.           Indemnification.

          

          (a)           If
            and only if the Merger is consummated in accordance with the Merger Agreement,
            USEG and its successors and assigns (the “Indemnifying Party”) shall, to
            the fullest extent permitted by law, indemnify, defend and hold harmless
            each
            Individual Shareholder (as incurred to the extent incurred subsequent
            to the
            Effective Date) against all costs or expenses (including reasonable attorneys’
fees), judgments, fines, losses, claims, damages or liabilities incurred
            by each
            Individual Shareholder, regardless of whether incurred prior to or after
            the
            Effective Date (collectively, “Costs”) in connection with any claim,
            action, suit, proceeding or investigation, whether civil, criminal,
            administrative or investigative, arising out of this Agreement other
            than an
            action for specific performance under Section 6.  A Shareholder
            wishing to claim indemnification under this Section 7, upon learning of any
            claim, action, suit, proceeding or investigation described above, shall
            promptly
            notify Indemnifying Party thereof; provided that the failure so to notify
            shall
            not affect the obligations of Indemnifying Party under this Section 7
            unless and to the extent that Indemnifying Party is actually and materially
            prejudiced as a result of such failure.  In case any such action shall
            be brought against an Individual Shareholder, he or she shall promptly
            notify
            the Indemnifying Party of the commencement thereof, and the Indemnifying
            Party
            shall be entitled to assume the defense thereof, with counsel reasonably
            satisfactory to Shareholder, and after notice from the Indemnifying Party
            to
            Shareholder of its election to so assume the defense thereof, the Indemnifying
            Party shall not be liable to Shareholder for any legal expenses of other
            counsel
            or any other expenses, in each case subsequently incurred by
            Shareholder.

          

          (b)           If
            USEG or any of its successors or assigns shall consolidate with or merge
            into
            any other entity and shall not be the continuing or surviving entity
            of such
            consolidation or merger or transfers all or substantially all of its
            assets to
            any other entity, then and in each case, USEG shall cause proper provision
            to be
            made so that its successors and assigns shall assume the obligations
            set forth
            in this Section 7.

          

          (c)           The
            provisions of this Section 7 shall survive termination of this
            Agreement.

          

          8.           Miscellaneous.

          

          (a)           Entire
            Agreement.  This Agreement (and the Merger Agreement) constitutes
            the entire agreement of the parties  with reference to the
            transactions contemplated hereby and supersedes all other prior agreements,
            understandings, representations and warranties, both written and oral,
            between
            the parties or their respective representatives, agents or attorneys,
            with
            respect to the subject matters hereof.

          

          (b)           Parties
            in Interest.  This Agreement shall be binding upon and inure
            solely to the benefit of each party hereto and the other parties to the
            Merger
            Agreement and their respective successors, assigns, estate, heirs, executors,
            administrators and other legal representatives, as the case may
            be.  Nothing in this Agreement, express or implied, is intended to
            confer upon any other person, other than parties hereto or their respective
            successors, assigns, estate, heirs, executors, administrators and other
            legal
            representatives, as the case may be, any rights, remedies, obligations
            or
            liabilities under or by reason of this Agreement.

           

           

          
            
              
              

            

            
              4

              
                

              

            

            
              
              

            

          

          
 

          (c)        
            Modifications;
            Waivers. This Agreement shall not be amended, altered or modified in any
            manner except in writing.  No waiver of breach hereunder shall be
            considered valid unless in writing, and no waiver shall be deemed a waiver
            of
            any subsequent breach.

          

          (d)           Severability.  Any
            term or provision of this Agreement which is invalid or unenforceable
            in any
            jurisdiction shall, as to that jurisdiction, be ineffective to the extent
            of
            such invalidity and unenforceability without rendering invalid or unenforceable
            the remaining terms and provisions of this Agreement.  If any
            provision of this Agreement is so broad as to be unenforceable, the provision
            shall be interpreted to be only so broad as is enforceable.

          

          (e)           Governing
            Law.  This Agreement shall be deemed to be made in and in all
            respects shall be interpreted, construed and governed by and in accordance
            with
            the laws of the State of Wyoming, without regard to the conflict of law
            principles thereof.

          

          (f)           Jurisdiction
            and Venue. Any legal action or proceeding with respect to this Agreement
            may be brought only in Fremont County, Wyoming, or in the courts of the
            United
            States of America for Wyoming.  By this Agreement, each party (i)
            accepts for itself the jurisdiction of and venue in such courts; and
            (ii)
            irrevocably consents to the service of process out of such courts by
            the
            delivery of notice as provided below, such service to become effective
            10 days after delivery.

          

          (g)           Attorney’s
            Fees. The prevailing party in any litigation, arbitration, mediation,
            bankruptcy, insolvency or other proceeding (“Proceeding”) relating to the
            enforcement or interpretation of this Agreement may recover from the
            unsuccessful party all fees and disbursements of counsel (including expert
            witness and other consultants’ fees and costs) relating to or arising out of
            (a) the Proceeding (whether or not the Proceeding results in a judgment)
            and (b) any post-judgment or post-award Proceeding including, without
            limitation, one to enforce or collect any judgment or award resulting
            from any
            Proceeding.  All such judgments and awards shall contain a specific
            provision for the recovery of all such subsequently incurred costs, expenses,
            fees and disbursements of counsel.

          

          (h)           Counterparts.
            This Agreement may be executed in one or more counterparts (including
            by
            facsimile), each of which shall be deemed to be an original, but all
            of which
            shall constitute one and the same instrument.

          

          (i)           Notices.
            All notices, requests, instructions and other communications to be given
            hereunder shall be in writing and shall be deemed given if personally
            delivered,
            telecopied (with confirmation) or mailed by registered or certified mail,
            postage prepaid (return receipt requested), to such party at its address
            set
            forth below or such other address as such party may specify to the other
            party
            by notice:

          

          If
            to
            USEG:

          

          U.S.
            Energy Corp.

          877
            N.
            8th
            W.

          Riverton,
            Wyoming 82501

          Attention:
            Keith G. Larsen and Steve Youngbauer

          Fax
            307.857.3050

           

           

          
            
              
              

            

            
              5

              
                

              

            

            
              
              

            

          

          
 

          With
            copy
            (which shall not constitute notice) to:

          

          Stephen
            E. Rounds, Attorney

          1544
            York
            Street, Suite 110

          Denver,
            Colorado 80206

          Fax
            303.377.0231

          

          If
            to
            Crested:

          

          Crested
            Corp.

          877
            N.
            8th
            W.

          Riverton,
            Wyoming 82501

          Attention:
            Harold F. Herron and Steve Youngbauer

          Fax
            307.857.3050

          

          With
            copy
            (which shall not constitute notice) to:

          

          Davis
            Graham & Stubbs, LLP

          1550
            17th Street,
            Suite 500

          Denver,
            Colorado 80202

          Attention:
            Scot W. Anderson

          Fax
            303.893.1379

          

          If
            to an
            Individual Shareholder, to the address on the signature page

          

          (j)           Advice
            of Counsel.  Each Individual shareholder acknowledges that he or
            she has had the opportunity to seek the advice of independent legal counsel,
            and
            has read and understood all of this Agreement.  This Agreement shall
            not be construed against any party by reason of the drafting
            hereof.

          

          [remainder
            of page intentionally left blank]

        

      

       

       

      
        
          
          

        

        
          6

          
            

          

        

        
          
          

        

      

       

       

      IN
        WITNESS WHEREOF, the parties execute this Agreement to be effective as of
        the
        date first above written.

      

      
        
          	 	 	 	 	
                  Existing
                    Shares

                
	
                  Crested
                    Corp.

                	 	 	 
	 	 	 	 	 
	 /s/
                  Harold F. Herron	 	 	 	 
	
                  Harold
                    F. Herron, Co-Chairman

                	 
	 	 	 	 	 
	
                  U.S.
                    Energy Corp.

                	 	 	
                          12,024,733

                
	 	 	 	 	 
	 /s/
                  Keith G. Larsen	 	 	 	 
	
                  Keith
                    G. Larsen, Chairman, CEO

                	 
	 	 	 	 	 
	 	 	 	 	 
	
                  Plateau
                    Resources, Ltd.

                	 	
                                 60,000

                
	 	 	 	 	 
	 /s/
                  Harold F. Herron	 	 	 	 
	
                  Harold
                    F. Herron, President

                	 	 
	 	 	 	 	 
	 	 	 	 	 
	
                  Sutter
                    Gold Mining, Inc.

                	 	
                               100,000

                
	 	 	 	 	 
	 /s/
                  Harold F. Herron	 	 	 	 
	
                  Harold
                    F. Herron, President

                	 	 

        

      
        
          
          

        

        
          7

          
            

          

        

        
          
          

        

      

       

       

      
        
          	
                  Individual
                    Shareholders*

                	 	 	 	 
	 	 	 	 	 	 	
                  Option
                    Shares for which

                
	 	 	 	 	
                  Existing
                    Shares

                	 	
                  USEG
                    Shares will be issued

                
	 	 	 	 	 	 	 
	 /s/
                  Daniel P. Svilar	 	 	 	
                               147,850

                	 	
                  200,000

                
	
                  Daniel
                    P. Svilar

                	 	 	 	 	 
	 	 	 	 	 	 	 
	 /s/
                  Robert Scott Lorimer	 	 	 	
                                 15,000

                	 	
                  200,000

                
	
                  Robert
                    Scott Lorimer

                	 	 	 	 
	 	 	 	 	 	 	 
	 /s/
                  Harold F. Herron	 	 	 	
                                  3,466

                	 	
                  200,000

                
	
                  Harold
                    F. Herron

                	 	 	 	 	 
	 	 	 	 	 	 	 
	 /s/
                  Keith G. Larsen	 	 	 	
                                       -

                	 	
                  200,000

                
	
                  Keith
                    G. Larsen

                	 	 	 	 	 
	 	 	 	 	 	 	 
	 /s/
                  Mark J. Larsen	 	 	 	 	 	
                  200,000

                
	
                  Mark
                    J. Larsen

                	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	
                  30,000

                
	
                  Donald
                    A. Anderson

                	 	 	 	 	 
	 	 	 	 	 	 	 
	 /s/
                  Michael T. Anderson	 	 	 	 	 	
                  30,000

                
	
                  Michael
                    T. Anderson

                	 	 	 	 
	 	 	 	 	 	 	 
	 /s/
                  Michael H. Feinstein	 	 	 	 	 	
                  30,000

                
	
                  Michael
                    H. Feinstein

                	 	 	 	 	 
	 	 	 	 	 	 	 
	 /s/
                  H. Russell Fraser	 	 	 	 	 	
                  30,000

                
	
                  H.
                    Russell Fraser

                	 	 	 	 	 
	 	 	 	 	 	 	 
	 /s/
                  Steven R. Youngbauer	 	 	 	 	 	
                  50,000

                
	
                  Steven
                    R. Youngbauer

                	 	 	 	 
	 	 	 	 	 	 	 
	 /s/
                  Kathleen Martin	 	 	 	
                                 41,722

                	 	 
	
                  Kathleen
                    Martin

                	 	 	 	 	 
	 	 	 	 	 	 	 
	 /s/
                  Michael Zwickl	 	 	 	
                                 14,203

                	 	 
	
                  Michael
                    Zwickl

                	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	
                  *
                    Notice for each individual shareholder will be delivered to the
                    USEG
                    address.

                

        

      

    

     

    
      
        
        

      

      
        8Unassociated Document

     

     

    

     

    STRUCTURED
      ASSET MORTGAGE INVESTMENTS II INC.,

    DEPOSITOR

     

    WELLS
      FARGO BANK, N.A.,

    TRUSTEE

     

    and

     

    EMC
      MORTGAGE CORPORATION,

    SELLER
      AND MASTER SERVICER

     

    POOLING
      AND SERVICING AGREEMENT

     

    Dated
      as
      of August 1, 2007

     

    Structured
      Asset Mortgage Investments II Inc.

    Bear
      Stearns ARM Trust, Mortgage Pass-Through Certificates

     

    Series
      2007-5

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    TABLE
      OF
      CONTENTS

     

    
      	
              ARTICLE
                I DEFINITIONS

            
	 
	
              ARTICLE
                II CONVEYANCE OF MORTGAGE LOANS; ORIGINAL ISSUANCE OF
                CERTIFICATES

            
	 	
              Section
                2.01

            	
              Conveyance
                of Mortgage Loans to Trustee.

            
	 	
              Section
                2.02

            	
              Acceptance
                of Mortgage Loans by Trustee.

            
	 	
              Section
                2.03

            	
              Assignment
                of Interest in the Mortgage Loan Purchase Agreement.

            
	 	
              Section
                2.04

            	
              Substitution
                of Mortgage Loans.

            
	 	
              Section
                2.05

            	
              Issuance
                of Certificates.

            
	 	
              Section
                2.06

            	
              Representations
                and Warranties Concerning the Depositor.

            
	 	
              Section
                2.07

            	
              Purposes
                and Powers of the Trust.

            
	 	
              Section
                2.08

            	
              Delivery
                of Opinion of Counsel in Connection with Substitutions and
                Purchases.

            
	 	
              Section
                2.09

            	
              Conveyance
                of the Group III Subsequent Mortgage Loans.

            
	 
	
              ARTICLE
                III ADMINISTRATION AND MASTER SERVICING OF MORTGAGE LOANS;
                SECURITIES AND EXCHANGE COMMISSION REPORTING

            
	 	
              Section
                3.01

            	
              Master
                Servicer.

            
	 	
              Section
                3.02

            	
              REMIC-Related
                Covenants.

            
	 	
              Section
                3.03

            	
              Monitoring
                of Servicers.

            
	 	
              Section
                3.04

            	
              Fidelity
                Bond.

            
	 	
              Section
                3.05

            	
              Power
                to Act; Procedures.

            
	 	
              Section
                3.06

            	
              Due-on-Sale
                Clauses; Assumption Agreements.

            
	 	
              Section
                3.07

            	
              Release
                of Mortgage Files.

            
	 	
              Section
                3.08

            	
              Documents,
                Records and Funds in Possession of Master Servicer To Be Held for
                Trustee.

            
	 	
              Section
                3.09

            	
              Standard
                Hazard Insurance and Flood Insurance Policies.

            
	 	
              Section
                3.10

            	
              Presentment
                of Claims and Collection of Proceeds.

            
	 	
              Section
                3.11

            	
              Maintenance
                of the Primary Mortgage Insurance Policies.

            
	 	
              Section
                3.12

            	
              Trustee
                to Retain Possession of Certain Insurance Policies and
                Documents.

            
	 	
              Section
                3.13

            	
              Realization
                Upon Defaulted Mortgage Loans.

            
	 	
              Section
                3.14

            	
              Compensation
                for the Master Servicer.

            
	 	
              Section
                3.15

            	
              REO
                Property.

            
	 	
              Section
                3.16

            	
              Annual
                Statement as to Compliance.

            
	 	
              Section
                3.17

            	
              Assessments
                of Compliance and Attestation Reports.

            
	 	
              Section
                3.18

            	
              Reports
                Filed with Securities and Exchange Commission.

            
	 	
              Section
                3.19

            	
              UCC.

            
	 	
              Section
                3.20

            	
              Optional
                Purchase of Defaulted Mortgage Loans.

            
	 	
              Section
                3.21

            	
              Intention
                of the Parties and Interpretation.

            
	 
	
              ARTICLE
                IV
                ACCOUNTS

            
	 	
              Section
                4.01

            	
              Protected
                Accounts.

            
	 	
              Section
                4.02

            	
              Master
                Servicer Collection Account.

            
	 	
              Section
                4.03

            	
              Permitted
                Withdrawals From the Master Servicer Collection
                Account.

            
	 	
              Section
                4.04

            	
              Distribution
                Account.

            
	 	
              Section
                4.05

            	
              Permitted
                Withdrawals and Transfers from the Distribution
                Account.

            
	 	
              Section
                4.06

            	
              Group
                III Pre-Funding Account.

            
	 	
              Section
                4.07

            	
              Group
                IIII Interest Coverage Account.

            
	 
	
              ARTICLE
                V CERTIFICATES

            
	 	
              Section
                5.01

            	
              Certificates.

            
	 	
              Section
                5.02

            	
              Registration
                of Transfer and Exchange of Certificates.

            
	 	
              Section
                5.03

            	
              Mutilated,
                Destroyed, Lost or Stolen Certificates.

            
	 	
              Section
                5.04

            	
              Persons
                Deemed Owners.

            
	 	
              Section
                5.05

            	
              Transfer
                Restrictions on Residual Certificates.

            
	 	
              Section
                5.06

            	
              Restrictions
                on Transferability of Certificates.

            
	 	
              Section
                5.07

            	
              ERISA
                Restrictions.

            
	 	
              Section
                5.08

            	
              Rule
                144A Information.

            
	 
	
              ARTICLE
                VI PAYMENTS TO CERTIFICATEHOLDERS

            
	 	
              Section
                6.01

            	
              Distributions
                on the Certificates.

            
	 	
              Section
                6.02

            	
              Allocation
                of Losses.

            
	 	
              Section
                6.03

            	
              Payments.

            
	 	
              Section
                6.04

            	
              Statements
                to Certificateholders.

            
	 	
              Section
                6.05

            	
              Monthly
                Advances.

            
	 	
              Section
                6.06

            	
              Compensating
                Interest Payments.

            
	 
	
              ARTICLE
                VII THE MASTER SERVICER

            
	 	
              Section
                7.01

            	
              Liabilities
                of the Master Servicer.

            
	 	
              Section
                7.02

            	
              Merger
                or Consolidation of the Master Servicer.

            
	 	
              Section
                7.03

            	
              Indemnification
                of the Trustee and the Master Servicer.

            
	 	
              Section
                7.04

            	
              Limitations
                on Liability of the Master Servicer and Others.

            
	 	
              Section
                7.05

            	
              Master
                Servicer Not to Resign.

            
	 	
              Section
                7.06

            	
              Successor
                Master Servicer.

            
	 	
              Section
                7.07

            	
              Sale
                and Assignment of Master Servicing.

            
	 
	
              ARTICLE
                VIII
                DEFAULT

            
	 	
              Section
                8.01

            	
              Events
                of Default.

            
	 	
              Section
                8.02

            	
              Trustee
                to Act; Appointment of Successor.

            
	 	
              Section
                8.03

            	
              Notification
                to Certificateholders.

            
	 	
              Section
                8.04

            	
              Waiver
                of Defaults.

            
	 	
              Section
                8.05

            	
              List
                of Certificateholders.

            
	 
	
              ARTICLE
                IX CONCERNING THE TRUSTEE

            
	 	
              Section
                9.01

            	
              Duties
                of Trustee.

            
	 	
              Section
                9.02

            	
              Certain
                Matters Affecting the Trustee.

            
	 	
              Section
                9.03

            	
              Trustee
                Not Liable for Certificates or Mortgage Loans.

            
	 	
              Section
                9.04

            	
              Trustee
                May Own Certificates.

            
	 	
              Section
                9.05

            	
              Trustee’s
                Fees and Expenses.

            
	 	
              Section
                9.06

            	
              Eligibility
                Requirements for Trustee.

            
	 	
              Section
                9.07

            	
              Insurance.

            
	 	
              Section
                9.08

            	
              Resignation
                and Removal of the Trustee.

            
	 	
              Section
                9.09

            	
              Successor
                Trustee.

            
	 	
              Section
                9.10

            	
              Merger
                or Consolidation of Trustee.

            
	 	
              Section
                9.11

            	
              Appointment
                of Co-Trustee or Separate Trustee.

            
	 	
              Section
                9.12

            	
              Federal
                Information Returns and Reports to Certificateholders; REMIC
                Administration.

            
	 
	
              ARTICLE
                X TERMINATION

            
	 	
              Section
                10.01

            	
              Termination
                Upon Repurchase by the Depositor or its Designee or Liquidation of
                the
                Mortgage Loans.

            
	 	
              Section
                10.02

            	
              Additional
                Termination Requirements.

            
	 
	
              ARTICLE
                XI [RESERVED]

            
	 
	
              ARTICLE
                XII MISCELLANEOUS PROVISIONS

            
	 	
              Section
                12.01

            	
              Intent
                of Parties.

            
	 	
              Section
                12.02

            	
              Amendment.

            
	 	
              Section
                12.03

            	
              Recordation
                of Agreement.

            
	 	
              Section
                12.04

            	
              Limitation
                on Rights of Certificateholders.

            
	 	
              Section
                12.05

            	
              Acts
                of Certificateholders.

            
	 	
              Section
                12.06

            	
              Governing
                Law.

            
	 	
              Section
                12.07

            	
              Notices.

            
	 	
              Section
                12.08

            	
              Severability
                of Provisions.

            
	 	
              Section
                12.09

            	
              Successors
                and Assigns.

            
	 	
              Section
                12.10

            	
              Article
                and Section Headings.

            
	 	
              Section
                12.11

            	
              Counterparts.

            
	 	
              Section
                12.12

            	
              Notice
                to Rating Agencies.

            

    

    

    EXHIBITS

     

    
      	
              Exhibit
                A-1

            	
              -

            	
              Form
                of Class A Certificates and Class X Certificates

            
	
              Exhibit
                A-2

            	
              -

            	
              Form
                of Class B Certificates

            
	
              Exhibit
                A-3

            	
              -

            	
              Form
                of Class R Certificates

            
	
              Exhibit
                B

            	
              -

            	
              Mortgage
                Loan Schedule

            
	
              Exhibit
                C

            	
              -

            	
              [Reserved]

            
	
              Exhibit
                D-1

            	
              -

            	
              Request
                for Release of Documents – Wells Fargo

            
	
              Exhibit
                D-2

            	
              -

            	
              Request
                for Release of Documents – Treasury Bank

            
	
              Exhibit
                E

            	
              -

            	
              Form
                of Transferee Affidavit and Agreement pursuant to Section
                860E(e)(4)

            
	
              Exhibit
                F-1

            	
              -

            	
              Form
                of Investment Letter

            
	
              Exhibit
                F-2

            	
              -

            	
              Form
                of Rule 144A and Related Matters Certificate

            
	
              Exhibit
                G-1

            	
              -

            	
              Form
                of Wells Fargo Custodial Agreement

            
	
              Exhibit
                G-2

            	
              -

            	
              Form
                of Treasury Bank Custodial Agreement

            
	
              Exhibit
                H-1

            	
              -

            	
              Countrywide
                Servicing Agreement

            
	
              Exhibit
                H-2

            	
              -

            	
              EMC
                Servicing Agreement

            
	
              Exhibit
                I-1

            	
              -

            	
              Form
                of Countrywide Assignment Agreement

            
	
              Exhibit
                I-2

            	
              -

            	
              Form
                of EMC Assignment Agreement

            
	
              Exhibit
                J

            	
              -

            	
              Mortgage
                Loan Purchase Agreement

            
	
              Exhibit
                K

            	
              -

            	
              [Reserved]

            
	
              Exhibit
                L

            	
              -

            	
              Form
                of Back-Up Certification

            
	
              Exhibit
                M

            	
              -

            	
              Servicing
                Criteria to Be Addressed in Assessment of Compliance

            
	
              Exhibit
                N

            	
              -

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

            
	
              Exhibit
                O

            	
              -

            	
              Additional
                Disclosure Notification

            
	
              Exhibit
                P

            	
              -

            	
              Form
                of Subsequent Mortgage Loan Purchase Agreement

            
	
              Exhibit
                Q

            	
              -

            	
              Form
                of Subsequent Transfer Instrument

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    POOLING
      AND SERVICING AGREEMENT

     

    Pooling
      and Servicing Agreement, dated as of August 1, 2007, among Structured Asset
      Mortgage Investments II Inc., as depositor, EMC Mortgage Corporation, as seller
      (in such capacity, the “Seller”) and master servicer (in such capacity, the
“Master Servicer”) and Wells Fargo Bank, N.A., as trustee (the
“Trustee”).

     

    PRELIMINARY
      STATEMENT

     

    On
      or
      prior to the Closing Date, the Depositor acquired the Initial Mortgage Loans
      from the Seller. On the Closing Date, the Depositor will sell the Initial
      Mortgage Loans and certain other property to the Trust Fund and receive in
      consideration therefor Certificates evidencing the entire beneficial ownership
      interest in the Trust Fund.  On or prior to the Subsequent Transfer
      Date, the Depositor will acquire the Group III Subsequent Mortgage Loans, which
      will be sold to the Trust Fund on the Subsequent Transfer Date.

     

    The
      Trustee shall make an election for the assets constituting REMIC I to be treated
      for federal income tax purposes as a REMIC. On the Startup Day, the REMIC I
      Regular Interests will be designated the “regular interests” in such REMIC, and
      the Class R-I Certificates will be designated the sole class of “residual
      interests” in such REMIC.

     

    The
      Trustee shall make an election for the assets constituting REMIC II to be
      treated for federal income tax purposes as a REMIC. On the Startup Day, the
      REMIC II Regular Interests will be designated the “regular interests” in such
      REMIC, and the Class R-II Certificates will be designated the sole class of
      “residual interests” in such REMIC.

     

    The
      Trustee shall make an election for the assets constituting REMIC III to be
      treated for federal income tax purposes as a REMIC. On the Startup Day, the
      REMIC III Regular Interests will be designated the “regular interests” in such
      REMIC, and the Class R-III Certificates will be designated the sole class of
      “residual interests” in such REMIC.

     

    The
      Mortgage Loans (including the Group III Subsequent Mortgage Loans) will have
      an
      Outstanding Principal Balance as of the Cut-off Date, after deducting all
      Scheduled Principal due on or before the Cut-off Date, of $401,865,805.97.
      The
      initial principal amount of the Certificates will not exceed such Outstanding
      Principal Balance plus the Group III Pre-Funded Amount.  The Group I
      Mortgage Loans will have an Outstanding Principal Balance as of the Cut-off
      Date, after deducting all Scheduled Principal due on or before the Cut-off
      Date,
      of $70,637,575.11.  The Group II Mortgage Loans will have an
      Outstanding Principal Balance as of the Cut-off Date, after deducting all
      Scheduled Principal due on or before the Cut-off Date, of $113,359,611.37.
      The
      Group III Mortgage Loans, including the Group III Subsequent Mortgage Loans
      and
      the Group III Pre-Funded Amount, will have an Outstanding Principal Balance
      as
      of the Cut-off Date, after deducting all Scheduled Principal due on or before
      the Cut-off Date, of  $217,868,619.49.

     

    In
      consideration of the mutual agreements herein contained, the Depositor, the
      Master Servicer, the Seller and the Trustee agree as follows:

     

    ARTICLE
      I

    DEFINITIONS

     

    Whenever
      used in this Agreement, the following words and phrases, unless otherwise
      expressly provided or unless the context otherwise requires, shall have the
      meanings specified in this Article.

     

    Accepted
      Master Servicing Practices: With respect to any Mortgage Loan, those
      customary mortgage servicing practices of prudent mortgage servicing
      institutions that master service mortgage loans of the same type and quality
      as
      such Mortgage Loan in the jurisdiction where the related Mortgaged Property
      is
      located, to the extent applicable to the Trustee in its capacity as successor
      master servicer or the Master Servicer (except in its capacity as successor
      to a
      Servicer).

     

    Account:
      The Distribution Account, the Group III Pre-Funding Account, the Group III
      Interest Coverage Account, the Master Servicer Collection Account, and the
      Protected Account, as the context may require.

     

    Accrued
      Certificate Interest: For any Certificate, other than the Class R
      Certificates, for any Distribution Date, the interest accrued during the related
      Interest Accrual Period at the applicable Pass-Through Rate on the Current
      Principal Amount, or in the case of the Interest Only Certificates, the Notional
      Amount, of such Certificate immediately prior to such Distribution Date, on
      the
      basis of a 360-day year consisting of twelve 30-day months, less (i) in the
      case
      of a Senior Certificate, such Certificate’s share of any Net Interest Shortfall
      from the related Mortgage Loans and, after the Cross-Over Date, the interest
      portion of any Realized Losses on the related Mortgage Loans allocated thereto
      in accordance with Section 6.02(h) and (ii) in the case of a Subordinate
      Certificate, such Certificate’s share of any Net Interest Shortfall from the
      related Mortgage Loans and the interest portion of any Realized Losses on the
      related Mortgage Loans allocated thereto in accordance with Section
      6.02(h).

     

    Additional
      Disclosure: As defined in Section 3.18.

     

    Additional
      Form 10-D Disclosure: As defined in Section 3.18.

     

    Additional
      Form 10-K Disclosure: As defined in Section 3.18.

     

    Affiliate:
      As to any Person, any other Person controlling, controlled by or under common
      control with such Person. “Control” means the power to direct the management and
      policies of a Person, directly or indirectly, whether through ownership of
      voting securities, by contract or otherwise. “Controlled” and “Controlling” have
      meanings correlative to the foregoing. The Trustee may conclusively presume
      that
      a Person is not an Affiliate of another Person unless a Responsible Officer
      of
      the Trustee has actual knowledge to the contrary.

     

    Agreement:
      This Pooling and Servicing Agreement and all amendments hereof and supplements
      hereto.

     

    Allocable
      Share: With respect to each Class of Subordinate Certificates:

     

    (a)           as
      to any Distribution Date and amounts distributable pursuant to clauses (i)
      and
      (iv) of the definition of Subordinate Optimal Principal Amount, the fraction,
      expressed as a percentage, the numerator of which is the Current Principal
      Amount of such Class and the denominator of which is the aggregate Current
      Principal Amount of all Classes of the Subordinate Certificates;
      and

     

    (b)           as
      to any Distribution Date and amounts distributable pursuant to clauses (ii),
      (iii) and (v) of the definition of Subordinate Optimal Principal Amount, and
      as
      to each Class of Subordinate Certificates (other than the Class of Subordinate
      Certificates having the lowest numerical designation as to which the Class
      Prepayment Distribution Trigger shall not be applicable) for which (x) the
      Class
      Prepayment Distribution Trigger has been satisfied on such Distribution Date,
      the fraction, expressed as a percentage, the numerator of which is the Current
      Principal Amount of such Class and the denominator of which is the aggregate
      Current Principal Amount of all such Classes of Subordinate Certificates and
      (y)
      the Class Prepayment Distribution Trigger has not been satisfied on such
      Distribution Date, 0%; provided that if on a Distribution Date, the Current
      Principal Amount of any Class of Subordinate Certificates for which the Class
      Prepayment Distribution Trigger was satisfied on such Distribution Date is
      reduced to zero, any amounts distributed pursuant to this clause (b), to the
      extent of such Class’s remaining Allocable Share, shall be distributed to the
      remaining Classes of Subordinate Certificates which satisfy the related Class
      Prepayment Distribution Trigger and to the Class of Subordinate Certificates
      having the lowest numerical Class designation in reduction of their respective
      Current Principal Amounts in the order of their numerical Class
      designations.

     

    Annual
      Statement of Compliance: As defined in Section 3.16.

     

    Applicable
      Credit Rating: For any long-term deposit or security, a credit rating of AAA
      in the case of each of S&P and Fitch and Aaa in the case of Moody’s. For any
      short-term deposit or security, a rating of A-l+ in the case
      of  S&P, F-1+ in the case of Fitch and P-1 in the case of
      Moody’s.

     

    Applicable
      State Law: For purposes of Section 9.12(d), the Applicable State Law shall
      be (a) the law of the State of New York and (b) such other state law whose
      applicability shall have been brought to the attention of the Trustee by either
      (i) an Opinion of Counsel reasonably acceptable to the Trustee delivered to
      it
      by the Master Servicer or the Depositor, or (ii) written notice from the
      appropriate taxing authority as to the applicability of such state
      law.

     

    Appraised
      Value: For any Mortgaged Property related to a Mortgage Loan, the amount set
      forth as the appraised value of such Mortgaged Property in an appraisal made
      for
      the mortgage originator in connection with its origination of the related
      Mortgage Loan.

     

    Assignment
      Agreements: Shall mean either of the Countrywide Assignment Agreement or EMC
      Assignment Agreement.

     

    Assessment
      of Compliance: As defined in Section 3.17.

     

    Assumed
      Final Distribution Date: August 25, 2047, or if such day is not a Business
      Day, the next succeeding Business Day.

     

    Attesting
      Party: As defined in Section 3.17.

     

    Attestation
      Report: As defined in Section 3.17.

     

    Available
      Funds: With respect to any Distribution Date, the sum of the Group I, Group
      II and Group III Available Funds for such Distribution Date.

     

    Average
      Loss Severity Percentage: With respect to any Distribution Date and each
      Loan Group, the percentage equivalent of a fraction, the numerator of which
      is
      the sum of the Loss Severity Percentages for each Mortgage Loan in such Loan
      Group which had a Realized Loss and the denominator of which is the number
      of
      Mortgage Loans in the related Loan Group which had Realized Losses.

     

    Bankruptcy
      Code: The United States Bankruptcy Code, as amended as codified in 11 U.S.C.
      §§101-1330.

     

    Bankruptcy
      Loss: With respect to any Mortgage Loan, any Deficient Valuation or Debt
      Service Reduction related to such Mortgage Loan as reported by the applicable
      Servicer to the Master Servicer.

     

    Book-Entry
      Certificates: Initially, all Classes of Certificates other than the Private
      Certificates and the Residual Certificates.

     

    Business
      Day: Any day other than (i) a Saturday or a Sunday, or (ii) a day on which
      the New York Stock Exchange or Federal Reserve is closed or on which banking
      institutions in the jurisdiction in which the Trustee, the Master Servicer
      or
      any Servicer is located are authorized or obligated by law or executive order
      to
      be closed.

     

    
      Capitalization
        Reimbursement Amount:  With respect to any Distribution Date, the
        aggregate of amounts added to the Scheduled Principal Balances of the Mortgage
        Loans during the preceding calendar month in connection with the modification
        of
        such Mortgage Loans pursuant to this Agreement or the related Servicing
        Agreement which amounts represent reimbursed Advances or Servicing Advances
        owed
        to the related Servicer or the Master Servicer.

       

    

    Certificate:
      Any mortgage pass-through certificate evidencing a beneficial ownership interest
      in the Trust Fund signed and countersigned by the Trustee in substantially
      the
      forms annexed hereto as Exhibits A-1, A-2 and A-3 with the blanks therein
      appropriately completed.

     

    Certificate
      Group: The Group I Senior Certificates, Group II Senior Certificates and
      Group III Senior Certificates, as applicable.

     

    Certificate
      Owner: Any Person who is the beneficial owner of a Certificate registered in
      the name of the Depository or its nominee.

     

    Certificate
      Register: The register maintained pursuant to Section 5.02.

     

    Certificateholder:
      A Holder of a Certificate.

     

    Class:
      With respect to the Certificates, I-A-1, I-A-2, II-A-1, II-A-2, III-A-1,
      III-A-2, III-X-1, R-I, R-II, R-III, B-1, B-2, B-3, B-4, B-5 and
      B-6.

     

    Class
      Prepayment Distribution Trigger: For a Class of Subordinate Certificates for
      any Distribution Date, the Class Prepayment Distribution Trigger is satisfied
      if
      the fraction (expressed as a percentage), the numerator of which is the
      aggregate Current Principal Amount of such Class and each Class of Subordinate
      Certificates subordinate thereto, if any, and the denominator of which is the
      aggregate Scheduled Principal Balance of all of the Mortgage Loans as of the
      related Due Date, equals or exceeds such percentage calculated as of the Closing
      Date.

     

    Class
      R Certificates: The Class R-I, Class R-II and Class R-III
      Certificates.

     

    Class
      R-I Deposit: The $50 deposit into the Distribution Account with respect to
      the portion of such account related to Loan Group I by the Depositor on the
      Closing Date to pay the Class R-I Certificates in accordance with Section
      6.01(a) on the Distribution Date occurring in September 2007.

     

    Class
      R-II Deposit: The $50 deposit into the Distribution Account with respect to
      the portion of such account related to Loan Group II by the Depositor on the
      Closing Date to pay the Class R-II Certificates in accordance with Section
      6.01(a) on the Distribution Date occurring in September 2007.

     

    Class
      R-III Deposit: The $50 deposit into the Distribution Account with respect to
      the portion of such account related to Loan Group II by the Depositor on the
      Closing Date to pay the Class R-III Certificates in accordance with Section
      6.01(a) on the Distribution Date occurring in September 2007.

     

    Closing
      Date: August 31, 2007.

     

    Code:
      The Internal Revenue Code of 1986, as amended.

     

    Commission:
      The United States Securities and Exchange Commission.

     

    Compensating
      Interest Payment: As defined in Section 6.06.

     

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

     

    Countrywide
      Assignment
      Agreement: The
      Assignment, Assumption and Recognition Agreement, dated as of August 31, 2007
      among EMC, Countrywide Home Loans, Inc., Countrywide and the Trustee evidencing
      the assignment of the Countrywide Servicing Agreements to the Trust, attached
      hereto as Exhibit I-1.

     

    Countrywide
      Servicing Agreements: The Seller’s Warranties and Servicing Agreement, dated
      as of September 1, 2002, as amended by Amendment No. 1, dated January 1, 2003,
      Amendment No.2, dated September 1, 2004, Amendment No. 3, dated May 1, 2005
      and
      Amendment Reg AB to the Master Mortgage Loan Purchase and Servicing Agreement,
      dated as of January 1, 2006, by and between EMC and Countrywide Home Loans,
      Inc., attached hereto as Exhibit H-1.

     

    Corresponding
      Certificates: With respect to each REMIC II Regular Interest, the Class with
      the same designation.

     

    Corporate
      Trust Office: The office of the Trustee at which at any particular time its
      corporate trust business is administered, which office, at the date of the
      execution of this Agreement, is located at Wells Fargo Bank, N.A., P.O. Box
      98,
      Columbia, Maryland 21046 (or for overnight deliveries, 9062 Old Annapolis Road,
      Columbia, Maryland 21045), (Attention: Client Manager - BSARM 2007-5), facsimile
      no.: (410) 715-2380. With respect to the presentment of Certificates for
      registration of transfer, exchange or final payment, Wells Fargo Bank, N.A.,
      Sixth Street and Marquette Avenue, Minneapolis, Minnesota 55479, Attention:
      Corporate Trust BSARM 2007-5.

     

    Cross-Over
      Date: The first Distribution Date on which the aggregate Current Principal
      Amount of the Subordinate Certificates has been reduced to zero (giving effect
      to all distributions on such Distribution Date).

     

    Current
      Principal Amount: With respect to any Certificate as of any Distribution
      Date, the initial principal amount of such Certificate plus any Subsequent
      Recoveries added to the Current Principal Amount of such Certificate pursuant
      to
      Section 6.02(i), and reduced by (i) all amounts distributed on previous
      Distribution Dates on such Certificate with respect to principal, (ii) the
      principal portion of all Realized Losses allocated prior to such Distribution
      Date to such Certificate, taking account of the applicable Loss Allocation
      Limitation and (iii) in the case of a Subordinate Certificate, such
      Certificate’s pro rata share, if any, of the applicable related Subordinate
      Certificate Writedown Amount for previous Distribution Dates. With respect
      to
      any Class of Certificates, the Current Principal Amount thereof will equal
      the
      sum of the Current Principal Amounts of all Certificates in such Class.
      Notwithstanding the foregoing, solely for purposes of giving consents,
      directions, waivers, approvals, requests and notices, the Class R-I, Class
      R-II
      and Class R-III Certificates after the Distribution Date on which they each
      receive the distribution of the last dollar of their respective original
      principal amount shall be deemed to have Current Principal Amounts equal to
      their respective Current Principal Amounts on the day immediately preceding
      such
      Distribution Date.

     

    Custodial
      Agreement: As applicable, (i) the custodial agreement, dated as of the
      Closing Date among the Depositor, EMC as a seller, the Master Servicer, the
      Trustee and Wells Fargo Bank, N.A., as Custodian, substantially in the form
      of
      Exhibit G-1 hereto or (ii) the custodial agreement dated as of the Closing
      Date,
      among the Depositor, EMC, as a seller, the Master Servicer, the Trustee and
      Treasury Bank, A Division of Countrywide Bank, FSB, as Custodian, substantially
      in the form of Exhibit G-2 hereto.

     

    Custodian:
      As applicable, (i) Wells Fargo Bank, N.A., or any successor custodian appointed
      pursuant to the provisions hereof and of the related Custodial Agreement, with
      respect to the Mortgage Loans set forth on Schedule I to the related Custodial
      Agreement, or (ii) Treasury Bank, a Division of Countrywide Bank, FSB, or any
      successor custodian appointed pursuant to the provisions hereof and of the
      related Custodial Agreement, with respect to the Mortgage Loans set forth on
      Schedule I to the related Custodial Agreement.

     

    Cut-off
      Date: August 1, 2007.

     

    Debt
      Service Reduction: Any reduction of the Scheduled Payments which a Mortgagor
      is obligated to pay with respect to a Mortgage Loan as a result of any
      proceeding under the Bankruptcy Code or any other similar state law or other
      proceeding.

     

    Deficient
      Valuation: With respect to any Mortgage Loan, a valuation of the Mortgaged
      Property by a court of competent jurisdiction in an amount less than the then
      outstanding indebtedness under the Mortgage Loan, which valuation results from
      a
      proceeding initiated under the Bankruptcy Code or any other similar state law
      or
      other proceeding.

     

    Delinquent:
      A Mortgage Loan is “delinquent” if any payment due thereon is not made pursuant
      to the terms of such Mortgage Loan by the close of business on the day such
      payment is scheduled to be due. A Mortgage Loan is considered “30 days
      delinquent” if the borrower fails to make a scheduled payment prior to the close
      of business on the day prior to the mortgage loan’s first succeeding due date.
      For example, if a securitization had a closing date occurring in August and
      a
      cut-off date of August 1, a mortgage loan with a payment due on July 1 that
      remained unpaid as of the close of business on July 31 would be described as
      30
      days delinquent as of the cut-off date in the prospectus supplement. A mortgage
      loan would be considered “60 days delinquent” with respect to such scheduled
      payment if such scheduled payment were not made prior to the close of business
      on the day prior to the mortgage loan’s second succeeding due date (or, in the
      preceding example, if the mortgage loan with a payment due on June 1 remained
      unpaid as of the close of business on July 31). The determination as to whether
      a Mortgage Loan falls into these categories is made as of the close of business
      on the last Business Day of each month. This
      method of determining delinquencies is also referred to as the MBA
      method.

     

    Depositor:
      Structured Asset Mortgage Investments II Inc., a Delaware corporation, or its
      successors in interest.

     

    Depository:
      The Depository Trust Company, the nominee of which is Cede & Co., or any
      successor thereto.

     

    Depository
      Agreement: The meaning specified in Subsection 5.01(a) hereof.

     

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

     

    Designated
      Depository Institution: A depository institution (commercial bank, federal
      savings bank, mutual savings bank or savings and loan association) or trust
      company (which may include the Trustee), the deposits of which are fully insured
      by the FDIC to the extent provided by law.

     

    Determination
      Date: With respect to each Mortgage Loan, the Determination Date as defined
      in the related Servicing Agreement.

     

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

     

    Distribution
      Account: The trust account or accounts created and maintained pursuant to
      Section 4.04, which shall be denominated “Wells Fargo, N.A., as Trustee for the
      benefit of the registered holders of Structured Asset Mortgage Investments
      II
      Inc., Bear Stearns ARM Trust, Mortgage Pass-Through Certificates, Series 2007-5
      - Distribution Account.” The Distribution Account shall be an Eligible
      Account.

     

    Distribution
      Account Deposit Date: The Business Day prior to each Distribution
      Date.

     

    Distribution
      Date: The 25th day of any month, beginning in the month immediately
      following the month of the Closing Date, or, if such 25th day is not a Business
      Day, the Business Day immediately following.

     

    DTC
      Custodian: Wells Fargo Bank, N.A., or its successors in interest as
      custodian for the Depository.

     

    Due
      Date: With respect to each Mortgage Loan, the date in each month on which
      its Scheduled Payment is due if such due date is the first day of a month and
      otherwise is deemed to be the first day of the following month or such other
      date specified in the related Servicing Agreement.

     

    Due
      Period: With respect to any Distribution Date and each Mortgage Loan, the
      period commencing on the second day of the month preceding the month in which
      the Distribution Date occurs and ending at the close of business on the first
      day of the month in which the Distribution Date occurs.

     

    EDGAR:
      As defined in Section 3.18.

     

    Eligible
      Account: Any of (i) an account or accounts maintained with a federal or
      state chartered depository institution or trust company, the long-term unsecured
      debt obligations and short-term unsecured debt obligations of which (or, in
      the
      case of a depository institution or trust company that is the principal
      subsidiary of a holding company, the debt obligations of such holding company,
      so long as Moody’s is not a Rating Agency) are rated by each Rating Agency in
      one of its two highest long-term and its highest short-term rating categories,
      respectively, at the time any amounts are held on deposit therein; provided,
      that following a downgrade, withdrawal, or suspension of such institution's
      rating above, each account shall promptly (and in any case within not more
      than
      30 calendar days) be moved to one or more segregated trust accounts in the
      trust
      department of such institution, or to an account at another institution that
      complies with the above requirements, or (ii) a trust account or accounts
      maintained with the corporate trust department of a federal or state chartered
      depository institution or trust company having capital and surplus of not less
      than $50,000,000, acting in its fiduciary capacity or (iii) any other account
      acceptable to the Rating Agencies, as evidenced in writing. Eligible Accounts
      may bear interest, and may include, if otherwise qualified under this
      definition, accounts maintained with the Trustee.  Notwithstanding
      Section 12.02, this Agreement may be amended to reduce the rating requirements
      in clause (i) above, without the consent of any of the Certificateholders,
      provided that the Person requesting such amendment obtains a letter from each
      Rating Agency stating that such amendment would not result in the downgrading
      or
      withdrawal of the respective ratings then assigned to the
      Certificates.

     

    EMC:
      EMC Mortgage Corporation, or its successor in interest.

     

    EMC
Assignment
      Agreement: The Assignment,
      Assumption and
      Recognition Agreement, dated as of May 31, 2007, among the Depositor, EMC and
      the Trustee evidencing the assignment of the EMC Servicing Agreement to the
      Trust, attached hereto as Exhibit I-2.

     

    EMC
      Servicing Agreement: The Servicing Agreement dated as of May 1, 2006, as
      amended, between EMC and the Depositor, attached hereto as Exhibit H-2, as
      amended by the EMC Assignment Agreement.

     

    ERISA:
      The Employee Retirement Income Security Act of 1974, as amended.

     

    Event
      of Default: An event of default described in Section 8.01.

     

    Excess
      Liquidation Proceeds: To the extent that such amount is not required by law
      to be paid to the related Mortgagor, the amount, if any, by which Liquidation
      Proceeds with respect to a Liquidated Mortgage Loan exceed the sum of (i) the
      Outstanding Principal Balance of such Mortgage Loan and accrued but unpaid
      interest at the related Mortgage Interest Rate through the last day of the
      month
      in which the related Liquidation Date occurs, plus (ii) related Liquidation
      Expenses.

     

    Exchange
      Act:  Securities Exchange Act of 1934, as amended.

     

    Exchange
      Act Reports:  Any reports required to be filed pursuant to Section
      3.18 of this Agreement.

     

    Fannie
      Mae: Federal National Mortgage Association or any successor
      thereto.

     

    FDIC:
      Federal Deposit Insurance Corporation or any successor thereto.

     

    Final
      Certification: The certification substantially in the form of Exhibit Three
      to the related Custodial Agreement.

     

    Fiscal
      Quarter:  December 1 to February 29 (or the last day in such
      month), March 1 to May 31, June 1 to August 31, or September 1 to November
      30,
      as applicable.

     

    Fitch:
      Fitch, Inc.

     

    Fractional
      Undivided Interest: With respect to any Class of Certificates, the
      fractional undivided interest evidenced by any Certificate of such Class the
      numerator of which is the Current Principal Amount of such Certificate and
      the
      denominator of which is the Current Principal Amount of such Class. With respect
      to the Certificates in the aggregate, the fractional undivided interest
      evidenced by (i) each Class of Residual Certificates will be deemed to equal
      0.25% multiplied by the percentage interest of such Residual Certificate, (ii)
      each Class of Interest Only Certificates will be deemed to equal 1.00%
      multiplied by a fraction, the numerator of which is the Notional Amount of
      such
      Certificate and the denominator of which is the aggregate Notional Amount of
      its
      respective Class and (iii) a Certificate of any other Class will be deemed
      to
      equal 95.00% multiplied by a fraction, the numerator of which is the Current
      Principal Amount of such Certificate and the denominator of which is the
      aggregate Current Principal Amount of all the Certificates; provided, however,
      the percentage in clause (iii) above should be increased by 1.00% upon the
      retirement of each Class of Interest Only Certificates.

     

    Freddie
      Mac: Freddie Mac, formerly the Federal Home Loan Mortgage Corporation, or
      any successor thereto.

     

    Global
      Certificate: Any Private Certificate registered in the name of the
      Depository or its nominee, beneficial interests in which are reflected on the
      books of the Depository or on the books of a Person maintaining an account
      with
      such Depository (directly or as an indirect participant in accordance with
      the
      rules of such depository).

     

    Gross
      Margin: As to each Mortgage Loan, the fixed percentage set forth in the
      related Mortgage Note and indicated on the Mortgage Loan Schedule which
      percentage is added to the related Index on each Interest Adjustment Date to
      determine (subject to rounding, the minimum and maximum Mortgage Interest Rate
      and the Periodic Rate Cap) the Mortgage Interest Rate until the next Interest
      Adjustment Date.

     

    Group
      I Available Funds, Group II Available Funds and Group III Available
      Funds:  With respect to any Distribution Date, an amount equal to
      the aggregate of the following amounts with respect to the Mortgage Loans in
      the
      related Loan Group: (a) all previously undistributed payments on account of
      principal (including the principal portion of Scheduled Payments, Principal
      Prepayments, the principal portion of Net Liquidation Proceeds), less any
      Capitalization Reimbursement Amount related to such Loan Group for that
      Distribution Date and all previously undistributed payments on account of
      interest received after the Cut-off Date and on or prior to the related
      Determination Date and all proceeds from the repurchase of any Mortgage Loans
      or
      from optional termination in the related Loan Group, (b) any Monthly Advances
      by
      the Servicer or the Master Servicer with respect to such Loan Group and such
      Distribution Date, (c) in the case of the Group III Available Funds, any amounts
      remitted from the Group III Pre-Funding Account and Group III Interest Coverage
      Account allocable to Loan Group III, (d) any Compensating Interest made by
      the
      Servicers with respect to such Loan Group and such Distribution Date and (e)
      any
      reimbursed amount in connection with losses on investments of deposits in an
      account related to such Loan Group except:

     

    
      (i)           all
        payments that were due on or before the Cut-off Date;

    

     

    (ii)           all
      Principal Prepayments and Liquidation Proceeds received after the applicable
      Prepayment Period;

     

    (iii)           all
      payments, other than Principal Prepayments, that represent early receipt of
      Scheduled Payments due on a date or dates subsequent to the related Due
      Date;

     

    (iv)           amounts
      received on particular Mortgage Loans as late payments of principal or interest
      and respecting which, and to the extent that, there are any unreimbursed Monthly
      Advances;

     

    
      (v)           amounts
        representing Monthly Advances determined to be Nonrecoverable
        Advances;

    

     

    (vi)           any
      investment earnings on amounts on deposit in the Distribution Account or Master
      Servicer Collection Account and amounts permitted to be withdrawn from the
      Distribution Account or Master Servicer Collection pursuant to this
      Agreement;

     

    (vii)           amounts
      needed to pay the Servicing Fees or to reimburse the Servicer or the Master
      Servicer for amounts due under the Servicing Agreement and the Agreement to
      the
      extent such amounts have not been retained by, or paid previously to, the
      Servicer or the Master Servicer;

     

    (viii)         any
      fees payable under any lender-paid primary mortgage insurance policy;
      and

     

    (ix)           any
      expenses or other amounts reimbursable to the Trustee and the Custodians
      pursuant to Section 7.04(c) or Section 9.05.

     

    Group
      I Mortgage Loans: The Mortgage Loans identified as such on the Mortgage Loan
      Schedule.

     

    Group
      I Senior Certificates: Any of the Class I-A-1 Certificates and Class I-A-2
      Certificates.

     

    Group
      I Senior Optimal Principal Amount, Group II Senior Optimal Principal Amount,
      and
      Group III Senior Optimal Principal Amount: With respect to the applicable
      group of Senior Certificates and each Distribution Date, an amount equal to
      the
      sum, without duplication, of the following (but in no event greater than the
      aggregate Current Principal Amount of the Group I, Group II and Group III Senior
      Certificates, as applicable, immediately prior to such Distribution
      Date):

     

    (i)           the
      applicable Senior Percentage of the principal portion of all Scheduled Payments
      due on each Outstanding Mortgage Loan in the related Loan Group on the related
      Due Date as specified in the amortization schedule at the time applicable
      thereto (after adjustments for previous Principal Prepayments but before any
      adjustment to such amortization schedule by reason of any bankruptcy or similar
      proceeding or any moratorium or similar waiver or grace period);

     

    (ii)           the
      applicable Senior Prepayment Percentage of the Scheduled Principal Balance
      of
      each Mortgage Loan in the related Loan Group which was the subject of a
      Principal Prepayment in full received by the Servicer during the related
      Prepayment Period;

     

    (iii)           the
      applicable Senior Prepayment Percentage of all Principal Prepayments in part
      received by the Servicer during the related Prepayment Period with respect
      to
      each Mortgage Loan in the related Loan Group;

     

    (iv)           the
      lesser of (a) the applicable Senior Prepayment Percentage of the sum of (A)
      all
      Net Liquidation Proceeds allocable to principal received in respect of each
      Mortgage Loan in the related Loan Group which became a Liquidated Mortgage
      Loan
      during the related Prepayment Period (other than Mortgage Loans described in
      the
      immediately following clause (B)) and all Subsequent Recoveries received in
      respect of each Liquidated Mortgage Loan in the related Loan Group during the
      related Due Period and (B) the Scheduled Principal Balance of each such Mortgage
      Loan in the related Loan Group purchased by an insurer from the Trustee during
      the related Prepayment Period pursuant to the related Primary Mortgage Insurance
      Policy, if any, or otherwise; and (b) the applicable Senior Percentage of the
      sum of (A) the Scheduled Principal Balance of each Mortgage Loan in the related
      Loan Group which became a Liquidated Mortgage Loan during the related Prepayment
      Period (other than the Mortgage Loans described in the immediately following
      clause (B)) and (B) the Scheduled Principal Balance of each such Mortgage Loan
      in the related Loan Group that was purchased by an insurer from the Trust during
      the related Prepayment Period pursuant to the related Primary Mortgage Insurance
      Policy, if any or otherwise; and

     

    (v)           the
      applicable Senior Prepayment Percentage of the sum of (a) the Scheduled
      Principal Balance of each Mortgage Loan in the related Loan Group which was
      repurchased by the Seller in connection with such Distribution Date and (b)
      the
      excess, if any, of the Scheduled Principal Balance of each Mortgage Loan in
      the
      related Loan Group that has been replaced by the Seller with a Substitute
      Mortgage Loan pursuant to the Mortgage Loan Purchase Agreement in connection
      with such Distribution Date over the Scheduled Principal Balance of each such
      Substitute Mortgage Loan.

     

    Group
      I Senior Percentage: For Loan Group I initially 96.25%. On any Distribution
      Date, the lesser of (i) 100% and (ii) the percentage (carried to six places
      rounded up) obtained by dividing the aggregate Current Principal Amount of
      the
      Group I Senior Certificates immediately preceding such Distribution Date by
      the
      aggregate Scheduled Principal Balance of the Group I Mortgage Loans as of the
      beginning of the related Due Period.

     

    Group
      I Senior Prepayment Percentage: On any Distribution Date occurring during
      the periods set forth below, as follows:

     

    
      	
              
                Period
                  (dates inclusive)

              

            	 	
              
                Group
                  I Senior Prepayment Percentage

              

            
	
              September
                25, 2007– August 25, 2014

            	 	
              100%.

               

            
	
              September
                25, 2014 – August 25, 2015

            	 	
              Group
                I Senior Percentage plus 70% of the Group I Subordinate
                Percentage.

               

            
	
              September
                25, 2015 – August 25, 2016

            	 	
              Group
                I Senior Percentage plus 60% of the Group I Subordinate
                Percentage.

               

            
	
              September
                25, 2016 – August 25, 2017

            	 	
              Group
                I Senior Percentage plus 40% of the Group I Subordinate
                Percentage.

              .

            
	
              September
                25, 2017 – August 25, 2018

            	 	
              Group
                I Senior Percentage plus 20% of the Group I Subordinate
                Percentage.

               

            
	
              September
                25, 2018 and thereafter

            	 	
              Group
                I Senior Percentage.

               

            

    

    

    In
      addition, no reduction of the Group I Senior Prepayment Percentage shall occur
      on any Distribution Date unless, as of the last day of the month preceding
      such
      Distribution Date, (A) the aggregate Scheduled Principal Balance of the Mortgage
      Loans Delinquent 60 days or more (including for this purpose any such Mortgage
      Loans in foreclosure and Mortgage Loans with respect to which the related
      Mortgaged Property has been acquired by the Trust), averaged over the last
      six
      months, as a percentage of the sum of the aggregate Current Principal Amount
      of
      the Subordinate Certificates does not exceed 50%; and (B) cumulative Realized
      Losses on the Mortgage Loans do not exceed (a) 30% of the Original Subordinate
      Principal Balance if such Distribution Date occurs between and including
      September 2014 and August 2015, (b) 35% of the Original Subordinate Principal
      Balance if such Distribution Date occurs between and including September 2015
      and August 2016, (c) 40% of the Original Subordinate Principal Balance if such
      Distribution Date occurs between and including September 2016 and August 2017
      (d) 45% of the Original Subordinate Principal Balance if such Distribution
      Date
      occurs between and including September 2017 and August 2018, and (e) 50% of
      the
      Original Subordinate Principal Balance if such Distribution Date occurs during
      or after September 2018.

     

    In
      addition, if on any Distribution Date the current weighted average of the
      Subordinate Percentages is equal to or greater than two times the initial
      weighted average of the Subordinate Percentages, and (a) the aggregate Scheduled
      Principal Balance of the Mortgage Loans Delinquent 60 days or more (including
      for this purpose any such Mortgage Loans in foreclosure and bankruptcy and
      such
      Mortgage Loans with respect to which the related Mortgaged Property has been
      acquired by the Trust), averaged over the last six months, as a percentage
      of
      the aggregate Current Principal Amount of the Subordinate Certificates does
      not
      exceed 50% and (b)(i) on or prior to the Distribution Date occurring in August
      2010 cumulative Realized Losses on the Mortgage Loans as of the end of the
      related Prepayment Period do not exceed 20% of the Original Subordinate
      Principal Balance and (ii) after the Distribution Date occuring in August 2010
      cumulative Realized Losses on the Mortgage Loans as of the end of the related
      Prepayment Period do not exceed 30% of the Original Subordinate Principal
      Balance, then, the Group I Senior Prepayment Percentage for such Distribution
      Date will equal the Group I Senior Percentage; provided, however, if on such
      Distribution Date the current weighted average of the Subordinate Percentages
      is
      equal to or greater than two times the initial weighted average of the
      Subordinate Percentages on or prior to the Distribution Date occurring in August
      2010 and the above delinquency and loss tests are met, then the Group I Senior
      Prepayment Percentage for such Distribution Date will equal the Group I Senior
      Percentage plus 50% of the Group Subordinate Percentage on such Distribution
      Date..

     

    Notwithstanding
      the foregoing, if on any Distribution Date, the percentage, the numerator of
      which is the aggregate Current Principal Amount of the Senior Certificates
      of
      Loan Group I immediately preceding such Distribution Date, and the denominator
      of which is the Scheduled Principal Balance of the Mortgage Loans in Loan Group
      I as of the beginning of the related Due Period, exceeds such percentage as
      of
      the Cut-off Date, then the Group I Senior Prepayment Percentage for such
      Distribution Date will equal 100%.

     

    On
      the
      Distribution Date on which the Current Principal Amounts of the Group I Senior
      Certificates are reduced to zero, the Group I Senior Prepayment Percentage
      shall
      be the minimum percentage sufficient to effect such reduction and thereafter
      shall be zero.

     

    Group
      I Subordinate Percentage: On any Distribution Date, 100% minus the Group I
      Senior Percentage.

     

    Group
      I Subordinate Prepayment Percentage: With respect to the Group I Mortgage
      Loans, on any Distribution Date, 100% minus the Group I Senior Prepayment
      Percentage, except that on any Distribution Date after the Current Principal
      Amounts of the Group I Senior Certificates have each been reduced to zero,
      if
      (a) the weighted average of the Subordinate Percentages on such Distribution
      Date equals or exceeds two times the initial weighted average of the Subordinate
      Percentages and (b) the aggregate Scheduled Principal Balance of the Mortgage
      Loans Delinquent 60 days or more (including for this purpose any such Mortgage
      Loans in foreclosure and Mortgage Loans with respect to which the related
      Mortgaged Property has been acquired by the Trust), averaged over the last
      six
      months, as a percentage of the aggregate Current Principal Amount of the
      Subordinate Certificates does not exceed 50%, the Group I Subordinate Prepayment
      Percentage will equal 100%.  If the test set forth in the preceding
      sentence is not satisfied on any Distribution Date after the Current Principal
      Amount of the Group I Senior Certificates has each been reduced to zero, then
      the Group I Subordinate Prepayment Percentage will equal zero for such
      Distribution Date.

     

    Group
      II Senior Certificates:  Any of the Class II-A-1 Certificates and
      Class II-A-2 Certificates.

     

    Group
      II Senior Percentage: For Loan Group II, initially 96.25%. On any
      Distribution Date, the lesser of (i) 100% and (ii) the percentage (carried
      to
      six places rounded up) obtained by dividing the aggregate Current Principal
      Amount of the  Group II Senior Certificates immediately preceding such
      Distribution Date by the aggregate Scheduled Principal Balance of the Group
      II
      Mortgage Loans as of the beginning of the related Due Period.

     

    Group
      II Senior Prepayment Percentage: On any Distribution Date occurring during
      the periods set forth below, as follows:

     

    
      	
              
                Period
                  (dates inclusive)

              

            	 	
              
                Group
                  II Senior Prepayment Percentage

              

            
	
              September
                25, 2007– August 25, 2014

            	 	
              100%.

               

            
	
              September
                25, 2014 – August 25, 2015

            	 	
              Group
                II Senior Percentage plus 70% of the Group II Subordinate
                Percentage.

               

            
	
              September
                25, 2015 – August 25, 2016

            	 	
              Group
                II Senior Percentage plus 60% of the Group II Subordinate
                Percentage.

               

            
	
              September
                25, 2016 – August 25, 2017

            	 	
              Group
                II Senior Percentage plus 40% of the Group II Subordinate
                Percentage.

               

            
	
              September
                25, 2017 – August 25, 2018

            	 	
              Group
                II Senior Percentage plus 20% of the Group II Subordinate
                Percentage.

               

            
	
              September
                25, 2018 and thereafter

            	 	
              Group
                II Senior Percentage.

               

            

    

    

    In
      addition, no reduction of the Group II Senior Prepayment Percentage shall occur
      on any Distribution Date unless, as of the last day of the month preceding
      such
      Distribution Date, (A) the aggregate Scheduled Principal Balance of the Mortgage
      Loans Delinquent 60 days or more (including for this purpose any such Mortgage
      Loans in foreclosure and Mortgage Loans with respect to which the related
      Mortgaged Property has been acquired by the Trust), averaged over the last
      six
      months, as a percentage of the aggregate Current Principal Amount of the
      Subordinate Certificates does not exceed 50%; and (B) cumulative Realized Losses
      on the Mortgage Loans do not exceed (a) 30% of the Original Subordinate
      Principal Balance if such Distribution Date occurs between and including
      September 2014 and August 2015, (b) 35% of the Original Subordinate Principal
      Balance if such Distribution Date occurs between and including September 2015
      and August 2016, (c) 40% of the Original Subordinate Principal Balance if such
      Distribution Date occurs between and including September 2016 and August 2017,
      (d) 45% of the Original Subordinate Principal Balance if such Distribution
      Date
      occurs between and including September 2017 and August 2018, and (e) 50% of
      the
      Original Subordinate Principal Balance if such Distribution Date occurs during
      or after September 2018.

     

    In
      addition, if on any Distribution Date the current weighted average of the
      Subordinate Percentages is equal to or greater than two times the initial
      weighted average of the Subordinate Percentages, and (a) the aggregate Scheduled
      Principal Balance of the Mortgage Loans Delinquent 60 days or more (including
      for this purpose any such Mortgage Loans in foreclosure and bankruptcy and
      such
      Mortgage Loans with respect to which the related Mortgaged Property has been
      acquired by the Trust), averaged over the last six months, as a percentage
      of
      the aggregate Current Principal Amount of the Subordinate Certificates does
      not
      exceed 50% and (b)(i) on or prior to the Distribution Date in occurring August
      2010 cumulative Realized Losses on the Mortgage Loans as of the end of the
      related Prepayment Period do not exceed 20% of the Original Subordinate
      Principal Balance and (ii) after the Distribution Date occurring in August
      2010
      cumulative Realized Losses on the Mortgage Loans as of the end of the related
      Prepayment Period do not exceed 30% of the Original Subordinate Principal
      Balance, then, the Group II Senior Prepayment Percentage for such Distribution
      Date will equal the Group II Senior Percentage; provided, however, if on such
      Distribution Date the current weighted average of the Subordinate Percentages
      is
      equal to or greater than two times the initial weighted average of the
      Subordinate Percentages on or prior to the Distribution Date occurring in August
      2010 and the above delinquency and loss tests are met, then the Group II Senior
      Prepayment Percentage for such Distribution Date will equal the Group II Senior
      Percentage plus 50% of the Group II Subordinate Percentage on such Distribution
      Date.

     

    Notwithstanding
      the foregoing, if on any Distribution Date, the percentage, the numerator of
      which is the aggregate Current Principal Amount of the Senior Certificates
      of
      Loan Group II immediately preceding such Distribution Date, and the denominator
      of which is the Scheduled Principal Balance of the Mortgage Loans in Loan Group
      II as of the beginning of the related Due Period, exceeds such percentage as
      of
      the Cut-off Date, then the Group II Senior Prepayment Percentage for such
      Distribution Date will equal 100%.  On the Distribution Date on which
      the Current Principal Amounts of the Group II Senior Certificates are reduced
      to
      zero, the Group II Senior Prepayment Percentage shall be the minimum percentage
      sufficient to effect such reduction and thereafter shall be zero.

     

    Group
      II Subordinate Percentage: On any Distribution Date, 100% minus the Group II
      Senior Percentage.

     

    Group
      II Subordinate Prepayment Percentage: With respect to the Group II Mortgage
      Loans, on any Distribution Date, 100% minus the Group II Senior Prepayment
      Percentage, except that on any Distribution Date after the Current Principal
      Amounts of the Group II Senior Certificates have each been reduced to zero,
      if
      (a) the weighted average of the Subordinate Percentages on such Distribution
      Date equals or exceeds two times the initial weighted average of the Subordinate
      Percentages and (b) the aggregate Scheduled Principal Balance of the Mortgage
      Loans Delinquent 60 days or more (including for this purpose any such Mortgage
      Loans in foreclosure and Mortgage Loans with respect to which the related
      Mortgaged Property has been acquired by the Trust), averaged over the last
      six
      months, as a percentage of the aggregate Current Principal Amount of the
      Subordinate Certificates does not exceed 50%, the Group II Subordinate
      Prepayment Percentage will equal 100%. If the test set forth in the preceding
      sentence is not satisfied on any Distribution Date after the Current Principal
      Amount of the Group II Senior Certificates has each been reduced to zero, then
      the Group II Subordinate Prepayment Percentage will equal zero for such
      Distribution Date.

     

    Group
      III Initial Interest Coverage Deposit: The amount to be paid by the
      Depositor to the Trustee for deposit in the Group III Interest Coverage Account
      on the Closing Date, which amount is $1,016,260.

     

    Group
      III Interest Coverage Account: The account or sub-account established and
      maintained pursuant to Section 4.07 and which shall be an Eligible Account
      or a
      sub-account of an Eligible Account.

     

    Group
      III Interest Coverage Distribution Amount: With respect to each Distribution
      Date, an amount equal to (x) the weighted average of the Net Rates on the then
      outstanding Group III Mortgage Loans, weighted based on the Scheduled Principal
      Balances of such Mortgage Loans as of the related Due Date prior to giving
      effect to any reduction in the Scheduled Principal Balances of such Mortgage
      Loans on such Due Date, multiplied by (y) the sum of (A) the Group III Remaining
      Pre-Funded Amount outstanding at the end of the related Due Period and (B)
      the
      aggregate Scheduled Principal Balance of the Group III Subsequent Mortgage
      Loans
      that do not have a Subsequent Cut-off Date prior to the end of the related
      Due
      Period, transferred to the Trust during the related Due Period.

    

    Group
      III Loss Allocation Limitation: The meaning specified in Section 6.02(c)
      hereof.

     

    Group
      III Mortgage Loans: The Mortgage Loans identified as such on the Mortgage
      Loan Schedule. For purposes of interpreting the provisions in this Agreement
      containing the term “Group III Mortgage Loan” or “Loan Group III”, each
      reference to “Group III Mortgage Loans” or “Loan Group III”, other than that
      contained in the definition of “Group III Interest Coverage
      Distribution  Amount”, shall be deemed to include references to the
      Group III Remaining Pre-Funded Amount and (without duplication) the Group III
      Subsequent Mortgage Loans included in Loan Group III, in each case for the
      relevant determination date.

    

    Group
      III Pre-Funded Amount:  $73,874,999.89.

     

    Group
      III Pre-Funding Account: The account or sub-account established and
      maintained pursuant to Section 4.06(a) and which shall be an Eligible Account
      or
      a sub-account of an Eligible Account.

     

    Group
      III Pre-Funding Period: The period from the Closing Date until the earlier
      of (i) the date on which the amount on deposit in the Group III Pre-Funding
      Account (exclusive of investment income) is reduced to zero and (ii) November
      15, 2007.

     

    Group
      III Remaining Pre-Funded Amount:  An amount equal to the Group III
      Pre-Funded Amount minus the amount equal to 100% of the aggregate Scheduled
      Principal Balance of the subsequent mortgage loans in Loan Group III transferred
      to the issuing entity during the Group III Pre-Funding Period.

     

    Group
      III Senior Certificates: Any of the Class III-A-1, Class III-A-2 and Class
      III-X-1 Certificates.

     

    Group
      III Senior Percentage: For Loan Group III, initially, 96.25%. On any
      Distribution Date, the lesser of (i) 100% and (ii) the percentage (carried
      to
      six places rounded up) obtained by dividing the aggregate Current Principal
      Amount of the Group III Senior Certificates immediately preceding such
      Distribution Date by the aggregate Scheduled Principal Balance of the Group
      III
      Mortgage Loans as of the beginning of the related Due Period.

     

    Group
      III Senior Prepayment Percentage: On any Distribution Date occurring during
      the periods set forth below, as follows:

     

    
      	
              
                Period
                  (dates inclusive)

              

            	 	
              
                Group
                  III Senior Prepayment Percentage

              

            
	
              September
                25, 2007– August 25, 2014

            	 	
              100%.

               

            
	
              September
                25, 2014 – August 25, 2015

            	 	
              Group
                III Senior Percentage plus 70% of the Group I Subordinate
                Percentage.

               

            
	
              September
                25, 2015 – August 25, 2016

            	 	
              Group
                III Senior Percentage plus 60% of the Group I Subordinate
                Percentage.

               

            
	
              September
                25, 2016 – August 25, 2017

            	 	
              Group
                III Senior Percentage plus 40% of the Group I Subordinate
                Percentage.

              .

            
	
              September
                25, 2017 – August 25, 2018

            	 	
              Group
                III Senior Percentage plus 20% of the Group I Subordinate
                Percentage.

               

            
	
              September
                25, 2018 and thereafter

            	 	
              Group
                III Senior Percentage.

               

            

    

    In
      addition, no reduction of the Group III Senior Prepayment Percentage shall
      occur
      on any Distribution Date unless, as of the last day of the month preceding
      such
      Distribution Date, (A) the aggregate Scheduled Principal Balance of the Mortgage
      Loans Delinquent 60 days or more (including for this purpose any such Mortgage
      Loans in foreclosure and Mortgage Loans with respect to which the related
      Mortgaged Property has been acquired by the Trust), averaged over the last
      six
      months, as a percentage of the aggregate Current Principal Amount of the
      Subordinate Certificates does not exceed 50%; and (B) cumulative Realized Losses
      on the Mortgage Loans do not exceed (a) 30% of the Original Subordinate
      Principal Balance if such Distribution Date occurs between and including
      September 2014 and August 2015, (b) 35% of the Original Subordinate Principal
      Balance if such Distribution Date occurs between and including September 2015
      and August 2016, (c) 40% of the Original Subordinate Principal Balance if such
      Distribution Date occurs between and including September 2016 and August 2017,
      (d) 45% of the Original Subordinate Principal Balance if such Distribution
      Date
      occurs between and including September 2017 and August 2018, and (e) 50% of
      the
      Original Subordinate Principal Balance if such Distribution Date occurs during
      or after September 2018.

     

    In
      addition, if on any Distribution Date the current weighted average of the
      Subordinate Percentages is equal to or greater than two times the initial
      weighted average of the Subordinate Percentages, and (a) the aggregate Scheduled
      Principal Balance of the Mortgage Loans Delinquent 60 days or more (including
      for this purpose any such Mortgage Loans in foreclosure and bankruptcy and
      such
      Mortgage Loans with respect to which the related Mortgaged Property has been
      acquired by the Trust), averaged over the last six months, as a percentage
      of
      the aggregate Current Principal Amount of the Subordinate Certificates does
      not
      exceed 50% and (b)(i) on or prior to the Distribution Date occurring in August
      2010 cumulative Realized Losses on the Mortgage Loans as of the end of the
      related Prepayment Period do not exceed 20% of the Original Subordinate
      Principal Balance and (ii) after the Distribution Date occurring in August
      2010
      cumulative Realized Losses on the Mortgage Loans as of the end of the related
      Prepayment Period do not exceed 30% of the Original Subordinate Principal
      Balance, then, the Group III Senior Prepayment Percentage for such Distribution
      Date will equal the Group III Senior Percentage; provided, however, if on such
      Distribution Date the current weighted average of the Subordinate Percentages
      is
      equal to or greater than two times the initial weighted average of the
      Subordinate Percentages on or prior to the Distribution Date occurring in August
      2010 and the above delinquency and loss tests are met, then the Group III Senior
      Prepayment Percentage for such Distribution Date will equal the Group III Senior
      Percentage plus 50% of the Group III Subordinate Percentage on such Distribution
      Date.

     

    Notwithstanding
      the foregoing, if on any Distribution Date, the percentage, the numerator of
      which is the aggregate Current Principal Amount of the Senior Certificates
      of
      Loan Group III  immediately preceding such Distribution Date, and the
      denominator of which is the Scheduled Principal Balance of the Mortgage Loans
      in
      Loan Group III as of the beginning of the related Due Period, exceeds such
      percentage as of the Cut-off Date, then the Group III Senior Prepayment
      Percentage for such Distribution Date will equal 100%.  On the
      Distribution Date on which the Current Principal Amounts of the Group III Senior
      Certificates are reduced to zero, the Group III Senior Prepayment Percentage
      shall be the minimum percentage sufficient to effect such reduction and
      thereafter shall be zero.

     

    Group
      III Subordinate Percentage: On any Distribution Date, 100% minus the Group
      III Senior Percentage.

     

    Group
      III Subordinate Prepayment Percentage: With respect to the Group III
      Mortgage Loans, on any Distribution Date, 100% minus the Group III Senior
      Prepayment Percentage, except that on any Distribution Date after the Current
      Principal Amounts of the Group III Senior Certificates have each been reduced
      to
      zero, if (a) the weighted average of the Subordinate Percentages on such
      Distribution Date equals or exceeds two times the initial weighted average
      of
      the Subordinate Percentages and (b) the aggregate Scheduled Principal Balance
      of
      the Mortgage Loans Delinquent 60 days or more (including for this purpose any
      such Mortgage Loans in foreclosure and Mortgage Loans with respect to which
      the
      related Mortgaged Property has been acquired by the Trust), averaged over the
      last six months, as a percentage of the aggregate Current Principal Amount
      of
      the Subordinate Certificates does not exceed 50%, the Group III Subordinate
      Prepayment Percentage will equal 100%.  If the test set forth in the
      preceding sentence is not satisfied on any Distribution Date after the Current
      Principal Amount of the Group III Senior Certificates has each been reduced
      to
      zero, then the Group III Subordinate Prepayment Percentage will equal zero
      for
      such Distribution Date.

     

    Group
      III Subsequent Mortgage Loans: The Group III Mortgage Loans that will be
      acquired by the Trust during the Group III Pre-Funding Period with amounts
      on
      deposit in the Group III Pre-Funding Account, which Group III Mortgage Loans
      will be held as part of the Trust Fund.  Such Mortgage Loans will be
      transferred and assigned to the Trustee pursuant to the Subsequent Transfer
      Instrument.

     

    Holder:
      The Person in whose name a Certificate is registered in the Certificate
      Register, except that, subject to Subsections 12.02(b) and 12.05(e), solely
      for
      the purpose of giving any consent pursuant to this Agreement, any Certificate
      registered in the name of the Depositor, the Master Servicer or the Trustee
      or
      any Affiliate thereof shall be deemed not to be outstanding and the Fractional
      Undivided Interest evidenced thereby shall not be taken into account in
      determining whether the requisite percentage of Fractional Undivided Interests
      necessary to effect any such consent has been obtained.

     

    Indemnified
      Persons: The Trustee, the Master Servicer and each Custodian and their
      officers, directors, agents and employees and, with respect to the Trustee,
      any
      separate co-trustee and its officers, directors, agents and
      employees.

     

    Independent:
      When used with respect to any specified Person, this term means that such Person
      (a) is in fact independent of the Depositor or the Master Servicer and of any
      Affiliate of the Depositor or the Master Servicer, (b) does not have any direct
      financial interest or any material indirect financial interest in the Depositor
      or the Master Servicer or any Affiliate of the Depositor or the Master Servicer
      and (c) is not connected with the Depositor or the Master Servicer or any
      Affiliate as an officer, employee, promoter, underwriter, trustee, partner,
      director or person performing similar functions.

     

    Index:
      The index, if any, specified in a Mortgage Note by reference to which the
      related Mortgage Interest Rate will be adjusted from time to time.

     

    Individual
      Certificate: Any Private Certificate registered in the name of the Holder
      other than the Depository or its nominee.

     

    Initial
      Certification: The certification substantially in the form of Exhibit One to
      the related Custodial Agreement.

     

    Initial
      Mortgage Loans: The Mortgage Loans transferred and assigned to the Trustee
      pursuant to Section 2.01 on the Closing Date.

     

    Institutional
      Accredited Investor: Any Person meeting the requirements of Rule 501(a)(l),
      (2), (3) or (7) of Regulation D under the Securities Act or any entity all
      of
      the equity holders in which come within such paragraphs.

     

    Insurance
      Policy: With respect to any Mortgage Loan, any standard hazard insurance
      policy, flood insurance policy or title insurance policy.

     

    Insurance
      Proceeds: Amounts paid by the insurer under any Insurance Policy covering
      any Mortgage Loan or Mortgaged Property other than amounts required to be paid
      over to the Mortgagor pursuant to law or the related Mortgage Note or Security
      Instrument and other than amounts used to repair or restore the Mortgaged
      Property or to reimburse insured expenses.

     

    Interest
      Accrual Period: With respect to each Distribution Date, for each Class of
      Certificates, the calendar month preceding the month in which such Distribution
      Date occurs.

     

    Interest
      Adjustment Date: With respect to a Mortgage Loan, the date, if any,
      specified in the related Mortgage Note on which the Mortgage Interest Rate
      is
      subject to adjustment.

     

    Interest
      Only Certificates:  The Class III-X-1 Certificates.

     

    Interest
      Shortfall: With respect to any Distribution Date and each Mortgage Loan that
      during the related Prepayment Period was the subject of a Principal Prepayment
      or constitutes a Relief Act Mortgage Loan, an amount determined as
      follows:

     

    (a)           Partial
      principal prepayments received during the relevant Prepayment Period: The
      difference between (i) one month’s interest at the applicable Net Rate on the
      amount of such prepayment and (ii) the amount of interest of such prepayment
      (adjusted to the applicable Net Rate) received at the time of such
      prepayment;

     

    (b)           Principal
      prepayments in full received during the relevant Prepayment Period: The
      difference between (i) one month’s interest at the applicable Net Rate on the
      Scheduled Principal Balance of such Mortgage Loan immediately prior to such
      prepayment and (ii) the amount of interest of such prepayment (adjusted to
      the
      applicable Net Rate) received at the time of such prepayment; and

     

    (c)           Relief
      Act Mortgage Loans: As to any Relief Act Mortgage Loan, the excess of (i) 30
      days’ interest (or, in the case of a principal prepayment in full, interest to
      the date of prepayment) on the Scheduled Principal Balance thereof (or, in
      the
      case of a principal prepayment in part, on the amount so prepaid) at the related
      Net Rate over (ii) 30 days’ interest (or, in the case of a principal prepayment
      in full, interest to the date of prepayment) on such Scheduled Principal Balance
      (or, in the case of a Principal Prepayment in part, on the amount so prepaid)
      at
      the Net Rate required to be paid by the Mortgagor as limited by application
      of
      the Relief Act.

     

    Interim
      Certification: The certification substantially in the form of Exhibit Two to
      the related Custodial Agreement.

     

    Investment
      Letter: The letter to be furnished by each Institutional Accredited Investor
      which purchases any of the Private Certificates in connection with such
      purchase, substantially in the form set forth as Exhibit F-1
      hereto.

     

    Issuing
      Entity:  Bear Stearns ARM Trust 2007-5.

     

    Lender-Paid
      PMI Rate: With respect to each Mortgage Loan covered by a lender-paid
      primary mortgage insurance policy, the amount payable to the related insurer,
      as
      stated in the Mortgage Loan Schedule.

     

    Liquidated
      Mortgage Loan: Any defaulted Mortgage Loan as to which the related Servicer
      or the Master Servicer has determined that all amounts it expects to recover
      from or on account of such Mortgage Loan have been recovered.

     

    Liquidation
      Date: With respect to any Liquidated Mortgage Loan, the date on which the
      Master Servicer or the related Servicer has certified that such Mortgage Loan
      has become a Liquidated Mortgage Loan.

     

    Liquidation
      Expenses: With respect to a Mortgage Loan in liquidation, unreimbursed
      expenses paid or incurred by or for the account of the Master Servicer or the
      related Servicers in connection with the liquidation of such Mortgage Loan
      and
      the related Mortgage Property, such expenses including (a) property protection
      expenses, (b) property sales expenses, (c) foreclosure and sale costs, including
      court costs and reasonable attorneys’ fees, and (d) similar expenses reasonably
      paid or incurred in connection with liquidation.

     

    Liquidation
      Proceeds: Cash received in connection with the liquidation of a defaulted
      Mortgage Loan, whether through trustee’s sale, foreclosure sale, Insurance
      Proceeds, condemnation proceeds or otherwise and any Subsequent
      Recoveries.

     

    Loan
      Group: Loan Group I, Loan Group II and Loan Group III, as
      applicable.

     

    Loan
      Group I: The group of Mortgage Loans designated as belonging to Loan Group I
      on the Mortgage Loan Schedule.

     

    Loan
      Group II: The group of Mortgage Loans designated as belonging to Loan Group
      II on the Mortgage Loan Schedule.

     

    Loan
      Group III: The group of Mortgage Loans designated as belonging to Loan Group
      III on the Mortgage Loan Schedule. For purposes of interpreting the provisions
      in this Agreement containing the term “Group III Mortgage Loan” or “Loan Group
      III”, each reference to “Group III Mortgage Loans” or “Loan Group III”, other
      than that contained in the definition of “Group III Interest Coverage
      Distribution  Amount”, shall be deemed to include references to the
      Group III Remaining Pre-Funded Amount and (without duplication) the Group III
      Subsequent Mortgage Loans included in Loan Group III, in each case for the
      relevant determination date.

    

    Loan-to-Value
      Ratio: With respect to any Mortgage Loan, the fraction, expressed as a
      percentage, the numerator of which is the original principal balance of the
      related Mortgage Loan and the denominator of which is the Original Value of
      the
      related Mortgaged Property.

     

    Loss
      Allocation Limitation: The meaning specified in Section 6.02(c)
      hereof.

     

    Loss
      Severity Percentage: With respect to any Distribution Date, the percentage
      equivalent of a fraction, the numerator of which is the amount of Realized
      Losses incurred on a Mortgage Loan and the denominator of which is the Scheduled
      Principal Balance of such Mortgage Loan immediately prior to the liquidation
      of
      such Mortgage Loan.

     

    Lost
      Notes: The original Mortgage Notes that have been lost, as indicated on the
      Mortgage Loan Schedule.

     

    Master
      Servicer: As of the Closing Date, EMC Mortgage Corporation and, thereafter,
      its respective successors in interest who meet the qualifications of the
      Servicing Agreements and this Agreement.

     

    Master
      Servicer Collection Account: The trust account or accounts created and
      maintained pursuant to Section 4.02, which shall be denominated “EMC Mortgage
      Corporation, as Master Servicer for the benefit of Wells Fargo, N.A, in trust
      for registered Holders of Structured Asset Mortgage Investments II Inc., Bear
      Stearns ARM Trust, Mortgage Pass-Through Certificates, Series 2007-5 – Master
      Servicer Collection Account.” The Master Servicer Collection Account shall be an
      Eligible Account.

     

    Master
      Servicing Compensation: For any Distribution Date, any amounts earned on
      permitted investments in the Master Servicer Collection Account.

     

    Material
      Defect: The meaning specified in Section 2.02(a).

     

    Maximum
      Lifetime Mortgage Rate: The maximum level to which a Mortgage Interest Rate
      can adjust in accordance with its terms, regardless of changes in the applicable
      Index.

     

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

     

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

     

    MIN:
      The Mortgage Identification Number for Mortgage Loans registered with MERS
      on
      the MERS® System.

     

    Minimum
      Lifetime Mortgage Rate: The minimum level to which a Mortgage Interest Rate
      can adjust in accordance with its terms, regardless of changes in the applicable
      Index.

     

    MOM
      Loan: With respect to any Mortgage Loan, MERS acting as the mortgagee of
      such Mortgage Loan, solely as nominee for the originator of such Mortgage Loan
      and its successors and assigns, at the origination thereof, or as nominee for
      any subsequent assignee of the originator pursuant to an assignment of mortgage
      to MERS.

     

    Monthly
      Advance: An advance of principal or interest required to be made by the
      applicable Servicer pursuant to the related Servicing Agreement or the Master
      Servicer pursuant to Section 6.05.

     

    Moody’s:
      Moody’s Investors Service, Inc. or its successor in interest.

     

    Mortgage
      File: The mortgage documents listed in Section 2.01(b) pertaining to a
      particular Mortgage Loan and any additional documents required to be added
      to
      the Mortgage File pursuant to this Agreement.

     

    Mortgage
      Interest Rate: The annual rate at which interest accrues from time to time
      on any Mortgage Loan pursuant to the related Mortgage Note, which rate is
      initially equal to the “Mortgage Interest Rate” set forth with respect thereto
      on the Mortgage Loan Schedule.

     

    Mortgage
      Loan: The Initial Mortgage Loans and the Group III Subsequent Mortgage Loans
      held as a part of the Trust Fund, as identified in the Mortgage Loan Schedule
      (which shall include, without limitation, each related Mortgage Note, Mortgage
      and Mortgage File and all rights appertaining thereto), including a mortgage
      loan the property securing which has become an REO Property.

     

    Mortgage
      Loan Purchase Agreement: The Mortgage Loan Purchase Agreement dated as of
      August 31, 2007, between EMC Mortgage Corporation, as a seller and Structured
      Asset Mortgage Investments II Inc., as purchaser, and all amendments thereof
      and
      supplements thereto, attached as Exhibit J.

     

    Mortgage
      Loan Schedule:  The list of Mortgage Loans (as from time to time
      amended by the Trustee to reflect the repurchase or substitute of Mortgage
      Loans
      pursuant to the provisions of this Agreement) transferred to the Trustee as
      part
      of the Trust Fund and from time to time subject to this Agreement, including
      the
      initial Mortgage Loan Schedule being attached hereto as Exhibit B with respect
      to the Initial Mortgage Loans, and the schedule attached to the Subsequent
      Transfer Instrument with respect to the Group III Subsequent Mortgage Loans,
      and
      each as amended from time to time to reflect the repurchase or substitution
      of
      Initial Mortgage Loans or the addition of Subsequent Mortgage Loans pursuant
      to
      this Agreement, the Mortgage Loan Purchase Agreement or the Subsequent Mortgage
      Loan Purchase Agreement, as the case may be, setting forth the following
      information with respect to each Mortgage Loan:

     

    (a)  the
      city,
      state and zip code of the Mortgaged Property;

    (b)  the
      property type;

    (c)  the
      Mortgage Interest Rate;

    (d)  the
      Servicing Fee Rate;

    
      	
              (e)     
                 

            	
              the
                Trustee Fee Rate;

            

    

    (f)  the
      LPMI
      Fee, if applicable;

    (g)  [reserved];

    (h)  the
      Net
      Rate;

    (i)  the
      maturity date;

    (j)  the
      stated original term to maturity;

    (k)  the
      stated remaining term to maturity;

    (l)  the
      original Principal Balance;

    (m)  the
      first
      payment date;

    (n)  the
      principal and interest payment in effect as of the Cut-off Date;

    (o)  the
      unpaid Principal Balance as of the Cut-off Date;

    (p)  the
      Loan-to-Value Ratio at origination;

    (q)  the
      insurer of any Primary Mortgage Insurance Policy;

    (r)  the
      MIN
      with respect to each MOM Loan;

    (s)  the
      Gross
      Margin, if applicable;

    (t)  the
      next
      Adjustment Date, if applicable;

    (u)  the
      Maximum Mortgage Rate, if applicable;

    (v)  the
      Minimum Mortgage Rate, if applicable;

    (w)  the
      Periodic Rate Cap, if applicable;

    (x)  the
      Loan
      Group, if applicable;

    (y)  a
      code
      indicating whether the Mortgage Loan is negatively amortizing;

    (z)  which
      Mortgage Loans adjust after an initial fixed-rate period of one, two, three,
      five, seven or ten years or any other period;

    (aa)  the
      Prepayment Charge, if any;

    (bb)  lien
      position (e.g., first lien or second lien);

    (cc)  a
      code
      indicating whether the Mortgage Loan is has a balloon payment;

    (dd)  a
      code
      indicating whether the Mortgage Loan is an interest-only loan;

    (ee)  the
      interest-only term, if applicable;

    (ff)  the
      Mortgage Loan Seller;

    (gg)  a
      code
      indicating whether such Mortgage Loan is a mortgage loan which has been
      pre-funded; and

    (hh)  the
      original amortization term.

     

    Such
      schedule also shall set forth for all of the Mortgage Loans, the total number
      of
      Mortgage Loans, the total of each of the amounts described under (n) and (j)
      above, the weighted average by principal balance as of the Cut-off Date of
      each
      of the rates described under (c) through (h) above, and the weighted average
      remaining term to maturity by unpaid principal balance as of the Cut-off
      Date.

     

    Mortgage
      Loan Seller:  EMC.

     

    Mortgage
      Note: The originally executed note or other evidence of the indebtedness of
      a Mortgagor under the related Mortgage Loan.

     

    Mortgaged
      Property: Land and improvements securing the indebtedness of a Mortgagor
      under the related Mortgage Loan or, in the case of REO Property, such REO
      Property.

     

    Mortgagor:
      The obligor on a Mortgage Note.

     

    Net
      Interest Shortfall: With respect to any Distribution Date, the Interest
      Shortfall, if any, for such Distribution Date net of Compensating Interest
      Payments made with respect to such Distribution Date.

     

    Net
      Liquidation Proceeds: As to any Liquidated Mortgage Loan, Liquidation
      Proceeds net of (i) Liquidation Expenses which are payable therefrom to the
      related Servicer or the Master Servicer in accordance with the related Servicing
      Agreement or this Agreement and (ii) unreimbursed advances by the related
      Servicer or the Master Servicer and Monthly Advances.

     

    Net
      Rate: With respect to each Mortgage Loan, the Mortgage Interest Rate in
      effect from time to time less the sum of (i) the Servicing Fee Rate, (ii) the
      Trustee Fee Rate and (iii) the rate at which the Lender-Paid PMI Rate is
      calculated.

     

    Non-Offered
      Subordinate Certificates: The Class B-4, Class B-5 and Class B-6
      Certificates.

     

    Nonrecoverable
      Advance: Any advance or Monthly Advance (i) which was previously made or is
      proposed to be made by the Master Servicer, the Trustee (as successor Master
      Servicer) or the applicable Servicer and (ii) which, in the good faith judgment
      of the Master Servicer, the Trustee in its capacity as successor master servicer
      or the applicable Servicer, will not or, in the case of a proposed advance
      or
      Monthly Advance, would not, be ultimately recoverable by the Master Servicer,
      the Trustee (as successor Master Servicer) or the applicable Servicer from
      Liquidation Proceeds, Insurance Proceeds or future payments on the Mortgage
      Loan
      for which such advance or Monthly Advance was made or is proposed to be
      made.

     

    Notional
      Amount: With respect to the Class III-X-1 Certificates, the Notional Amount
      of the Class III-X-1 Certificates, as of any date of determination, is equal
      to
      the aggregate Current Principal Amount of the Class III-A-1 Certificates and
      Class III-A-2 Certificates.  Reference to the Notional Amount of the
      Class III-X-1 Certificates is solely for convenience in calculation and does
      not
      represent the right to receive any distributions allocable to
      principal.  For federal income tax purposes, however, the Notional
      Amount of the Class III-X-1 Certificates equals the aggregate Uncertificated
      Principal Balance of REMIC III Regular Interests III-A-1 and
      III-A-2.

     

    Offered
      Certificates: The Class I-A-1, Class I-A-2, Class II-A-1, Class II-A-2,
      Class III-A-1, Class III-A-2, Class III-X-1, Class R-I, Class R-II, Class R-III,
      Class B-l, Class B-2 and Class B-3 Certificates.

     

    Offered
      Subordinate Certificates: The Class B-l, Class B-2 and Class B-3
      Certificates.

     

    Officer’s
      Certificate: A certificate signed by the Chairman of the Board, the Vice
      Chairman of the Board, the President or a Vice President or Assistant Vice
      President or other authorized officer of the Master Servicer, any Servicer,
      the
      Depositor or the Seller, as applicable, and delivered to the Trustee, as
      required by this Agreement.

     

    Opinion
      of Counsel: A written opinion of counsel who is or are acceptable to the
      Trustee and who, unless required to be Independent (an “Opinion of Independent
      Counsel”), may be internal counsel for the Master Servicer or the
      Depositor.

     

    Original
      Subordinate Principal Balance: The sum of the aggregate Current Principal
      Amounts of each Class of Subordinate Certificates as of the Closing
      Date.

     

    Original
      Value: The lesser of (i) the Appraised Value or (ii) the sales price of a
      Mortgaged Property at the time of origination of a Mortgage Loan, except in
      instances where either clauses (i) or (ii) is unavailable, the other may be
      used
      to determine the Original Value, or if both clauses (i) and (ii) are
      unavailable, Original Value may be determined from other sources reasonably
      acceptable to the Depositor.

     

    Outstanding
      Mortgage Loan: With respect to any Due Date, a Mortgage Loan which, prior to
      such Due Date, was not the subject of a Principal Prepayment in full, did not
      become a Liquidated Mortgage Loan and was not purchased or
      replaced.

     

    Outstanding
      Principal Balance: As of the time of any determination, the principal
      balance of a Mortgage Loan remaining to be paid by the Mortgagor, or, in the
      case of an REO Property, the principal balance of the related Mortgage Loan
      remaining to be paid by the Mortgagor at the time such property was acquired
      by
      the Trust Fund less any Net Liquidation Proceeds with respect thereto to the
      extent applied to principal.

     

    Pass-Through
      Rate: As to each Class of Certificates (other than the Class R
      Certificates), the REMIC I Regular Interests and the REMIC II Regular Interests,
      the rate of interest determined as provided with respect thereto in Section
      5.01(c). Any monthly calculation of interest at a stated rate shall be based
      upon annual interest at such rate divided by twelve.

     

    Periodic
      Rate Cap: With respect to each Mortgage Loan, the maximum adjustment that
      can be made to the Mortgage Interest Rate on each Interest Adjustment Date
      in
      accordance with its terms, regardless of changes in the applicable
      Index.

     

    Permitted
      Investments: Any one or more of the following obligations or securities held
      in the name of the Trustee for the benefit of the
      Certificateholders:

     

    (i)           direct
      obligations of, and obligations the timely payment of which are fully guaranteed
      by the United States of America or any agency or instrumentality of the United
      States of America the obligations of which are backed by the full faith and
      credit of the United States of America;

     

    (ii)           (a)
      demand or time deposits, federal funds or bankers’ acceptances issued by any
      depository institution or trust company incorporated under the laws of the
      United States of America or any state thereof (including the Trustee or its
      Affiliates acting in its commercial banking capacity) and subject to supervision
      and examination by federal and/or state banking authorities, provided that
      the
      commercial paper and/or the short-term debt rating and/or the long-term
      unsecured debt obligations of such depository institution or trust company
      at
      the time of such investment or contractual commitment providing for such
      investment have the Applicable Credit Rating or better from each Rating Agency
      and (b) any other demand or time deposit or certificate of deposit that is
      fully
      insured by the Federal Deposit Insurance Corporation;

     

    (iii)           repurchase
      obligations with respect to (a) any security described in clause (i) above
      or
      (b) any other security issued or guaranteed by an agency or instrumentality
      of
      the United States of America, the obligations of which are backed by the full
      faith and credit of the United States of America, in either case entered into
      with a depository institution or trust company (acting as principal) described
      in clause (ii)(a) above where the Trustee holds the security
      therefor;

     

    (iv)           securities
      bearing interest or sold at a discount issued by any corporation (including
      the
      Trustee or any affiliate thereof) incorporated under the laws of the United
      States of America or any state thereof that have the Applicable Credit Rating
      or
      better from each Rating Agency at the time of such investment or contractual
      commitment providing for such investment; provided, however, that securities
      issued by any particular corporation will not be Permitted Investments to the
      extent that investments therein will cause the then outstanding principal amount
      of securities issued by such corporation and held as part of the Trust to exceed
      10% of the aggregate Outstanding Principal Balances of all the Mortgage Loans
      and Permitted Investments held as part of the Trust;

     

    (v)           commercial
      paper (including both non-interest-bearing discount obligations and
      interest-bearing obligations payable on demand or on a specified date not more
      than one year after the date of issuance thereof) having the Applicable Credit
      Rating or better from each Rating Agency at the time of such
      investment;

     

    (vi)           a
      Reinvestment Agreement issued by any bank, insurance company or other
      corporation or entity;

     

    (vii)           any
      other demand, money market or time deposit, obligation, security or investment
      as may be acceptable to each Rating Agency as evidenced in writing by each
      Rating Agency to the Trustee, the Master Servicer or its affiliates;
      and

     

    (viii)         interests
      in any money market fund (including any such fund managed or advised by the
      Trustee or any affiliate thereof) which at the date of acquisition of the
      interests in such fund and throughout the time such interests are held in such
      fund has the highest applicable long term rating by each Rating Agency rating
      such fund, if so rated, or such lower rating as will not result in the
      downgrading or withdrawal of the ratings then assigned to the Certificates
      by
      each Rating Agency rating such fund; provided, however, that no instrument
      or
      security shall be a Permitted Investment if such instrument or security
      evidences a right to receive only interest payments with respect to the
      obligations underlying such instrument or if such security provides for payment
      of both principal and interest  with a yield to maturity in excess of
      120% of the yield to maturity at par or if such instrument or security is
      purchased at a price greater than par.

     

    Permitted
      Transferee: Any Person other than a Disqualified Organization or an
“electing large partnership” (as defined by Section 775 of the
      Code).

     

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

     

    Physical
      Certificates: The Residual Certificates and the Private
      Certificates.

     

    Prepayment
      Charge: With respect to any Mortgage Loan, the charges or premiums, if any,
      due in connection with a full or partial prepayment of such Mortgage Loan in
      accordance with the terms thereof.

     

    Prepayment
      Period: As to any Distribution Date, the period set forth in the related
      Servicing Agreement.

     

    Primary
      Mortgage Insurance Policy: Any primary mortgage guaranty insurance policy
      issued in connection with a Mortgage Loan which provides compensation to a
      Mortgage Note holder in the event of default by the obligor under such Mortgage
      Note or the related Security Instrument, if any or any replacement policy
      therefor through the related Interest Accrual Period for such Class relating
      to
      a Distribution Date.

     

    Principal
      Prepayment: Any payment (whether partial or full) or other recovery of
      principal on a Mortgage Loan which is received in advance of its scheduled
      Due
      Date to the extent that it is not accompanied by an amount as to interest
      representing scheduled interest due on any date or dates in any month or months
      subsequent to the month of prepayment, including Insurance Proceeds and
      Repurchase Proceeds, but excluding the principal portion of Net Liquidation
      Proceeds.

     

    Private
      Certificates: The Class B-4, Class B-5 and Class B-6
      Certificates.

     

    Protected
      Account: An account established and maintained for the benefit of
      Certificateholders by each Servicer with respect to the related Mortgage Loans
      and with respect to REO Property pursuant to the respective Servicing
      Agreements.

     

    Purchase
      Price: With respect to any Mortgage Loan (or any property acquired with
      respect thereto) (x) required to be repurchased by the Seller pursuant to the
      Mortgage Loan Purchase Agreement or Article II of this Agreement or (y) that
      the
      Seller has a right to purchase pursuant to Section 3.20, an amount equal to
      the
      sum of (i)(a) 100% of the Outstanding Principal Balance of such Mortgage Loan
      as
      of the date of repurchase (or if the related Mortgaged Property was acquired
      with respect thereto, 100% of the Outstanding Principal Balance at the date
      of
      the acquisition), plus (b) accrued but unpaid interest on the Outstanding
      Principal Balance at the related Mortgage Interest Rate, through and including
      the last day of the month of repurchase, plus (c) any unreimbursed Monthly
      Advances and servicing advances payable to the related Servicer of the Mortgage
      Loan or to the Master Servicer and (ii) any costs and damages (if any) incurred
      by the Trust in connection with any violation of such Mortgage Loan of any
      anti-predatory lending laws.

     

    QIB:
      A Qualified Institutional Buyer as defined in Rule 144A promulgated under the
      Securities Act.

     

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

     

    Rating
      Agencies: Fitch and S&P.

     

    Realized
      Loss: Any (i) Bankruptcy Loss or (ii) as to any Liquidated Mortgage Loan,
      (x) the Outstanding Principal Balance of such Liquidated Mortgage Loan plus
      accrued and unpaid interest thereon payable to the Issuing Entity at the
      Mortgage Interest Rate through the last day of the month of such liquidation,
      less (y) the related Net Liquidation Proceeds with respect to such Mortgage
      Loan
      and the related Mortgaged Property.  In addition, to the extent the
      Trustee  receives Subsequent Recoveries with respect to any Mortgage
      Loan, the amount of the Realized Loss with respect to that Mortgage Loan will
      be
      reduced to the extent such recoveries are applied to reduce the Current
      Principal Amount of any Class of Certificates on any Distribution Date. With respect to each Mortgage
      Loan which
      is the subject of a Servicing Modification during the calendar month immediately
      preceding the related Distribution Date, the sum of (a) the total amount of
      interest and principal which is forgiven with respect to the related Mortgage
      Loan and (b) the amount of any Monthly Advances and Servicing Advances, to
      the
      extent forgiven, made by the related Servicer with respect to such Mortgage
      Loan
      which are reimbursable from the Trust to the related Servicer with respect
      to
      that Servicing Modification; provided that, the amounts expressed in clause
      (a)
      above shall not include the amounts expressed in clause (b)
      above.

     

    Record
      Date: With respect to any Distribution Date, the close of business on the
      last Business Day of the month immediately preceding the month of such
      Distribution Date.

     

    Regular
      Certificates:  Any of the Certificates other than the Residual
      Certificates.

     

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

     

    Reinvestment
      Agreements: One or more reinvestment agreements, acceptable to the Rating
      Agencies, from a bank, insurance company or other corporation or entity
      (including the Trustee).

     

    Relief
      Act: The Servicemembers Civil Relief Act, or similar state or local
      law.

     

    Relief
      Act Mortgage Loan: Any Mortgage Loan as to which the Scheduled Payment
      thereof has been reduced due to the application of the Relief Act.

     

    REMIC:
      A real estate mortgage investment conduit, as defined in the Code.

     

    REMIC
      I: That group of assets contained in the Trust Fund related to the Group
      I
      Mortgage Loans designated as a REMIC, including (i) the Group I Mortgage Loans,
      (ii) the portion of the Distribution Account related to the Group I Mortgage
      Loans, (iii) any REO Property relating to the Group I Mortgage Loans, (iv)
      the
      rights with respect to any related Servicing Agreement, (v) the rights with
      respect to any related Assignment Agreement and (vii) any proceeds of the
      foregoing.

     

    REMIC
      I Interests: The REMIC I Regular Interests and the Class R-I
      Certificates.

     

    REMIC
      I Regular Interests: REMIC I Regular Interests I-Sub, I-Grp, II-Sub, II-Grp,
      III-Sub, III-Grp, ZZZ and R-II/R-III.

     

    REMIC
      I Subordinated Balance Ratio:  The ratio among the Uncertificated
      Principal Balances of each of the REMIC I Regular Interests ending with the
      designation “Sub,” equal to the ratio among, with respect to each such REMIC I
      Regular Interest, the excess of (x) the aggregate Scheduled Principal Balance
      of
      the Mortgage Loans in the related Loan Group over (y) the aggregate Current
      Principal Amount of the Senior Certificates in the Certificate Group for the
      related Loan Group.

     

    REMIC
      II: That group of assets contained in the Trust Fund designated as a REMIC
      consisting of the REMIC I Regular Interests.

     

    REMIC
      II Interests: The REMIC II Regular Interests and the Class R-II
      Certificates.

     

    REMIC
      II Regular Interests: REMIC II Regular Interests I-A-1, I-A-2, II-A-1,
      II-A-2, III-A-1, III-A-2, B-l, B-2, B-3, B-4, B-5, B-6 and R-III.

     

    REMIC
      Opinion: An Opinion of Independent Counsel, to the effect that the proposed
      action described therein would not, under the REMIC Provisions, (i) cause any
      REMIC to fail to qualify as a REMIC while any regular interest in such REMIC
      is
      outstanding, (ii) result in a tax on prohibited transactions with respect to
      any
      REMIC or (iii) constitute a taxable contribution to any REMIC after the Startup
      Day.

     

    REMIC
      Provisions: The provisions of the federal income tax law relating to the
      REMIC, which appear at Sections 860A through 860G of the Code, and related
      provisions and regulations promulgated thereunder, as the foregoing may be
      in
      effect from time to time.

     

    REO
      Property: A Mortgaged Property acquired in the name of the Trustee, for the
      benefit of Certificateholders, by foreclosure or deed-in-lieu of foreclosure
      in
      connection with a defaulted Mortgage Loan.

     

    Reportable
      Event: As defined in Section 3.18.

     

    Repurchase
      Proceeds: the Purchase Price in connection with any repurchase of a Mortgage
      Loan by the Seller and any cash deposit in connection with the substitution
      of a
      Mortgage Loan.

     

    Request
      for Release: A request for release in the form attached hereto as Exhibit
      D-1 or Exhibit D-2, as applicable.

     

    Required
      Insurance Policy: With respect to any Mortgage Loan, any insurance policy
      which is required to be maintained from time to time under this Agreement with
      respect to such Mortgage Loan.

     

    Residual
      Certificates: Any of the Class R Certificates.

     

    Responsible
      Officer: Any officer assigned to the Corporate Trust Office (or any
      successor thereto), including any Vice President, Assistant Vice President,
      Trust Officer, any Assistant Secretary, any trust officer or any other officer
      of the Trustee customarily performing functions similar to those performed
      by
      any of the above designated officers and having direct responsibility for the
      administration of this Agreement, and any other officer of the Trustee to whom
      a
      matter arising hereunder may be referred because of such officer’s knowledge or
      the familiarity with the particular subject.

     

    Rule
      144A Certificate: The certificate to be furnished by each purchaser of a
      Private Certificate (which is also a Physical Certificate) which is a Qualified
      Institutional Buyer as defined under Rule 144A promulgated under the Securities
      Act, substantially in the form set forth as Exhibit F-2 hereto.

     

    S&P:
      Standard & Poor’s, a division of The McGraw-Hill Companies, Inc., and its
      successors in interest.

     

    Scheduled
      Payment: With respect to any Mortgage Loan and any month, the scheduled
      payment or payments of principal and interest due during such month on such
      Mortgage Loan which either is payable by a Mortgagor in such month under the
      related Mortgage Note or, in the case of REO Property, would otherwise have
      been
      payable under the related Mortgage Note.

     

    Scheduled
      Principal: The principal portion of any Scheduled Payment.

     

    Scheduled
      Principal Balance: With respect to any Mortgage Loan on any Distribution
      Date, (i) the sum of (a) the unpaid principal balance of such Mortgage Loan
      as
      of the close of business on the related Due Date (i.e., taking account of the
      principal payment to be made on such Due Date and irrespective of any
      delinquency in its payment), as specified in the amortization schedule at the
      time relating thereto (before any adjustment to such amortization schedule
      by
      reason of any bankruptcy or similar proceeding occurring after the Cut-off
      Date
      (other than a Deficient Valuation) or any moratorium or similar waiver or grace
      period) and (b) the amount by which the Schedule Principal Balance of the
      Mortgage Loan has been increased pursuant to a Servicing Modification, less
      (ii)
      any Principal Prepayments (including the principal portion of Net Liquidation
      Proceeds) received during or prior to the related Prepayment Period; provided
      that the Scheduled Principal Balance of a Liquidated Mortgage Loan is
      zero.

     

    Securities
      Act: The Securities Act of 1933, as amended.

     

    Securities
      Legend: “THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE
      SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR UNDER ANY STATE
      SECURITIES LAWS. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES
      THAT
      THIS CERTIFICATE MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED
      ONLY
      IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS AND ONLY (1)
      PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”) TO A PERSON THAT
      THE HOLDER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER WITHIN THE
      MEANING OF RULE 144A (A “QIB”), PURCHASING FOR ITS OWN ACCOUNT OR A QIB
      PURCHASING FOR THE ACCOUNT OF A QIB, WHOM THE HOLDER HAS INFORMED, IN EACH
      CASE,
      THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE
      ON
      RULE 144A, (2) PURSUANT TO AN EXEMPTION FROM REGISTRATION PROVIDED BY RULE
      144
      UNDER THE SECURITIES ACT (IF AVAILABLE) OR (3) IN CERTIFICATED FORM TO AN
“INSTITUTIONAL ACCREDITED INVESTOR” WITHIN THE MEANING THEREOF IN RULE
      501(a)(1), (2), (3) or (7) OF REGULATION D UNDER THE ACT OR ANY ENTITY IN WHICH
      ALL OF THE EQUITY OWNERS COME WITHIN SUCH PARAGRAPHS PURCHASING NOT FOR
      DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT, SUBJECT TO (A) THE RECEIPT
      BY
      THE TRUSTEE OF A LETTER SUBSTANTIALLY IN THE FORM PROVIDED IN THE AGREEMENT
      AND
      (B) THE RECEIPT BY THE TRUSTEE OF SUCH OTHER EVIDENCE ACCEPTABLE TO THE TRUSTEE
      THAT SUCH REOFFER, RESALE, PLEDGE OR TRANSFER IS IN COMPLIANCE WITH THE
      SECURITIES ACT AND OTHER APPLICABLE LAWS OR IN EACH CASE IN ACCORDANCE WITH
      ALL
      APPLICABLE SECURITIES LAWS OF THE UNITED STATES AND ANY OTHER APPLICABLE
      JURISDICTION. THIS CERTIFICATE MAY NOT BE ACQUIRED DIRECTLY OR INDIRECTLY BY,
      OR
      ON BEHALF OF, AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT WHICH
      IS
      SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974,
      AS
      AMENDED, OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED [in
      the case of a Residual Certificate:] UNLESS THE PROPOSED TRANSFEREE PROVIDES
      THE
      TRUSTEE WITH AN OPINION OF COUNSEL ADDRESSED TO THE DEPOSITOR, TRUSTEE AND
      MASTER SERVICER AND ON WHICH THEY MAY RELY THAT IS SATISFACTORY TO THE TRUSTEE
      THAT THE PURCHASE OF CERTIFICATES ON BEHALF OF SUCH PERSON WILL NOT RESULT
      IN OR
      CONSTITUTE A NONEXEMPT PROHIBITED TRANSACTION, IS PERMISSIBLE UNDER APPLICABLE
      LAW AND WILL NOT GIVE RISE TO ANY ADDITIONAL OBLIGATIONS ON THE PART OF THE
      DEPOSITOR, THE MASTER SERVICER OR THE TRUSTEE [in the case of the Class B-4,
      Class B-5 and Class B-6:], UNLESS THE TRANSFEREE CERTIFIES OR REPRESENTS THAT
      THE PROPOSED TRANSFER AND HOLDING OF A CERTIFICATE AND THE SERVICING, MANAGEMENT
      AND OPERATION OF THE TRUST AND ITS ASSETS: (I) WILL NOT RESULT IN ANY PROHIBITED
      TRANSACTION WHICH IS NOT COVERED UNDER AN INDIVIDUAL OR CLASS PROHIBITED
      TRANSACTION EXEMPTION, INCLUDING, BUT NOT LIMITED TO, PROHIBITED TRANSACTION
      CLASS EXEMPTION (“PTCE”) 84-14, PTCE 91-38, PTCE 90-1, PTCE 95-60 OR PTCE 96-23
      AND (II) WILL NOT GIVE RISE TO ANY ADDITIONAL OBLIGATIONS ON THE PART OF THE
      DEPOSITOR, THE MASTER SERVICER, ANY SERVICER OR THE TRUSTEE, WHICH WILL BE
      DEEMED REPRESENTED BY AN OWNER OF A BOOK-ENTRY CERTIFICATE OR A GLOBAL
      CERTIFICATE OR UNLESS AN OPINION OF COUNSEL SPECIFIED IN SECTION 5.07 OF THE
      AGREEMENT IS PROVIDED.”

     

    Security
      Agreement:  With respect to a Cooperative Loan, the agreement
      creating a security interest in favor of the originator in the related
      Cooperative Stock.

     

    Security
      Instrument: A written instrument creating a valid first lien on a Mortgaged
      Property securing a Mortgage Note, which may be any applicable form of mortgage,
      deed of trust, deed to secure debt or security deed, including any riders or
      addenda thereto.

     

    Seller:
      EMC in its capacity as a seller of the Mortgage Loans to the
      Depositor.

     

    Senior
      Certificates: The Class I-A-1, Class I-A-2, Class II-A-1, Class II-A-2,
      Class III-A-1, Class III-A-2 and Class III-X-1 Certificates.

     

    Senior
      Optimal Principal Amount: The Group I Senior Optimal Principal Amount, Group
      II Senior Optimal Principal Amount or Group III Senior Optimal Principal Amount,
      as applicable.

     

    Senior
      Percentage: The Group I Senior Percentage, Group II Senior Percentage or
      Group III Senior Percentage, as applicable.

     

    Senior
      Prepayment Percentage: The Group I Senior Prepayment Percentage, Group II
      Senior Prepayment Percentage or Group III Senior Prepayment Percentage, as
      applicable.

     

    Servicer:
      With respect to each Mortgage Loan, either of Countrywide or EMC and their
      successors and assigns.

     

    Servicer
      Remittance Date: With respect to each Mortgage Loan, the date set forth in
      the related Servicing Agreement.

     

    Servicing
      Agreements: The Countrywide Servicing Agreement and EMC Servicing
      Agreement.

     

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

     

    Servicing
      Fee: As to any Mortgage Loan and Distribution Date, an amount equal to the
      product of (i) the Scheduled Principal Balance of such Mortgage Loan as of
      the
      Due Date in the preceding calendar month and (ii) 1/12th of the
      applicable
      Servicing Fee Rate.

     

    Servicing
      Fee Rate: As to any Mortgage Loan, a per annum rate as set forth in the
      Mortgage Loan Schedule; provided that with respect to each Mortgage Loan
      serviced by Countrywide, the initial Servicing Fee Rate of 0.175% per annum
      will
      increase by 0.025% per annum after an initial fixed-rate period of seven or
      ten
      years, as applicable and as set forth in the Mortgage Loan
      Schedule.

     

    Servicing
      Modification: Any
      modification of a Mortgage Loan which is effected by the related Servicer in
      accordance with the terms of this Agreement or the related Servicing
      Agreement.

     

    Servicing
      Officer: Any officer of the related Servicer or Master Servicer involved in
      or responsible for the administration and servicing or master servicing, as
      applicable, of the Mortgage Loans.

     

    Startup
      Day:  August 31, 2007.

     

    Subordinate
      Certificates: The Class B-1, Class B-2, Class B-3, Class B-4, Class B-5 and
      Class B-6 Certificates.

     

    Subordinate
      Certificate Writedown Amount: As to any Distribution Date, the amount by
      which (a) the sum of the Current Principal Amounts of all the Certificates
      (other than Class R Certificates) (after giving effect to the distribution
      of
      principal and the allocation of applicable Realized Losses in reduction of
      the
      Current Principal Amounts of the Certificates on such Distribution Date) exceeds
      (b) the aggregate Scheduled Principal Balances of the Mortgage Loans on the
      Due
      Date related to such Distribution Date.

     

    Subordinate
      Optimal Principal Amount: As to any Distribution Date, an amount equal to
      the sum, without duplication, of the following for the Group I, Group II and
      Group III Mortgage Loans (but in no event greater than the aggregate Current
      Principal Amount of the Subordinate Certificates immediately prior to such
      Distribution Date):

     

    (i)           the
      applicable Subordinate Percentage of the principal portion of all Scheduled
      Payments due on each Outstanding Mortgage Loan in the related Loan Group on
      the
      related Due Date as specified in the amortization schedule at the time
      applicable thereto (after adjustment for previous Principal Prepayments but
      before any adjustment to such amortization schedule by reason of any bankruptcy
      or similar proceeding or any moratorium or similar waiver or grace
      period);

     

    (ii)           the
      applicable Subordinate Prepayment Percentage of the Scheduled Principal Balance
      of each Mortgage Loan in the related Loan Group that was the subject of a
      Principal Prepayment in full received by the Servicer during the related
      Prepayment Period;

     

    (iii)           the
      applicable Subordinate Prepayment Percentage of each Principal Prepayment in
      part received during the related Prepayment Period with respect to each Mortgage
      Loan in the related Loan Group;

     

    (iv)           the
      excess, if any, of (a) all Net Liquidation Proceeds allocable to principal
      received during the related Prepayment Period in respect of each Liquidated
      Mortgage Loan in the related Loan Group and all Subsequent Recoveries received
      in respect of each Liquidated Mortgage Loan in the related Loan Group during
      the
      related Due Period over (b) the sum of the amounts distributable to the related
      Senior Certificateholders pursuant to clause (iv) of the related definition
      of
      Senior Optimal Principal Amount on such Distribution Date;

     

    (v)           the
      applicable Subordinate Prepayment Percentage of the sum of (a) the Scheduled
      Principal Balance of each Mortgage Loan in the related Loan Group which was
      purchased with respect to such Distribution Date and (b) the difference, if
      any,
      between the Scheduled Principal Balance of each Mortgage Loan in the related
      Loan Group that has been replaced by the Seller with a Substitute Mortgage
      Loan
      pursuant to the Mortgage Loan Purchase Agreement in connection with such
      Distribution Date over the Scheduled Principal Balance of each such Substitute
      Mortgage Loan; and

     

    (vi)           on
      the Distribution Date on which the Current Principal Amounts of the Group I
      Senior Certificates, Group II Senior Certificates or Group III Senior
      Certificates have all been reduced to zero, 100% of the related Senior Optimal
      Principal Amount. After the aggregate Current Principal Amount of the
      Subordinate Certificates has been reduced to zero, the Subordinate Optimal
      Principal Amount shall be zero.

     

    Subordinate
      Percentage: The Group I Subordinate Percentage, Group II Subordinate
      Percentage or Group III Subordinate Percentage, as applicable.

     

    Subordinate
      Prepayment Percentage: The Group I Subordinate Prepayment Percentage, Group
      II Subordinate Prepayment Percentage or Group III Subordinate Prepayment
      Percentage, as applicable.

     

    Subsequent
      Cut-off Date: With respect to the Group III Subsequent Mortgage Loans sold
      to the Trust pursuant to a Subsequent Transfer Instrument, the date stated
      in
      the Subsequent Mortgage Loan Purchase Agreement.

     

    Subsequent
      Mortgage Loan Purchase Agreement: The agreement dated as of the Subsequent
      Transfer Date, between EMC, as seller, and Structured Asset Mortgage Investments
      II Inc., as purchaser, and all amendments thereof and supplements thereto,
      regarding the transfer of the Group III Subsequent Mortgage Loans by EMC to
      Structured Asset Mortgage Investments II Inc., a form of which is attached
      as
      Exhibit P.

     

    Subsequent
      Recoveries: As of any Distribution Date, amounts received by the Master
      Servicer during the related Due Period or surplus amounts held by the Master
      Servicer to cover estimated expenses (including, but not limited to, recoveries
      in respect of the representations and warranties made by the Seller pursuant
      to
      the Mortgage Loan Purchase Agreement) specifically related to a Liquidated
      Mortgage Loan, a Mortgage Loan that has been modified which resulted in a
      Realized Loss or disposition of an REO Property prior to the related Prepayment
      Period that resulted in a Realized Loss, after the liquidation or disposition
      of
      such Mortgage Loan.

     

    Subsequent
      Transfer Date: With respect to the Subsequent Transfer Instrument, the date
      on which the Group III Subsequent Mortgage Loans are sold to the Trust, which
      date shall be a Business Day.

     

    Subsequent
      Transfer Instrument: The Subsequent Transfer Instrument, dated as of the
      Subsequent Transfer Date, executed by the Depositor and the Trustee and
      substantially in the form attached hereto as Exhibit Q, by which the Group
      III
      Subsequent Mortgage Loans are transferred to the Trust Fund.

     

    Substitute
      Mortgage Loan: A mortgage loan tendered to the Trustee pursuant to the
      related Servicing Agreement, the Mortgage Loan Purchase Agreement or Section
      2.04 of this Agreement, as applicable, in each case, (i) which has an
      Outstanding Principal Balance not greater nor materially less than the Mortgage
      Loan for which it is to be substituted; (ii) which has a Mortgage Interest
      Rate
      and Net Rate not less than, and not materially greater than, such Mortgage
      Loan;
      (iii) which has a maturity date not materially earlier or later than such
      Mortgage Loan and not later than the latest maturity date of any Mortgage Loan;
      (iv) which is of the same property type and occupancy type as such Mortgage
      Loan; (v) which has a Loan-to-Value Ratio not greater than the Loan-to-Value
      Ratio of such Mortgage Loan; (vi) which is current in payment of principal
      and
      interest as of the date of substitution; (vii) as to which the payment terms
      do
      not vary in any material respect from the payment terms of the Mortgage Loan
      for
      which it is to be substituted and (viii) which has a Gross Margin, Periodic
      Rate
      Cap and Maximum Lifetime Mortgage Rate no less than those of such Mortgage
      Loan,
      has the same Index and interval between Interest Adjustment Dates as such
      Mortgage Loan, and a Minimum Lifetime Mortgage Rate no lower than that of such
      Mortgage Loan.

     

    Tax
      Administration and Tax Matters Person: The Trustee or any successor thereto
      or assignee thereof shall serve as tax administrator hereunder and as agent
      for
      the Tax Matters Person. The Holder of each Class of Residual Certificates shall
      be the Tax Matters Person for the related REMIC, as more particularly set forth
      in Section 9.12 hereof.

     

    Trustee
      Fee: As to each Mortgage Loan and any Distribution Date an amount equal to
      1/12th of the Trustee Fee Rate multiplied by the Scheduled Principal Balance
      of
      such Mortgage Loan as of the Due Date in the month preceding the month in which
      such Distribution Date occurs.

     

    Trustee
      Fee Rate: 0.015% per annum. 

     

    Trustee:
      Wells Fargo Bank, N.A., or its successor in interest, or any successor trustee
      appointed as herein provided.

     

    Trust
      Fund or Trust: The corpus of the trust created by this Agreement, consisting
      of the Mortgage Loans and the other assets described in Section
      2.01(a).

     

    Uncertificated
      Principal Balance: With respect to any REMIC I Regular Interest and REMIC II
      Regular Interest as of any Distribution Date, the initial principal amount
      of
      such regular interest as set forth in Sections 5.01(c)(i) and (c)(ii), reduced
      by (i) all amounts distributed on previous Distribution Dates on such regular
      interest with respect to principal, and (ii) the principal portion of all
      Realized Losses allocated prior to such Distribution Date to such regular
      interest, taking account of the applicable Loss Allocation
      Limitation.

     

    Underlying
      Seller: With respect to each Mortgage Loan, any of Countrywide, Taylor, Bean
      Mortgage Corp., EMC Mortgage Corporation, or Bear Stearns Residential Mortgage
      Corporation, as indicated on the Mortgage Loan Schedule.

     

    Uninsured
      Cause: Any cause of damage to a Mortgaged Property or related REO Property
      such that the complete restoration of such Mortgaged Property or related REO
      Property is not fully reimbursable by the hazard insurance policies required
      to
      be maintained pursuant the related Servicing Agreement, without regard to
      whether or not such policy is maintained.

     

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

     

    Wells
      Fargo: Wells Fargo Bank, N.A.

     

    ARTICLE
      II

    CONVEYANCE
      OF MORTGAGE LOANS; ORIGINAL ISSUANCE OF CERTIFICATES

     

    Section
      2.01  Conveyance
      of Mortgage Loans to Trustee.

     

    (a)  The
      Depositor concurrently with the execution and delivery of this Agreement, sells,
      transfers and assigns to the Trust without recourse all its right, title and
      interest in and to (i) the Initial Mortgage Loans identified in the
      Mortgage Loan Schedule, including all interest and principal due with respect
      to
      the Mortgage Loans after the Cut-off Date but excluding any payments of
      principal and interest due on or prior to the Cut-off Date; (ii) such assets
      as
      shall from time to time be credited or are required by the terms of this
      Agreement to be credited to the Distribution Account maintained by the Trustee,
      (iii) such assets as shall from time to time be credited or are required by
      the
      terms of this Agreement to be credited to the Master Servicer Collection Account
      maintained by the Master Servicer, (iv) such assets relating to the Mortgage
      Loans as from time to time may be held by the Servicers in Protected Accounts
      and the Trustee in the Distribution Account, (v) any REO Property, (vi) the
      Required Insurance Policies and any amounts paid or payable by the insurer
      under
      any Insurance Policy (to the extent the mortgagee has a claim thereto), (vii)
      the Mortgage Loan Purchase Agreement to the extent provided in Subsection
      2.03(a), (viii) the rights with respect to the Servicing Agreements as assigned
      to the Trustee on behalf of the Certificateholders by the Assignment Agreements
      and (ix) any proceeds of the foregoing. Although it is the intent of the parties
      to this Agreement that the conveyance of the Depositor’s right, title and
      interest in and to the Mortgage Loans and other assets in the Trust Fund
      pursuant to this Agreement shall constitute a purchase and sale and not a loan,
      in the event that such conveyance is deemed to be a loan, it is the intent
      of
      the parties to this Agreement that the Depositor shall be deemed to have granted
      to the Trustee a first priority perfected security interest in all of the
      Depositor’s right, title and interest in, to and under the Mortgage Loans and
      other assets in the Trust Fund, and that this Agreement shall constitute a
      security agreement under applicable law. The Depositor, the Seller, the Master
      Servicer and the Trustee agree that it is not intended that any mortgage loan
      be
      conveyed to the Trust that is a “High-Cost Home Loan” as defined by applicable
      predatory lending laws.

     

    (b)  In
      connection with the above transfer and assignment, the Depositor hereby delivers
      to the related Custodian, on behalf of the Trustee, with respect to each
      Mortgage Loan:

     

    (i)  the
      original Mortgage Note, endorsed without recourse (A) to the order of the
      Trustee or in blank, or (B) in the case of a loan registered on the MERS system,
      in blank, and in each case showing an unbroken chain of endorsements from the
      related originator, at the time they made the initial endorsement, to the last
      endorsee up to and including the point the Sponsor acquired such Mortgage
      Loan;

     

    (ii)  the
      original Mortgage and, if the related Mortgage Loan is a MOM Loan, noting the
      presence of the MIN and language indicating that such Mortgage Loan is a MOM
      Loan, which shall have been recorded (or, for Mortgage Loans other than the
      EMC
      Flow Loans, if the original is not available, a copy), with evidence of such
      recording indicated thereon (or if clause (w) in the proviso below applies,
      shall be in recordable form); provided however that with respect to Mortgage
      Loans serviced by Wells Fargo, as applicable, the Depositor shall only deliver
      the original mortgage note and recorded orginal assignment to the related
      Custodian, on behalf of the Trustee, upon the Closing Date.

     

    (iii)  unless
      the Mortgage Loan is registered on the MERS® System, the original assignment to
      blank, or the assignment (either an original or a certified copy which may
      be in
      the form of a blanket assignment if permitted in the jurisdiction in which
      the
      Mortgaged Property is located) to “Wells Fargo Bank, N.A., as Trustee”, with
      evidence of recording with respect to each Mortgage Loan in the name of the
      Trustee thereon (or if clause (w) in the proviso below applies or for Mortgage
      Loans with respect to which the related Mortgaged Property is located in a
      state
      other than Maryland or an Opinion of Counsel has been provided as set forth
      in
      this Section 2.01(b), shall be in recordable form);

     

    (iv)  all
      intervening assignments of the Security Instrument, if applicable, with evidence
      of recording thereon;

     

    (v)  the
      original or a copy of the policy or certificate of primary mortgage guaranty
      insurance, to the extent available, if any;

     

    (vi)  the
      original policy of title insurance or mortgagee’s certificate of title insurance
      or commitment or binder for title insurance; and

     

    (vii)  originals
      of all modification agreements, if applicable and available;

     

    provided,
      however, that in lieu of the foregoing, the Depositor may deliver to the
      related Custodian, on behalf of the Trustee, the following documents, under
      the
      circumstances set forth below: (w) in lieu of the original Security Instrument,
      assignments to the Trustee or intervening assignments thereof which have been
      delivered, are being delivered or will, upon receipt of recording information
      relating to the Security Instrument required to be included thereon, be
      delivered to recording offices for recording and have not been returned to
      the
      Depositor in time to permit their delivery as specified above, the Depositor
      may
      deliver, or cause to be delivered, a true copy thereof with a stamp on the
      face
      of such copy, substantially as follows: “Certified to be a true and correct copy
      of the original”; (x) in lieu of the Security Instrument, assignment to the
      Trustee or intervening assignments thereof, if the applicable jurisdiction
      retains the originals of such documents (as evidenced by a certification to
      such
      effect) the Depositor may deliver photocopies of such documents containing
      an
      original certification by the judicial or other governmental authority of the
      jurisdiction where such documents were recorded; (y) in lieu of the Mortgage
      Notes relating to the Mortgage Loans identified on Exhibit 5 to the Mortgage
      Loan Purchase Agreement, the Depositor may deliver lost note affidavits from
      the
      Seller; and (z) the Depositor shall not be required to deliver intervening
      assignments or Mortgage Note endorsements between the related Underlying Seller
      and the Seller, between the Seller and the Depositor, and between the Depositor
      and the Trustee; and provided, further, however, that in the case of Mortgage
      Loans which have been prepaid in full after the Cut-off Date and prior to the
      Closing Date, the Depositor, in lieu of delivering the above documents, may
      deliver to the Trustee or the related Custodian, on its behalf, a certification
      to such effect and shall deposit all amounts paid in respect of such Mortgage
      Loans in the Master Servicer Collection Account on the Closing Date. The
      Depositor shall deliver such original documents (including any original
      documents as to which certified copies had previously been delivered) to the
      Trustee or the related Custodian, on its behalf, promptly after they are
      received. The Depositor shall cause the Seller, at its expense, to cause each
      assignment of the Security Instrument to the Trustee to be recorded not later
      than 180 days after the Closing Date, unless (a) such recordation is not
      required by the Rating Agencies or an Opinion of Counsel addressed to the
      Trustee has been provided to the Trustee (with a copy to the related Custodian)
      which states that recordation of such Security Instrument is not required to
      protect the interests of the Certificateholders in the related Mortgage Loans
      or
      (b) MERS is identified on the Mortgage or on a properly recorded assignment
      of
      the Mortgage as the mortgagee of record solely as nominee for the Seller and
      its
      successor and assigns; provided, however, notwithstanding the foregoing, each
      assignment shall be submitted for recording by the Seller in the manner
      described above, at no expense to the Trust or the Trustee or the related
      Custodian, on its behalf, upon the earliest to occur of: (i) reasonable
      direction by the Holders of Certificates evidencing Fractional Undivided
      Interests aggregating not less than 25% of the Trust, (ii) the occurrence of
      an
      Event of Default, (iii) the occurrence of a bankruptcy, insolvency or
      foreclosure relating to the Seller and (iv) the occurrence of a servicing
      transfer as described in Section 8.02 hereof.

     

    Section
      2.02  Acceptance
      of Mortgage Loans by Trustee.

     

    (a)  The
      Trustee acknowledges the sale, transfer and assignment of the Trust Fund to
      it
      by the Depositor and receipt of, subject to further review and the exceptions
      which may be noted pursuant to the procedures described below, and declares
      that
      it holds, the documents (or certified copies thereof) delivered to the related
      Custodian, on its behalf, pursuant to Section 2.01, and declares that it will
      continue to hold those documents and any amendments, replacements or supplements
      thereto and all other assets of the Trust Fund delivered to it (or the related
      Custodian on its behalf) as Trustee in trust for the use and benefit of all
      present and future Holders of the Certificates. On the Closing Date, with
      respect to the Initial Mortgage Loans, or the Subsequent Transfer Date with
      respect to the Group III Subsequent Mortgage Loans, the related Custodian shall
      acknowledge with respect to each Mortgage Loan by delivery to the Depositor,
      the
      Seller, the Master Servicer and the Trustee of an Initial Certification
      substantially in the form of Exhibit One to the related Custodial Agreement,
      receipt of the Mortgage File, but without review of such Mortgage File, except
      to the extent necessary to confirm that such Mortgage File contains the related
      Mortgage Note or lost note affidavit. No later than 90 days after the Closing
      Date, or within 90 days of the Subsequent Transfer Date with respect to the
      Group III Subsequent Mortgage Loans (or with respect to any Substitute Mortgage
      Loan, within five Business Days after the receipt by the Trustee or the related
      Custodian thereof), the Trustee agrees, for the benefit of the
      Certificateholders, to review or cause to be reviewed by the related Custodian
      on its behalf (under the related Custodial Agreement), each Mortgage File
      delivered to it (or the related Custodian on its behalf) and to execute and
      deliver, or cause to be executed and delivered, to the Depositor, the Seller,
      the Master Servicer and the Trustee an Interim Certification substantially
      in
      the form of Exhibit Two to the related Custodial Agreement. In conducting such
      review, the Trustee or the related Custodian on behalf of the Trustee will
      ascertain whether all required documents have been executed and received, and
      based on the related Mortgage Loan Schedule, whether those documents relate,
      determined on the basis of the Mortgagor name, original principal balance and
      loan number, to the Mortgage Loans it has received, as identified in the related
      Mortgage Loan Schedule. In performing any such review, the Trustee or the
      related Custodian, on its behalf, may conclusively rely on the purported due
      execution and genuineness of any such document and on the purported genuineness
      of any signature thereon. If the Trustee or the related Custodian, on its
      behalf, finds any document constituting part of the Mortgage File has not been
      executed or received, or to be unrelated, determined on the basis of the
      Mortgagor name, original principal balance and loan number, to the Mortgage
      Loans identified in Exhibit B, or the Group III Subsequent Mortgage Loans
      identified on the schedule attached to the Subsequent Transfer Instrument,
      or to
      appear defective on its face (i.e. torn, mutilated, or otherwise physically
      altered) (a “Material Defect”), the Trustee or the related Custodian, on its
      behalf, shall, upon completion of the review of all files, but in no event
      later
      than 90 days after the Closing Date, the Seller.  In accordance with
      the Mortgage Loan Purchase Agreement, the Seller shall correct or cure any
      such
      defect within ninety (90) days from the date of notice from the Trustee or
      the
      related Custodian, on its behalf, of the defect and if the Seller fails to
      correct or cure the defect within such period, and such defect materially and
      adversely affects the interests of the Certificateholders in the related
      Mortgage Loan, the Trustee shall enforce the Seller’s obligation under the
      Mortgage Loan Purchase Agreement, within 90 days from the Trustee’s or the
      related Custodian’s notification, provide a Substitute Mortgage Loan (if within
      two years of the Closing Date) or purchase such Mortgage Loan at the Purchase
      Price; provided that, if such defect would cause the Mortgage Loan to be other
      than a “qualified mortgage” as defined in Section 860G(a)(3) of the Code, any
      such cure or repurchase must occur within 90 days from the date such breach
      was
      discovered; provided, however, that if such defect relates solely to the
      inability of the Seller to deliver the original Security Instrument or
      intervening assignments thereof, or a certified copy because the originals
      of
      such documents, or a certified copy have not been returned by the applicable
      jurisdiction, the Seller shall not be required to purchase such Mortgage Loan
      if
      the Seller delivers such original documents or certified copy promptly upon
      receipt, but in no event later than 360 days after the Closing Date. The
      foregoing repurchase obligation shall not apply in the event that the Seller
      cannot deliver such original or copy of any document submitted for recording
      to
      the appropriate recording office in the applicable jurisdiction because such
      document has not been returned by such office; provided that the Seller shall
      instead deliver a recording receipt of such recording office or, if such receipt
      is not available, a certificate confirming that such documents have been
      accepted for recording, and delivery to the Trustee or the related Custodian,
      on
      its behalf, shall be effected by the Seller thirty days of its receipt of the
      original recorded document.

     

    (b)  No
      later
      than 180 days after the Closing Date, or within 90 days of the Subsequent
      Transfer Date with respect to the Group III Subsequent Mortgage Loans (or with
      respect to any Substitute Mortgage Loan, within five Business Days after the
      receipt by the Trustee or the related Custodian thereof), the Trustee or the
      related Custodian, on its behalf, will review, for the benefit of the
      Certificateholders, the Mortgage Files delivered to it and will execute and
      deliver or cause to be executed and delivered to the Depositor, the Seller,
      the
      Master Servicer and the Trustee a Final Certification substantially in the
      form
      of Exhibit Three to the related Custodial Agreement. In conducting such review,
      the Trustee or the related Custodian, on its behalf, will ascertain whether
      an
      original of each document required to be recorded has been returned from the
      recording office with evidence of recording thereon or a certified copy has
      been
      obtained from the recording office. If the Trustee or the related Custodian,
      on
      its behalf, finds a Material Defect, the Trustee or the related Custodian,
      on
      its behalf, shall, upon completion of the review of all files, but in no event
      later than 180 days after the Closing Date, notify the
      Seller  (provided, however, that with respect to those documents
      described in subsections (b)(iv), (v) and (vii) of Section 2.01, the Trustee’s
      and the related Custodian’s obligations shall extend only to the documents
      actually delivered to the related Custodian pursuant to such subsections).
      In
      accordance with the Mortgage Loan Purchase Agreement, the Seller shall correct
      or cure any such defect within 90 days from the date of notice from the Trustee
      or the related Custodian, on its behalf, of the Material Defect and if the
      Seller is unable to cure such defect within such period, and if such defect
      materially and adversely affects the interests of the Certificateholders in
      the
      related Mortgage Loan, the Trustee shall enforce the Seller’s obligation under
      the Mortgage Loan Purchase Agreement, within 90 days from the Trustee’s or the
      related Custodian’s notification, provide a Substitute Mortgage Loan (if within
      two years of the Closing Date) or purchase such Mortgage Loan at the Purchase
      Price, provided that, if such defect would cause the Mortgage Loan to be other
      than a “qualified mortgage” as defined in Section 860G(a)(3) of the Code, any
      such cure, repurchase or substitution must occur within 90 days from the date
      such breach was discovered, provided, however, that if such defect relates
      solely to the inability of the Seller to deliver the original Security
      Instrument or intervening assignments thereof, or a certified copy, because
      the
      originals of such documents or a certified copy, have not been returned by
      the
      applicable jurisdiction, the Seller shall not be required to purchase such
      Mortgage Loan, if the Seller delivers such original documents or certified
      copy
      promptly upon receipt, but in no event later than 360 days after the Closing
      Date.  The foregoing repurchase obligation shall not apply in the
      event that the Seller cannot deliver such original or copy of any document
      submitted for recording to the appropriate recording office in the applicable
      jurisdiction because such document has not been returned by such office;
      provided that the Seller shall instead deliver a recording receipt of such
      recording office or, if such receipt is not available, a certificate confirming
      that such documents have been accepted for recording, and delivery to the
      Trustee or the related Custodian, on its behalf, shall be effected by the Seller
      within thirty days of its receipt of the original recorded
      document.

     

    (c)  In
      the
      event that a Mortgage Loan is purchased by the Seller in accordance with
      Subsections 2.02(a) or (b) above, the Seller shall remit to the Master Servicer
      the Purchase Price for deposit in the Master Servicer Collection Account and
      the
      Seller shall provide the Trustee written notification detailing the components
      of the Purchase Price. Upon deposit of the Purchase Price in the Master Servicer
      Collection Account, the Depositor shall notify the Trustee and the related
      Custodian, on behalf of the Trustee (upon receipt of a Request for Release
      in
      the form of Exhibit D-1 or Exhibit D-2 attached hereto, as applicable, with
      respect to such Mortgage Loan), shall release to the Seller the related Mortgage
      File and the Trustee shall execute and deliver all instruments of transfer
      or
      assignment, without recourse, representation or warranty, furnished to it by
      the
      Seller, as are necessary to vest in the Seller title to and rights under the
      Mortgage Loan. Such purchase shall be deemed to have occurred on the date on
      which the Purchase Price in available funds is received by the Trustee. The
      Trustee shall amend the Mortgage Loan Schedule, which was previously delivered
      to it by the Depositor in a form agreed to between the Depositor and the
      Trustee, to reflect such repurchase and shall promptly notify the Rating
      Agencies of such amendment and furnish a copy of the amended Mortgage Loan
      Schedule to the Master Servicer and the related Custodian.  To enable
      the Trustee to amend the Mortgage Loan Schedule, the Seller shall, unless it
      cures such breach in a timely fashion pursuant to this Section 2.02, promptly
      notify the Trustee whether it intends either to repurchase, or to substitute
      for, the Mortgage Loan affected by such breach.  The obligation of the
      Seller to repurchase or substitute for any Mortgage Loan a Substitute Mortgage
      Loan as to which such a defect in a constituent document exists shall be the
      sole remedy respecting such defect available to the Certificateholders or to
      the
      Trustee on their behalf.

     

    Section
      2.03  Assignment
      of Interest in the Mortgage Loan Purchase Agreement.

     

    (a)  The
      Depositor hereby assigns to the Trustee, on behalf of the Certificateholders,
      all of its right, title and interest in the Mortgage Loan Purchase Agreement,
      including but not limited to the Depositor’s rights and obligations pursuant to
      the Servicing Agreements (noting that the Seller has retained the right in
      the
      event of breach of the representations, warranties and covenants, if any, with
      respect to the related Mortgage Loans of the related Servicer under the related
      Servicing Agreement to enforce the provisions thereof and to seek all or any
      available remedies). The obligations of the Seller to substitute or repurchase,
      as applicable, a Mortgage Loan shall be the Trustee’s and the
      Certificateholders’ sole remedy for any breach thereof. At the request of the
      Trustee, the Depositor shall take such actions as may be necessary to enforce
      the above right, title and interest on behalf of the Trustee and the
      Certificateholders or shall execute such further documents as the Trustee may
      reasonably require in order to enable the Trustee to carry out such
      enforcement.

     

    (b)  If
      the
      Depositor, the Master Servicer or the Trustee discovers a breach of any of
      the
      representations and warranties set forth in the Mortgage Loan Purchase
      Agreement, which breach materially and adversely affects the value of the
      interests of Certificateholders or the Trustee in the related Mortgage Loan,
      the
      party discovering the breach shall give prompt written notice of the breach
      to
      the other parties to this Agreement. the Seller within 90 days of its discovery
      or receipt of notice that such breach has occurred (whichever occurs earlier),
      shall cure the breach in all material respects or, subject to the Mortgage
      Loan
      Purchase Agreement or Section 2.04 of this Agreement, as applicable, shall
      purchase the Mortgage Loan or any property acquired with respect thereto from
      the Trustee; provided, however, that if there is a breach of any representation
      set forth in the Mortgage Loan Purchase Agreement or Section 2.04 of this
      Agreement, as applicable, and the Mortgage Loan or the related property acquired
      with respect thereto has been sold, then the Seller shall pay, in lieu of the
      Purchase Price, any excess of the Purchase Price over the Net Liquidation
      Proceeds received upon such sale. If the Net Liquidation Proceeds exceed the
      Purchase Price, any excess shall be paid to the Seller to the extent not
      required by law to be paid to the borrower.  Any such purchase by the
      Seller shall be made by providing an amount equal to the Purchase Price to
      the
      Master Servicer for deposit in the Master Servicer Collection Account and
      written notification detailing the components of such Purchase Price to the
      Trustee.  The Depositor shall notify the Trustee and submit to the
      related Custodian, on behalf of the Trustee, a Request for Release, and the
      related Custodian shall release, or the Trustee shall cause the related
      Custodian to release, to the Seller the related Mortgage File and the Trustee
      shall execute and deliver all instruments of transfer or assignment furnished
      to
      it by the Seller, without recourse, representation or warranty as are necessary
      to vest in the Seller title to and rights under the Mortgage Loan or any
      property acquired with respect thereto. Such purchase shall be deemed to have
      occurred on the date on which the Purchase Price in available funds is received
      by Trustee. The Trustee shall amend the Mortgage Loan Schedule to reflect such
      repurchase and shall promptly notify the Trustee of such amendment and furnish
      a
      copy of the amended Mortgage Loan Schedule to the Master Servicer and the
      related Custodian. Enforcement of the obligation of the Seller to purchase
      (or
      substitute a Substitute Mortgage Loan for) any Mortgage Loan or any property
      acquired with respect thereto (or pay the Purchase Price as set forth in the
      above proviso) as to which a breach has occurred and is continuing shall
      constitute the sole remedy respecting such breach available to the
      Certificateholders or the Trustee on their behalf.

     

    In
      connection with any repurchase of a Mortgage Loan pursuant to this Section
      2.03,
      the Seller shall, or cause the related Servicer to, furnish to the Trustee
      an
      Officer’s Certificate, signed by a duly authorized officer of the Seller or the
      related Servicer, as the case may be, to the effect that such repurchase has
      been made in accordance with the terms and conditions of this Agreement and
      that
      all conditions precedent to such repurchase have been satisfied, including
      the
      delivery to the Master Servicer of the Purchase Price for deposit into the
      Master Servicer Collection Account, together with copies of any Opinion of
      Counsel required to be delivered pursuant to this Agreement and the related
      Request for Release.  Solely for purposes of the Trustee providing an
      Assessment of Compliance, upon receipt of such documentation, the Trustee shall
      approve such repurchase and which approval shall consist solely of the Trustee’s
      receipt of such documentation and deposits.  It is understood and
      agreed that the obligation under this Agreement of the Seller to repurchase
      any
      Mortgage Loan as to which a breach has occurred and is continuing shall
      constitute the sole remedies against the Seller respecting such breach available
      to Certificateholders, the Depositor or the Trustee.

     

    Section
      2.04  Substitution
      of Mortgage Loans.

     

    Notwithstanding
      anything to the contrary in this Agreement, in lieu of purchasing a Mortgage
      Loan pursuant to the Mortgage Loan Purchase Agreement or Sections 2.02 or 2.03
      of this Agreement, the Seller may, no later than the date by which such purchase
      by the Seller would otherwise be required, tender to the Trustee a Substitute
      Mortgage Loan accompanied by a certificate of an authorized officer of the
      Seller that such Substitute Mortgage Loan conforms to the requirements set
      forth
      in the definition of “Substitute Mortgage Loan” in this Agreement; provided,
      however, that substitution pursuant to the Mortgage Loan Purchase Agreement
      or
      Section 2.04 of this Agreement, as applicable, in lieu of purchase shall not
      be
      permitted after the termination of the two-year period beginning on the Startup
      Day; provided, further, that if the breach would cause the Mortgage Loan to
      be
      other than a “qualified mortgage” as defined in Section 860G(a)(3) of the Code,
      any such cure or substitution must occur within 90 days from the date the breach
      was discovered. The related Custodian, on behalf of the Trustee, shall examine
      the Mortgage File for any Substitute Mortgage Loan in the manner set forth
      in
      Section 2.02(a) and the Trustee or the related Custodian, on its behalf, shall
      notify the Seller, in writing, within five Business Days after receipt, whether
      or not the documents relating to the Substitute Mortgage Loan satisfy the
      requirements of Subsection 2.01(b). Within two Business Days after such
      notification, the Seller shall provide to the Trustee for deposit in the
      Distribution Account the amount, if any, by which the Outstanding Principal
      Balance as of the next preceding Due Date of the Mortgage Loan for which
      substitution is being made, after giving effect to the Scheduled Principal
      due
      on such date, exceeds the Outstanding Principal Balance as of such date of
      the
      Substitute Mortgage Loan, after giving effect to Scheduled Principal due on
      such
      date, which amount shall be treated for the purposes of this Agreement as if
      it
      were the payment by the Seller of the Purchase Price for the purchase of a
      Mortgage Loan by the Seller. After such notification to the Seller and, if
      any
      such excess exists, upon receipt of such deposit, the Trustee shall accept
      such
      Substitute Mortgage Loan which shall thereafter be deemed to be a Mortgage
      Loan
      hereunder. In the event of such a substitution, accrued interest on the
      Substitute Mortgage Loan for the month in which the substitution occurs and
      any
      Principal Prepayments made thereon during such month shall be the property
      of
      the Trust Fund and accrued interest for such month on the Mortgage Loan for
      which the substitution is made and any Principal Prepayments made thereon during
      such month shall be the property of the Seller. The Scheduled Principal on
      a
      Substitute Mortgage Loan due on the Due Date in the month of substitution shall
      be the property of the Seller and the Scheduled Principal on the Mortgage Loan
      for which the substitution is made due on such Due Date shall be the property
      of
      the Trust Fund. Upon acceptance of the Substitute Mortgage Loan (and delivery
      to
      the related Custodian of a Request for Release for such Mortgage Loan), the
      related Custodian, on behalf of the Trustee, shall release to the Seller the
      related Mortgage File related to any Mortgage Loan released pursuant to the
      Mortgage Loan Purchase Agreement or Section 2.04 of this Agreement, as
      applicable, and the Trustee shall execute and deliver all instruments of
      transfer or assignment, without recourse, representation or warranty in form
      as
      provided to it as are necessary to vest in the Seller title to and rights under
      any Mortgage Loan released pursuant to the Mortgage Loan Purchase Agreement
      or
      Section 2.04 of this Agreement, as applicable. The Seller shall deliver to
      the
      related Custodian the documents related to the Substitute Mortgage Loan in
      accordance with the provisions of the Mortgage Loan Purchase Agreement or
      Subsections 2.01(b) and 2.02(b) of this Agreement, as applicable, with the
      date
      of acceptance of the Substitute Mortgage Loan deemed to be the Closing Date
      for
      purposes of the time periods set forth in those Subsections. The representations
      and warranties set forth in the Mortgage Loan Purchase Agreement shall be deemed
      to have been made by the Seller with respect to each Substitute Mortgage Loan
      as
      of the date of acceptance of such Mortgage Loan by the Trustee. The Trustee
      shall amend the Mortgage Loan Schedule to reflect such substitution and shall
      provide a copy of such amended Mortgage Loan Schedule to the Trustee, the Master
      Servicer, the Seller, the related Custodian and the Rating
      Agencies.

     

    In
      connection with any substitution of
      a Mortgage Loan pursuant to this Section 2.04, the Seller shall, or cause the
      related Servicer to, furnish to the Trustee and the Master Servicer an Officer’s
      Certificate, signed by a duly authorized officer of the Seller or the related
      Servicer, as the case may be, to the effect that such substitution has been
      made
      in accordance with the terms and conditions of this Agreement and that all
      conditions precedent to such substitution have been satisfied, together with
      copies of any Opinion of Counsel required to be delivered pursuant to this
      Agreement and the related Request for Release.  Solely for purposes of
      the Trustee providing an Assessment of Compliance, upon receipt of such
      documentation, the Trustee shall approve such substitution and which approval
      shall be based solely on the Trustee’s receipt of such documentation and
      deposits.  It is understood and agreed that the obligation under this
      Agreement of the Seller to substitute any Mortgage Loan as to which a breach
      has
      occurred and is continuing shall constitute the sole remedies against the Seller
      respecting such breach available to Certificateholders, the Depositor or the
      Trustee.

    

    Section
      2.05  Issuance
      of Certificates.

     

    (a)  The
      Trustee acknowledges the assignment to it of the Mortgage Loans and the other
      assets comprising the Trust Fund and has signed, and countersigned and delivered
      to the Depositor, in exchange therefor, Certificates in such authorized
      denominations representing such Fractional Undivided Interests as the Depositor
      has requested. The Trustee (or the related Custodian on its behalf) agrees
      that
      it will hold the Mortgage Loans and such other assets as may from time to time
      be delivered to it (or the related Custodian on its behalf) segregated on the
      books of the Trustee in trust for the benefit of the
      Certificateholders.

     

    (b)  The
      Depositor, concurrently with the execution and delivery hereof, does hereby
      transfer, assign, set over and otherwise convey in trust to the Trustee without
      recourse all the right, title and interest of the Depositor in and to the Group
      I Mortgage Loans and the other assets of REMIC I for the benefit of the holders
      of the REMIC I Interests. The Trustee acknowledges receipt of such assets and
      declares that it holds and will hold the same in trust for the exclusive use
      and
      benefit of the holders of the REMIC I Interests.

     

    (c)  Depositor,
      concurrently with the execution and delivery hereof, does hereby transfer,
      assign, set over and otherwise convey in trust to the Trustee without recourse
      all the right, title and interest of the Depositor in and to the REMIC I Regular
      Interests and the other assets of REMIC II for the benefit of the holders of
      the
      REMIC II Interests. The Trustee acknowledges receipt of the REMIC I Regular
      Interests (which are uncertificated) and the other assets of REMIC II and
      declares that it holds and will hold the same in trust for the exclusive use
      and
      benefit of the holders of the REMIC II Interests.

     

    (d)  The
      Depositor, concurrently with the execution and delivery hereof, does hereby
      transfer, assign, set over and otherwise convey in trust to the Trustee without
      recourse all the right, title and interest of the Depositor in and to the REMIC
      II Regular Interests and the other assets of REMIC III for the benefit of the
      Holders of the Certificates (other than the Class R-I Certificates and Class
      R-II Certificates). The Trustee acknowledges receipt of the REMIC II Regular
      Interests (which are uncertificated) and the other assets of REMIC III and
      declares that it holds and will hold the same in trust for the exclusive use and
      benefit of the Holders of the Certificates (other than the Class R-I
      Certificates and the Class R-II Certificates).

     

    Section
      2.06  Representations
      and Warranties Concerning the Depositor.

     

    The
      Depositor hereby represents and warrants to the Trustee and the Master Servicer
      as follows:

     

    (i)  the
      Depositor (a) is a corporation duly organized, validly existing and in good
      standing under the laws of the State of Delaware and (b) is qualified and in
      good standing as a foreign corporation to do business in each jurisdiction
      where
      such qualification is necessary, except where the failure so to qualify would
      not reasonably be expected to have a material adverse effect on the Depositor’s
      business as presently conducted or on the Depositor’s ability to enter into this
      Agreement and to consummate the transactions contemplated hereby;

     

    (ii)  the
      Depositor has full corporate power to own its property, to carry on its business
      as presently conducted and to enter into and perform its obligations under
      this
      Agreement;

     

    (iii)  the
      execution and delivery by the Depositor of this Agreement have been duly
      authorized by all necessary corporate action on the part of the Depositor;
      and
      neither the execution and delivery of this Agreement, nor the consummation
      of
      the transactions herein contemplated, nor compliance with the provisions hereof,
      will conflict with or result in a breach of, or constitute a default under,
      any
      of the provisions of any law, governmental rule, regulation, judgment, decree
      or
      order binding on the Depositor or its properties or the articles of
      incorporation or by-laws of the Depositor, except those conflicts, breaches
      or
      defaults which would not reasonably be expected to have a material adverse
      effect on the Depositor’s ability to enter into this Agreement and to consummate
      the transactions contemplated hereby;

     

    (iv)  the
      execution, delivery and performance by the Depositor of this Agreement and
      the
      consummation of the transactions contemplated hereby do not require the consent
      or approval of, the giving of notice to, the registration with, or the taking
      of
      any other action in respect of, any state, federal or other governmental
      authority or agency, except those consents, approvals, notices, registrations
      or
      other actions as have already been obtained, given or made;

     

    (v)  this
      Agreement has been duly executed and delivered by the Depositor and, assuming
      due authorization, execution and delivery by the other parties hereto,
      constitutes a valid and binding obligation of the Depositor enforceable against
      it in accordance with its terms (subject to applicable bankruptcy and insolvency
      laws and other similar laws affecting the enforcement of the rights of creditors
      generally);

     

    (vi)  there
      are
      no actions, suits or proceedings pending or, to the knowledge of the Depositor,
      threatened against the Depositor, before or by any court, administrative agency,
      arbitrator or governmental body (i) with respect to any of the transactions
      contemplated by this Agreement or (ii) with respect to any other matter which
      in
      the judgment of the Depositor will be determined adversely to the Depositor
      and
      will if determined adversely to the Depositor materially and adversely affect
      the Depositor’s ability to enter into this Agreement or perform its obligations
      under this Agreement; and the Depositor is not in default with respect to any
      order of any court, administrative agency, arbitrator or governmental body
      so as
      to materially and adversely affect the transactions contemplated by this
      Agreement;

     

    (vii)  The
      Depositor has filed all reports required to be filed by Section 13 or Section
      15(d) of the Exchange Act during the preceding 12 months (or for such shorter
      period that the Depositor was required to file such reports) and it has been
      subject to such filing requirements for the past 90 days; and

     

    (viii)  immediately
      prior to the transfer and assignment to the Trustee, each Mortgage Note and
      each
      Mortgage were not subject to an assignment or pledge, and the Depositor had
      good
      and marketable title to and was the sole owner thereof and had full right to
      transfer and sell such Mortgage Loan to the Trustee free and clear of any
      encumbrance, equity, lien, pledge, charge, claim or security
      interest.

     

    Section
      2.07  Purposes
      and Powers of the Trust.

     

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

     

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

     

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

     

    (c)           to
      make payments on the Certificates;

     

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

     

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

     

    The
      trust
      is hereby authorized to engage in the foregoing activities.  The trust
      shall not engage in any activity other than in connection with the foregoing
      or
      other than as required or authorized by the terms of this Agreement while any
      Certificate is outstanding.

     

    Section
      2.08  Delivery
      of Opinion of Counsel in Connection with Substitutions and
      Purchases.

     

    Notwithstanding
      any contrary provision of this Agreement, with respect to any Mortgage Loan
      that
      is not in default or as to which default is not reasonably foreseeable, no
      repurchase or substitution pursuant to Sections 2.02, 2.03 or 2.04 shall be
      made
      unless the Seller delivers to the Trustee an Opinion of Counsel, addressed
      to
      the Trustee, to the effect that such repurchase or substitution would not (i)
      result in the imposition of the tax on “prohibited transactions” of REMIC I,
      REMIC II or REMIC III, or contributions after the Startup Date, as defined
      in
      Sections 860F(a)(2) and 860G(d) of the Code, respectively, or (ii) cause any
      of
      REMIC I, REMIC II or REMIC III to fail to qualify as a REMIC at any time that
      any Certificates are outstanding. Any Mortgage Loan as to which repurchase
      or
      substitution was delayed pursuant to this paragraph shall be repurchased or
      the
      substitution therefor shall occur (subject to compliance with Sections 2.02,
      2.03 or 2.04) upon the earlier of (a) the occurrence of a default or default
      becoming reasonably foreseeable with respect to such Mortgage Loan and (b)
      receipt by the Trustee of an Opinion of Counsel addressed to the Trustee to
      the
      effect that such repurchase or substitution, as applicable, will not result
      in
      the events described in clause (i) or clause (ii) of the preceding
      sentence.

     

    Section
      2.09  Conveyance
      of the Group III Subsequent Mortgage Loans.

     

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

     

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

     

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

     

    (i)           the
      Depositor shall have delivered to the Trustee a duly executed Subsequent
      Transfer Instrument, which shall include a Mortgage Loan Schedule listing the
      III Subsequent Mortgage Loans, and the Seller shall cause to be delivered a
      computer file containing such Mortgage Loan Schedule to the Trustee and the
      Master Servicer at least three Business Days prior to the related Subsequent
      Transfer Date;

     

    (ii)           as
      of the Subsequent Transfer Date, as evidenced by delivery of the Subsequent
      Transfer Instrument, substantially in the form of Exhibit Q, the Depositor
      shall
      not be insolvent nor shall it have been rendered insolvent by such transfer
      nor
      shall it be aware of any pending insolvency with respect to it:

     

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

     

    (iv)           the
      Group III Pre-Funding Period shall not have terminated;

     

    (v)           the
      Depositor shall not have selected the Group III Subsequent Mortgage Loans in
      a
      manner that it believed to be adverse to the interests of the
      Certificateholders;

     

    (vi)           the
      Depositor shall have received an acknowledgment from each Rating Agency that
      the
      conveyance of the Group III Subsequent Mortgage Loans does not result in a
      reduction or withdrawal of any ratings assigned to the Group III Certificates
      by
      the Rating Agencies, provided that, in the case of S&P, such acknowledgement
      shall be a written acknowledgement;

     

    (vii)
      the
      Trustee and the Rating Agencies are provided with an Opinion of Counsel, at
      the
      expense of the Depositor, stating that each REMIC in the Trust Fund is and
      shall
      continue to qualify as a REMIC following the transfer of the Group III
      Subsequent Mortgage Loans, to be delivered as provided pursuant to this Section
      2.09;

     

    (viii)
      the Rating Agencies and the Trustee are provided with an Opinion of Counsel,
      at
      the expense of the Depositor, confirming that the transfer of the Group III
      Subsequent Mortgage Loans conveyed on such Subsequent Transfer Date is a true
      sale, to be delivered as provided pursuant to this Section 2.09;

     

    (ix)           the
      Depositor shall have furnished to the related Servicer, no later than three
      Business Days prior to the Subsequent Transfer Date, (x) if the servicer or
      servicers of such Subsequent Mortgage Loans are existing Servicers, then a
      written acknowledgement of each such Servicer that it is servicing such Group
      III Subsequent Mortgage Loans pursuant to the related Servicing Agreement,
      or
      (y) if the servicer or servicers are not existing Servicers, then a Servicing
      Agreement and Assignment, Assumption and Recognition Agreement with respect
      to
      such servicer or servicers in form and substance reasonably satisfactory to
      the
      Master Servicer; and

     

     (x)           the
      Depositor shall have delivered to the Trustee a Subsequent Transfer Instrument
      confirming the satisfaction of the conditions precedent specified in this
      Section 2.09 and, pursuant to the Subsequent Transfer Instrument, assigned
      to
      the Trustee without recourse for the benefit of the Group III Certificateholders
      all the right, title and interest of the Depositor, in, to and under the
      Subsequent Mortgage Loan Purchase Agreement, to the extent of the Group III
      Subsequent Mortgage Loans.

     

    (c)           The
      Trustee shall be entitled to rely upon the confirmation made by the Depositor
      pursuant to the related Subsequent Transfer Instrument and the Opinions of
      Counsel delivered pursuant to clauses (b)(vii) and (viii) above in determining
      that the condition precedents are met for the release of funds from the Group
      III Pre-Funding Account.

     

    

     

    

     

    ARTICLE
      III

    ADMINISTRATION
      AND MASTER SERVICING OF MORTGAGE LOANS; SECURITIES AND EXCHANGE COMMISSION
      REPORTING

     

    Section
      3.01  Master
      Servicer.

     

    The
      Master Servicer shall, from and after the Closing Date, supervise, monitor
      and
      oversee the obligation of the Servicers to service and administer their
      respective Mortgage Loans in accordance with the terms of the applicable
      Servicing Agreements and shall have full power and authority to do any and
      all
      things which it may deem necessary or desirable in connection with such master
      servicing and administration. In performing its obligations hereunder, the
      Master Servicer shall act in a manner consistent with Accepted Master Servicing
      Practices. Furthermore, the Master Servicer shall oversee and consult with
      each
      Servicer as necessary from time-to-time to carry out the Master Servicer’s
      obligations hereunder, shall receive, review and evaluate all reports,
      information and other data provided to the Master Servicer by each Servicer
      and
      shall cause each Servicer to perform and observe the covenants, obligations
      and
      conditions to be performed or observed by such Servicer under its applicable
      Servicing Agreement. The Master Servicer shall independently and separately
      monitor each Servicer’s servicing activities with respect to each related
      Mortgage Loan, reconcile the results of such monitoring with such information
      provided in the previous sentence on a monthly basis and coordinate corrective
      adjustments to the Servicers’ and Master Servicer’s records, and based on such
      reconciled and corrected information, the Master Servicer shall provide a report
      in the form of a computer readable magnetic tape (or by such other means as
      the
      Master Servicer and the Trustee may agree from time to time) containing such
      data and information, as agreed to by the Master Servicer and the Trustee such
      as to permit the Trustee to prepare the statements specified in Section 6.04
      by
      12:00 p.m. Central Standard Time on the 5th Business
      Day prior
      to each Distribution Date, and prepare any other information and statements
      required to be forwarded by the Master Servicer hereunder; provided, however,
      in
      no event shall the Master Servicer be required to provide such information
      to
      the Trustee earlier than 12:00 p.m. Central Standard Time on the 19th calendar
      day of
      the month. The Master Servicer shall reconcile the results of its Mortgage
      Loan
      monitoring with the actual remittances of the Servicers to the Master Servicer
      pursuant to the applicable Servicing Agreements. The Master Servicer shall
      be
      entitled to conclusively rely on the Mortgage Loan data provided by the related
      Servicer and shall have no liability for any errors in such Mortgage Loan
      data.

     

    In
      addition to the foregoing, in connection with a modification of any Mortgage
      Loan by a Servicer, if the Master Servicer is unable to enforce the obligations
      of the Servicer with respect to such modification, the Master Servicer shall
      notify the Depositor of such Servicer’s failure to comply with the terms of the
      Servicing Agreement. If the Servicing Agreement requires the approval of the
      Master Servicer for a modification to a Mortgage Loan, the Master Servicer
      shall
      approve such modification if, based upon its receipt of written notification
      from the related Servicer outlining the terms of such modification and
      appropriate supporting documentation, the Master Servicer determines that the
      modification is permitted under the terms of the Servicing Agreement and that
      any conditions to such modification set forth in the Servicing Agreement have
      been satisfied.  Furthermore, if the Servicing Agreement requires the
      oversight and monitoring of loss mitigation measures with respect to the related
      Mortgage Loans, the Master Servicer will monitor any loss mitigation procedure
      or recovery action related to a defaulted Mortgage Loan (to the extent it
      receives notice of such from the related Servicer) and confirm that such loss
      mitigation procedure or recovery action is initiated, conducted and concluded
      in
      accordance with any timeframes and any other requirements set forth in the
      Servicing Agreement, and the Master Servicer shall notify the Depositor in
      any
      case in which the Master Servicer believes that the related Servicer is not
      complying with such timeframes and/or other requirements.

     

    In
      connection with any such Servicing
      Modification, the related Servicer may reimburse itself from the Trust for
      any
      outstanding Advances and Servicing Advances at the time of the modification
      to
      the extent interest and principal is forgiven or Servicing Advances are
      reimbursed. Any such reimbursement shall occur during the same calendar month
      as
      the Servicing Modification, and, to the extent such
      Advance or
      Servicing Advance is forgiven, any such reimbursement
      will be treated
      as a Realized Loss which will be incurred on the Distribution Date related
      to
      the calendar month during which the Servicing Modification occurred. To the
      extent Advances and Servicing Advances or other amounts owed the Servicer are
      capitalized, the related Servicer may reimburse itself from such arrearages
      on a
      first priority basis.

     

    The
      Trustee shall furnish the Servicers and the Master Servicer, upon written
      request from a servicing officer, with any powers of attorney and other
      documents in form as provided to it necessary or appropriate to enable the
      Servicers and the Master Servicer to service and administer the related Mortgage
      Loans and REO Property.

     

    The
      Trustee or the related Custodian on its behalf or the related Servicer shall
      provide access to the records and documentation in the possession of the related
      Custodian regarding the related Mortgage Loans and REO Property and the
      servicing thereof to the Certificateholders, the FDIC, and the supervisory
      agents and examiners of the FDIC, such access being afforded only upon
      reasonable prior written request and during normal business hours at the office
      of the related Custodian or the related Servicer; provided, however, that,
      unless otherwise required by law, the Trustee, the related Custodian, or the
      related Servicer, shall not be required to provide access to such records and
      documentation if the provision thereof would violate the legal right to privacy
      of any Mortgagor. The Trustee or the related Custodian, on its behalf, or the
      related Servicer, shall allow representatives of the above entities to photocopy
      any of the records and documentation and shall provide equipment for that
      purpose at a charge that covers the Trustee’s, the related Custodian’s or the
      related Servicer’s actual costs.

     

    The
      Trustee shall execute upon the related Servicer’s written instruction (which
      includes the documents to be signed) and deliver to the related Servicer and
      the
      Master Servicer, any court pleadings, requests for trustee’s sale or other
      appropriate documents necessary or desirable to (i) the foreclosure or trustee’s
      sale with respect to a Mortgaged Property; (ii) any legal action brought to
      obtain judgment against any Mortgagor on the Mortgage Note or Security
      Instrument; (iii) obtain a deficiency judgment against the Mortgagor; or (iv)
      enforce any other rights or remedies provided by the Mortgage Note or Security
      Instrument or otherwise available at law or equity.

     

    Section
      3.02  REMIC-Related
      Covenants.

     

    For
      as
      long as each REMIC shall exist, the Trustee shall act in accordance herewith
      to
      assure continuing treatment of such REMIC as a REMIC, and the Trustee shall
      comply with any directions of the Depositor, the related Servicer or the Master
      Servicer to assure such continuing treatment. In particular, the Trustee shall
      not (a) sell or permit the sale of all or any portion of the Mortgage Loans
      or
      of any investment of deposits in an Account (except as otherwise expressly
      permitted by this Agreement) unless such sale is as a result of a repurchase
      of
      the Mortgage Loans pursuant to this Agreement or the Trustee has received a
      REMIC Opinion addressed to the Trustee prepared at the expense of the Trust
      Fund; (b) other than with respect to a substitution pursuant to the Mortgage
      Loan Purchase Agreement or Section 2.04 of this Agreement, as applicable, accept
      any contribution to any REMIC after the Startup Day without receipt of a REMIC
      Opinion addressed to the Trustee; or (c) acquire any assets for any REMIC (except as otherwise expressly
      permitted by this Agreement) other
      than any REO Property after
      the Startup Day without receipt of a REMIC Opinion.

     

    Section
      3.03  Monitoring
      of Servicers.

     

    (a)  The
      Master Servicer shall be responsible for reporting to the Trustee and the
      Depositor the non-compliance by each Servicer with its duties under the related
      Servicing Agreement. In the review of each Servicer’s activities, the Master
      Servicer may rely upon an officer’s certificate of the Servicer (or similar
      document signed by an officer of the Servicer) with regard to such Servicer’s
      compliance with the terms of its Servicing Agreement. In the event that the
      Master Servicer, in its judgment, determines that a Servicer should be
      terminated in accordance with its Servicing Agreement, or that a notice should
      be sent pursuant to such Servicing Agreement with respect to the occurrence
      of
      an event that, unless cured, would constitute grounds for such termination,
      the
      Master Servicer shall notify the Depositor and the Trustee thereof and the
      Master Servicer shall issue such notice or take such other action as it deems
      appropriate.

     

    The
      Master Servicer, for the benefit of the Trustee and the Certificateholders,
      shall enforce the obligations of each Servicer under the related Servicing
      Agreement, and shall, in the event that the related Servicer fails to perform
      its obligations in accordance with the related Servicing Agreement, subject
      to
      the preceding paragraph, terminate the rights and obligations of such Servicer
      thereunder and act as successor servicer of the related Mortgage Loans or to
      cause the Trustee to enter into a new Servicing Agreement with a successor
      servicer selected by the Master Servicer; provided, however, it is understood
      and acknowledged by the parties hereto that there shall be a period of
      transition (not to exceed 90 days) before the actual servicing functions can
      be
      fully transferred to such successor Servicer. Such enforcement, including,
      without limitation, the legal prosecution of claims, termination of the related
      Servicing Agreement and the pursuit of other appropriate remedies, shall be
      in
      such form and carried out to such an extent and at such time as the Master
      Servicer, in its good faith business judgment, would require were it the owner
      of the related Mortgage Loans. The Master Servicer shall pay the costs of such
      enforcement at its own expense, subject to its right of reimbursement pursuant
      to the provisions of this Agreement or the related Servicing Agreement, provided
      that the Master Servicer shall not be required to prosecute or defend any legal
      action except to the extent that the Master Servicer shall have received
      reasonable indemnity for its costs and expenses in pursuing such
      action.  Nothing herein shall impose any obligation on the part of the
      Trustee to assume or succeed to the duties or obligations of the Master Servicer
      unless the Trustee has not been able to find a successor servicer or a successor
      master servicer.

     

    (b)  To
      the
      extent that the costs and expenses of the Master Servicer or the Trustee, as
      applicable, related to any termination of a Servicer, or the enforcement or
      prosecution or related claims, rights or remedies or the appointment of a
      successor servicer or the transfer and assumption of servicing by the Master
      Servicer with respect to any Servicing Agreement (including, without limitation,
      (i) all legal costs and expenses and all due diligence costs and expenses
      associated with an evaluation of the potential termination of a Servicer as
      a
      result of an event of default by such Servicer and (ii) all costs and expenses
      associated with the complete transfer of servicing, including all servicing
      files and all servicing data and the completion, correction or manipulation
      of
      such servicing data as may be required by the successor servicer to correct
      any
      errors or insufficiencies in the servicing data or otherwise to enable the
      successor servicer to service the Mortgage Loans in accordance with the related
      Servicing Agreement) are not fully and timely reimbursed by the terminated
      Servicer, the Master Servicer or the Trustee, as applicable, shall be entitled
      to reimbursement of such costs and expenses from the Distribution Account,
      pursuant to Section 4.05.

     

    (c)  The
      Master Servicer shall require each Servicer to comply with the remittance
      requirements and other obligations set forth in the related Servicing
      Agreements.

     

    (d)  If
      the
      Master Servicer acts as Servicer, it will not assume liability for the
      representations and warranties of the Servicer, if any, that it
      replaces.

     

    Section
      3.04  Fidelity
      Bond.

     

    The
      Master Servicer, at its expense, shall maintain in effect a blanket fidelity
      bond and an errors and omissions insurance policy, affording coverage with
      respect to all directors, officers, employees and other Persons acting on such
      Master Servicer’s behalf, and covering errors and omissions in the performance
      of the Master Servicer’s obligations hereunder. The errors and omissions
      insurance policy and the fidelity bond shall be in such form and amount
      generally acceptable for entities serving as master servicers or
      trustees.

     

    Section
      3.05  Power
      to
      Act; Procedures.

     

    The
      Master Servicer shall master service the Mortgage Loans and shall have full
      power and authority, subject to the REMIC Provisions and the provisions of
      Article X hereof, to do any and all things that it may deem necessary or
      desirable in connection with the master servicing and administration of the
      Mortgage Loans, including but not limited to the power and authority (i) to
      execute and deliver, on behalf of the Certificateholders and the Trustee,
      customary consents or waivers and other instruments and documents, (ii) to
      consent to transfers of any Mortgaged Property and assumptions of the Mortgage
      Notes and related Mortgages, (iii) to collect any Insurance Proceeds and
      Liquidation Proceeds, and (iv) to effectuate foreclosure or other conversion
      of
      the ownership of the Mortgaged Property securing any Mortgage Loan, in each
      case, in accordance with the provisions of this Agreement and the related
      Servicing Agreement, as applicable; provided, however, that the Master Servicer
      shall not (and, consistent with its responsibilities under Section 3.03, shall
      not permit any Servicer to) knowingly or intentionally take any action, or
      fail
      to take (or fail to cause to be taken) any action reasonably within its control
      and the scope of duties more specifically set forth herein, that, under the
      REMIC Provisions, if taken or not taken, as the case may be, may cause any
      REMIC
      to fail to qualify as a REMIC or result in the imposition of a tax upon the
      Trust Fund (including but not limited to the tax on prohibited transactions
      as
      defined in Section 860F(a)(2) of the Code and the tax on contributions to a
      REMIC set forth in Section 860G(d) of the Code) unless the Master Servicer
      has
      received an Opinion of Counsel (but not at the expense of the Master Servicer)
      to the effect that the contemplated action would not cause any REMIC to fail
      to
      qualify as a REMIC or result in the imposition of a tax upon any REMIC. The
      Trustee shall furnish the Master Servicer, upon written request from a Servicing
      Officer, with any powers of attorney empowering the Master Servicer or any
      Servicer to execute and deliver instruments of satisfaction or cancellation,
      or
      of partial or full release or discharge, and to foreclose upon or otherwise
      liquidate Mortgaged Property, and to appeal, prosecute or defend in any court
      action relating to the Mortgage Loans or the Mortgaged Property, in accordance
      with the applicable Servicing Agreement and this Agreement, and the Trustee
      shall execute and deliver such other documents, as the Master Servicer may
      request, to enable the Master Servicer to master service and administer the
      Mortgage Loans and carry out its duties hereunder, in each case in accordance
      with Accepted Master Servicing Practices (and the Trustee shall have no
      liability for misuse of any such powers of attorney by the Master Servicer
      or
      any Servicer). If the Master Servicer or the Trustee has been advised that
      it is
      likely that the laws of the state in which action is to be taken prohibit such
      action if taken in the name of the Trustee or that the Trustee would be
      adversely affected under the “doing business” or tax laws of such state if such
      action is taken in its name, the Master Servicer shall join with the Trustee
      in
      the appointment of a co-trustee pursuant to Section 9.11 hereof. In the
      performance of its duties hereunder, the Master Servicer shall be an independent
      contractor and shall not, except in those instances where it is taking action
      in
      the name of the Trust, be deemed to be the agent of the Trust.

     

    Section
      3.06  Due-on-Sale
      Clauses; Assumption Agreements.

     

    To
      the
      extent provided in the applicable Servicing Agreement, to the extent Mortgage
      Loans contain enforceable due-on-sale clauses, the Master Servicer shall cause
      the Servicers to enforce such clauses in accordance with the applicable
      Servicing Agreement. If applicable law prohibits the enforcement of a
      due-on-sale clause or such clause is otherwise not enforced in accordance with
      the applicable Servicing Agreement, and, as a consequence, a Mortgage Loan
      is
      assumed, the original Mortgagor may be released from liability in accordance
      with the applicable Servicing Agreement.

     

    Section
      3.07  Release
      of Mortgage Files.

     

    (a)  Upon
      becoming aware of the payment in full of any Mortgage Loan, or the receipt
      by
      any Servicer of a notification that payment in full has been escrowed in a
      manner customary for such purposes for payment to Certificateholders on the
      next
      Distribution Date, the Servicer will, if required under the applicable Servicing
      Agreement (or if the Servicer does not, the Master Servicer may), promptly
      furnish to the related Custodian, on behalf of the Trustee, two copies of a
      certification substantially in the form of Exhibit D-1 or Exhibit D-2, as
      applicable, (or as otherwise provided in the related Custodial Agreement) hereto
      signed by a Servicing Officer or in a mutually agreeable electronic format
      which
      will, in lieu of a signature on its face, originate from a Servicing Officer
      (which certification shall include a statement to the effect that all amounts
      received in connection with such payment that are required to be deposited
      in
      the Protected Account maintained by the applicable Servicer pursuant to Section
      4.01 or by the applicable Servicer pursuant to its Servicing Agreement have
      been
      or will be so deposited) and shall request that the related Custodian, on behalf
      of the Trustee, deliver to the applicable Servicer the related Mortgage File.
      Upon receipt of such certification and request, the related Custodian, on behalf
      of the Trustee, shall promptly release the related Mortgage File to the
      applicable Servicer and the Trustee and the related Custodian shall have no
      further responsibility with regard to such Mortgage File. Upon any such payment
      in full, each Servicer is authorized, to give, as agent for the Trustee, as
      the
      mortgagee under the Mortgage that secured the Mortgage Loan, an instrument
      of
      satisfaction (or assignment of mortgage without recourse) regarding the
      Mortgaged Property subject to the Mortgage, which instrument of satisfaction
      or
      assignment, as the case may be, shall be delivered to the Person or Persons
      entitled thereto against receipt therefor of such payment, it being understood
      and agreed that no expenses incurred in connection with such instrument of
      satisfaction or assignment, as the case may be, shall be chargeable to the
      Protected Account.

     

    (b)  From
      time
      to time and as appropriate for the servicing or foreclosure of any Mortgage
      Loan
      and in accordance with the applicable Servicing Agreement, upon written
      instruction from such Servicer or the Master Servicer, the Trustee shall execute
      such documents as shall be prepared and furnished to the Trustee by a Servicer
      or the Master Servicer (in form reasonably acceptable to the Trustee) and as
      are
      necessary to the prosecution of any such proceedings. The related Custodian,
      on
      behalf of the Trustee, shall, upon the request of a Servicer or the Master
      Servicer, and delivery to the related Custodian, on behalf of the Trustee,
      of
      two copies of a request for release signed by a Servicing Officer substantially
      in the form of Exhibit D-1 or Exhibit D-2, as applicable, (or in a mutually
      agreeable electronic format which will, in lieu of a signature on its face,
      originate from a Servicing Officer), release the related Mortgage File held
      in
      its possession or control to the Servicer or the Master Servicer, as applicable.
      Such trust receipt shall obligate the Servicer or the Master Servicer to return
      the Mortgage File to the related Custodian on behalf of the Trustee, when the
      need therefor by the Servicer or the Master Servicer no longer exists unless
      the
      Mortgage Loan shall be liquidated, in which case, upon receipt of a certificate
      of a Servicing Officer similar to that hereinabove specified, the Mortgage
      File
      shall be released by the related Custodian, on behalf of the Trustee, to the
      Servicer or the Master Servicer.

     

    Section
      3.08  Documents,
      Records and Funds in Possession of Master Servicer To Be Held for
      Trustee.

     

    (a)  The
      Master Servicer and each Servicer (to the extent required by the related
      Servicing Agreement) shall transmit to the Trustee or the related Custodian
      on
      its behalf such documents and instruments coming into the possession of the
      Master Servicer or such Servicer from time to time as are required by the terms
      hereof, or in the case of the Servicers, the applicable Servicing Agreement,
      to
      be delivered to the Trustee or the related Custodian on its behalf. Any funds
      received by the Master Servicer or by a Servicer in respect of any Mortgage
      Loan
      or which otherwise are collected by the Master Servicer or by a Servicer as
      Liquidation Proceeds or Insurance Proceeds in respect of any Mortgage Loan
      shall
      be held for the benefit of the Trustee and the Certificateholders subject to
      the
      Master Servicer’s right to retain or withdraw from the Master Servicer
      Collection Account, the Master Servicing Compensation and other amounts provided
      in this Agreement, and to the right of each Servicer to retain its Servicing
      Fee
      and other amounts as provided in the applicable Servicing Agreement. The Master
      Servicer and each Servicer shall provide access to information and documentation
      regarding the Mortgage Loans to the Trustee, its agents and accountants at
      any
      time upon reasonable request and during normal business hours, and to
      Certificateholders that are savings and loan associations, banks or insurance
      companies, the Office of Thrift Supervision, the FDIC and the supervisory agents
      and examiners of such Office and Corporation or examiners of any other federal
      or state banking or insurance regulatory authority if so required by applicable
      regulations of the Office of Thrift Supervision or other regulatory authority,
      such access to be afforded without charge but only upon reasonable request
      in
      writing and during normal business hours at the offices of the Master Servicer
      designated by it. In fulfilling such a request the Master Servicer shall not
      be
      responsible for determining the sufficiency of such information.

     

    (b)  All
      Mortgage Files and funds collected or held by, or under the control of, the
      Master Servicer, in respect of any Mortgage Loans, whether from the collection
      of principal and interest payments or from Liquidation Proceeds or Insurance
      Proceeds, shall be held by the Master Servicer for and on behalf of the Trustee
      and the Certificateholders and shall be and remain the sole and exclusive
      property of the Trustee; provided, however, that the Master Servicer and each
      Servicer shall be entitled to setoff against, and deduct from, any such funds
      any amounts that are properly due and payable to the Master Servicer or such
      Servicer under this Agreement or the applicable Servicing
      Agreement.

     

    Section
      3.09  Standard
      Hazard Insurance and Flood Insurance Policies.

     

    (a)  For
      each
      Mortgage Loan, the Master Servicer shall enforce any obligation of the Servicers
      under the related Servicing Agreements to maintain or cause to be maintained
      standard fire and casualty insurance and, where applicable, flood insurance,
      all
      in accordance with the provisions of the related Servicing Agreements. It is
      understood and agreed that such insurance shall be with insurers meeting the
      eligibility requirements set forth in the applicable Servicing Agreement and
      that no earthquake or other additional insurance is to be required of any
      Mortgagor or to be maintained on property acquired in respect of a defaulted
      loan, other than pursuant to such applicable laws and regulations as shall
      at
      any time be in force and as shall require such additional
      insurance.

     

    (b)  Pursuant
      to Section 4.01 and 4.02, any amounts collected by the Servicers or the Master
      Servicer, or by any Servicer, under any insurance policies (other than amounts
      to be applied to the restoration or repair of the property subject to the
      related Mortgage or released to the Mortgagor in accordance with the applicable
      Servicing Agreement) shall be deposited into the Master Servicer Collection
      Account, subject to withdrawal pursuant to Section 4.03. Any cost incurred
      by
      the Master Servicer or any Servicer in maintaining any such insurance if the
      Mortgagor defaults in its obligation to do so shall be added to the amount
      owing
      under the Mortgage Loan where the terms of the Mortgage Loan so permit;
      provided, however, that the addition of any such cost shall not be taken into
      account for purposes of calculating the distributions to be made to
      Certificateholders and shall be recoverable by the Master Servicer or such
      Servicer pursuant to Section 4.03.

     

    Section
      3.10  Presentment
      of Claims and Collection of Proceeds.

     

    The
      Master Servicer shall (to the extent provided in the applicable Servicing
      Agreement) cause the related Servicer to prepare and present on behalf of the
      Trustee and the Certificateholders all claims under the Insurance Policies
      and
      take such actions (including the negotiation, settlement, compromise or
      enforcement of the insured’s claim) as shall be necessary to realize recovery
      under such policies. Any proceeds disbursed to the Master Servicer (or disbursed
      to a Servicer and remitted to the Master Servicer) in respect of such policies,
      bonds or contracts shall be promptly deposited in the Master Servicer Collection
      Account upon receipt, except that any amounts realized that are to be applied
      to
      the repair or restoration of the related Mortgaged Property, which repair or
      restoration the owner of such Mortgaged Property or EMC, as applicable, has
      agreed to make as a condition precedent to the presentation of claims on the
      related Mortgage Loan to the insurer under any applicable Insurance Policy
      need
      not be so deposited (or remitted).

     

    Section
      3.11  Maintenance
      of the Primary Mortgage Insurance Policies.

     

    (a)  The
      Master Servicer shall not take, or authorize any Servicer (to the extent such
      action is prohibited under the applicable Servicing Agreement) to take, any
      action that would result in noncoverage under any applicable Primary Mortgage
      Insurance Policy of any loss which, but for the actions of the Master Servicer
      or such Servicer, would have been covered thereunder. The Master Servicer shall
      use its best reasonable efforts to cause each Servicer (to the extent required
      under the related Servicing Agreement) to keep in force and effect (to the
      extent that the Mortgage Loan requires the Mortgagor to maintain such
      insurance), primary mortgage insurance applicable to each Mortgage Loan in
      accordance with the provisions of this Agreement and the related Servicing
      Agreement, as applicable. The Master Servicer shall not, and shall not authorize
      any Servicer (to the extent required under the related Servicing Agreement)
      to,
      cancel or refuse to renew any such Primary Mortgage Insurance Policy that is
      in
      effect at the date of the initial issuance of the Mortgage Note and is required
      to be kept in force hereunder except in accordance with the provisions of this
      Agreement and the related Servicing Agreement, as applicable.

     

    (b)  The
      Master Servicer agrees to present, or to cause each Servicer (to the extent
      required under the related Servicing Agreement) to present, on behalf of the
      Trustee and the Certificateholders, claims to the insurer under any Primary
      Mortgage Insurance Policies and, in this regard, to take such reasonable action
      as shall be necessary to permit recovery under any Primary Mortgage Insurance
      Policies respecting defaulted Mortgage Loans. Pursuant to Section 4.01 and
      4.04,
      any amounts collected by the Master Servicer or any Servicer under any Primary
      Mortgage Insurance Policies shall be deposited in the Master Servicer Collection
      Account, subject to withdrawal pursuant to Sections 4.03.

     

    Section
      3.12  Trustee
      to Retain Possession of Certain Insurance Policies and Documents.

     

    The
      Trustee (or the related Custodian, on behalf of the Trustee), shall retain
      possession and custody of the originals (to the extent available) of any Primary
      Mortgage Insurance Policies, or certificate of insurance if applicable, and
      any
      certificates of renewal as to the foregoing as may be issued from time to time
      as contemplated by this Agreement. Until all amounts distributable in respect
      of
      the Certificates have been distributed in full and the Master Servicer otherwise
      has fulfilled its obligations under this Agreement, the Trustee (or its
      Custodian, if any, on behalf of the Trustee) shall also retain possession and
      custody of each Mortgage File in accordance with and subject to the terms and
      conditions of this Agreement. The Master Servicer shall promptly deliver or
      cause to be delivered to the Trustee (or the related Custodian, on behalf of
      the
      Trustee), upon the execution or receipt thereof the originals of any Primary
      Mortgage Insurance Policies, any certificates of renewal, and such other
      documents or instruments that constitute portions of the Mortgage File that
      come
      into the possession of the Master Servicer from time to time.

     

    Section
      3.13  Realization
      Upon Defaulted Mortgage Loans.

     

    The
      Master Servicer shall cause each Servicer (to the extent required under the
      related Servicing Agreement) to foreclose upon, repossess or otherwise
      comparably convert the ownership of Mortgaged Properties securing such of the
      Mortgage Loans as come into and continue in default and as to which no
      satisfactory arrangements can be made for collection of delinquent payments,
      all
      in accordance with the applicable Servicing Agreement.

     

    Section
      3.14  Compensation
      for the Master Servicer.

     

    The
      Master Servicer will be entitled to all income and gain realized from any
      investment of funds in the Master Servicer Collection Account, for the
      performance of its activities hereunder.  The Master Servicer shall be
      required to pay all expenses incurred by it in connection with its activities
      hereunder and shall not be entitled to reimbursement therefor except as provided
      in this Agreement.

     

    Section
      3.15  REO
      Property.

     

    (a)  In
      the
      event the Trust Fund acquires ownership of any REO Property in respect of any
      related Mortgage Loan, the deed or certificate of sale shall be issued to the
      Trustee, or to its nominee, on behalf of the related Certificateholders. The
      Master Servicer shall, to the extent provided in the applicable Servicing
      Agreement, cause the applicable Servicer to sell any REO Property as
      expeditiously as possible and in accordance with the provisions of this
      Agreement and the related Servicing Agreement, as applicable. Pursuant to its
      efforts to sell such REO Property, the Master Servicer shall cause the
      applicable Servicer to protect and conserve, such REO Property in the manner
      and
      to the extent required by the applicable Servicing Agreement, in accordance
      with
      the REMIC Provisions and in a manner that does not result in a tax on “net
      income from foreclosure property” or cause such REO Property to fail to qualify
      as “foreclosure property” within the meaning of Section 860G(a)(8) of the
      Code.

     

    (b)  The
      Master Servicer shall, to the extent required by the related Servicing
      Agreement, cause the applicable Servicer to deposit all funds collected and
      received in connection with the operation of any REO Property in the related
      Protected Account.

     

    (c)  The
      Master Servicer and the applicable Servicer, upon the final disposition of
      any
      REO Property, shall be entitled to reimbursement for any related unreimbursed
      Monthly Advances and other unreimbursed advances as well as any unpaid Servicing
      Fees from Liquidation Proceeds received in connection with the final disposition
      of such REO Property; provided, that any such unreimbursed Monthly Advances
      as
      well as any unpaid Servicing Fees may be reimbursed or paid, as the case may
      be,
      prior to final disposition, out of any net rental income or other net amounts
      derived from such REO Property.

     

    (d)  To
      the
      extent provided in the related Servicing Agreement, the Liquidation Proceeds
      from the final disposition of the REO Property, net of any payment to the Master
      Servicer and the applicable Servicer as provided above, subject to approval
      by
      the Master Servicer, shall be deposited in the related Protected Account on
      or
      prior to the Determination Date in the month following receipt thereof and
      be
      remitted by wire transfer in immediately available funds to the Master Servicer
      for deposit into the Master Servicer Collection Account on the next succeeding
      Servicer Remittance Date.

     

    Section
      3.16  Annual
      Statement as to Compliance.

     

    (a)  The
      Master Servicer and the Trustee shall deliver (or otherwise make available)
      to
      the Depositor and the Trustee not later than March 15th of each calendar year
      beginning in 2008, an Officer’s Certificate (an “Annual Statement of
      Compliance”) stating, as to each signatory thereof, that (i) a review of the
      activities of each such party during the preceding calendar year and of its
      performance under this Agreement or other applicable servicing agreement has
      been made under such officer’s supervision and (ii) to the best of such
      officer’s knowledge, based on such review, such party has fulfilled all of its
      obligations under this Agreement or other applicable servicing agreement in
      all
      material respects throughout such year, or, if there has been a failure to
      fulfill any such obligation in any material respect, specifying each such
      failure known to such officer and the nature and status of the cure provisions
      thereof.  Such Annual Statement of Compliance shall contain no
      restrictions or limitations on its use.  The Master Servicer shall
      enforce the obligations of each Servicer, to the extent set forth in the related
      Servicing Agreement, to deliver a similar Annual Statement of Compliance by
      that
      Servicer to the Depositor and the Trustee as described above as and when
      required with respect to the Master Servicer. In the event that certain
      servicing responsibilities with respect to any Mortgage Loan have been delegated
      by the Master Servicer, the Trustee or a Servicer to a subservicer or
      subcontractor, each such entity shall cause such subservicer or subcontractor
      (and with respect to each Servicer, the Master Servicer shall enforce the
      obligation of such Servicer to the extent required under the related Servicing
      Agreement) to deliver a similar Annual Statement of Compliance by such
      subservicer or subcontractor to the Depositor and the Trustee as described
      above
      as and when required with respect to the Master Servicer or the related Servicer
      (as the case may be). The Master Servicer shall deliver to the Trustee any
      such
      Annual Statement of Compliance received from a Servicer or any subservicer
      and
      each subcontractor (to the extent such subcontractor is determined by the Master
      Servicer to be “participating in the servicing function” within the meaning of
      Item 1122 of Regulation AB) that is engaged by such Servicer, within ten
      Business Days of such receipt but in no event later than the 15th day of
      March for
      each year for which a Report on Form 10-K is required to be filed with respect
      to the Trust Fund.

     

    (b)  Failure
      of the Master Servicer to comply with this Section 3.16 (including with respect
      to the timeframes required herein) shall be deemed an Event of Default, and
      at
      the written direction of the Depositor the Trustee shall, in addition to
      whatever rights the Trustee may have under this Agreement and at law or equity
      or to damages, including injunctive relief and specific performance, upon notice
      immediately terminate all of the rights and obligations of the Master Servicer
      under this Agreement and in and to the Mortgage Loans and the proceeds thereof
      without compensating the Master Servicer for the same (but subject to the Master
      Servicer’s rights to payment of any Master Servicing Compensation and
      reimbursement of all amounts for which it is entitled to be reimbursed prior
      to
      the date of termination).  Failure of the Trustee to comply with this
      Section 3.16 (including with respect to the timeframes required in this Section)
      which failure results in a failure to timely file the related Form 10-K, shall
      be deemed a default and the Trustee at the written direction of the Depositor
      shall, in addition to whatever rights the Trustee may have under this Agreement
      and at law or equity or to damages, including injunctive relief and specific
      performance, upon notice immediately terminate all of the rights and obligations
      of the Trustee under this Agreement and in and to the Mortgage Loans and the
      proceeds thereof without compensating the Trustee for the same.  This
      paragraph shall supersede any other provision in this Agreement or any other
      agreement to the contrary.

     

    Section
      3.17  Assessments
      of Compliance and Attestation Reports.

     

    Pursuant
      to Rules 13a-18 and 15d-18 of the Exchange Act and Item 1122 of Regulation
      AB,
      each of the Master Servicer, the Trustee and the Custodians (to the extent
      set
      forth in this Section) (each, an “Attesting Party”) shall deliver (or otherwise
      make available) to the Master Servicer, the Trustee and the Depositor on or
      before March 15th of each calendar year beginning in 2008, a report regarding
      such Attesting Party’s assessment of compliance (an “Assessment of Compliance”)
      with the Servicing Criteria during the preceding calendar year.  The
      Assessment of Compliance, as set forth in Regulation AB, must contain the
      following:

     

    (a)           A
      statement by an authorized officer of such Attesting Party of its authority
      and
      responsibility for assessing compliance with the Servicing Criteria applicable
      to the related Attesting Party;

     

    (b)           A
      statement by an authorized officer that such Attesting Party used the Servicing
      Criteria attached as Exhibit M hereto, and which will also be attached to the
      Assessment of Compliance, to assess compliance with the Servicing Criteria
      applicable to the related Attesting Party;

     

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

     

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

     

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

     

    Such
      report at a minimum shall address each of the Servicing Criteria specified
      on
      Exhibit M hereto which are indicated as applicable to the related Attesting
      Party.

     

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

     

    The
      Master Servicer shall enforce the obligation of each Servicer to deliver to
      the
      Master Servicer and the Depositor an Assessment of Compliance and Attestation
      Report as and when provided in the related Servicing Agreement.  In
      addition, each of the Master Servicer and the Trustee shall cause, and the
      Master Servicer shall enforce the obligation (as and when provided in the
      related Servicing Agreement) of each Servicer to cause, any subservicer and
      each
      subcontractor (to the extent such subcontractor is determined by the Master
      Servicer or the Trustee, as applicable, to be “participating in the servicing
      function” within the meaning of Item 1122 of Regulation AB) that is engaged by
      such Servicer, Master Servicer or Securities Trustee, as applicable, to deliver
      to the Master Servicer and the Depositor an Assessment of Compliance and
      Attestation Report as and when provided under the term of the related Servicing
      Agreement. Pursuant to each of the Servicing Agreements, the related Servicer,
      or any subservicer and each subcontractor (to the extent such subcontractor
      is
      determined by the Master Servicer to be “participating in the servicing
      function” within the meaning of Item 1122 of Regulation AB) that is engaged by
      such Servicer, is obligated to provide such Assessment of Compliance and
      Attestation Report on the 1st of March
      and in no
      event later than the 15th of March
      each year
      that the related Mortgage Loans are serviced under the applicable Servicing
      Agreement.  The Master Servicer shall deliver to the Trustee any such
      Assessment of Compliance and Attestation Report received from a Servicer or
      any
      subservicer and each subcontractor (to the extent such subcontractor is
      determined by the Master Servicer to be “participating in the servicing
      function” within the meaning of Item 1122 of Regulation AB) that is engaged by
      such Servicer, within two business days of such receipt but in no event later
      than two Business Days following the 15th day of
      March for
      each year for which a Report on Form 10-K is required to be filed with respect
      to the Trust Fund.  Such Assessment of Compliance, as to any
      subservicer or subcontractor, shall at a minimum address the applicable
      Servicing Criteria specified on Exhibit M hereto which are indicated as
      applicable to any “primary servicer” to the extent such subservicer or
      subcontractor is performing any servicing function for the party who engages
      it
      and to the extent such party is not itself addressing the Servicing Criteria
      related to such servicing function in its own Assessment of
      Compliance.  The Trustee shall confirm that each of the Assessments of
      Compliance delivered to it, taken as a whole, address all of the Servicing
      Criteria and taken individually address the Servicing Criteria for each party
      as
      set forth in Exhibit M and notify the Depositor of any exceptions.
      Notwithstanding the foregoing, as to any subcontractor, an Assessment of
      Compliance and Attestation Report is not required to be delivered unless it
      is
      required as part of a Form 10-K with respect to the Trust Fund.

     

    The
      Custodians shall deliver to the Master Servicer, the Trustee and the Depositor
      an Assessment of Compliance and Attestation Report, as and when provided above,
      which shall at a minimum address each of the Servicing Criteria specified on
      Exhibit M hereto which are indicated as applicable to a
“custodian”.  Notwithstanding the foregoing, an Assessment of
      Compliance or Attestation Report is not required to be delivered by any
      Custodian unless it is required as part of a Form 10-K with respect to the
      Trust
      Fund.

     

    Failure
      of the Master Servicer to comply with this Section 3.17 (including with respect
      to the timeframes required herein) shall, upon written notice from the Trustee
      at the written direction of the Depositor, constitute an Event of Default,
      and
      at the written direction of the Depositor the Trustee shall, in addition to
      whatever rights the Trustee may have under this Agreement and at law or equity
      or to damages, including injunctive relief and specific performance, upon notice
      immediately terminate all of the rights and obligations of the Master Servicer
      under this Agreement and in and to the Mortgage Loans and the proceeds thereof
      without compensating the Master Servicer for the same (but subject to the Master
      Servicer’s rights to payment of any Master Servicing compensation and
      reimbursement of all amounts for which it is entitled to be reimbursed prior
      to
      the date of termination).  Failure of the Trustee to comply with this
      Section 3.17 (including with respect to the timeframes required in this Section)
      which failure results in a failure to timely file the related Form 10-K, shall,
      upon written notice from the Trustee at the written direction of the Depositor,
      constitute a default and the Trustee shall, in addition to whatever rights
      the
      Trustee may have under this Agreement and at law or equity or to damages,
      including injunctive relief and specific performance, upon notice immediately
      terminate all of the rights and obligations of the Trustee under this Agreement
      and in and to the Mortgage Loans and the proceeds thereof without compensating
      the Trustee for the same (but subject to the Trustee’s right to reimbursement of
      all amounts for which it is entitled to be reimbursed prior to the date of
      termination).  This paragraph shall supersede any other provision in
      this Agreement or any other agreement to the contrary.

     

    Section
      3.18  Reports
      Filed with Securities and Exchange Commission.

     

    (a)           (i)
      (A) Within 15 days after each Distribution Date, the Trustee shall, in
      accordance with industry standards, prepare and file with the Commission via
      the
      Electronic Data Gathering and Retrieval System (“EDGAR”), a Distribution Report
      on Form 10-D, signed by the Master Servicer, with a copy of the Monthly
      Statement to be furnished by the Trustee to the Certificateholders for such
      Distribution Date; provided that, the Trustee shall have received no later
      than
      five (5) calendar days after the related Distribution Date, all information
      required to be provided to the Trustee as described in clause (a)(iv)
      below.  Any disclosure that is in addition to the Monthly Statement
      and that is required to be included on Form 10-D (“Additional Form 10-D
      Disclosure”) shall be, pursuant to the paragraph immediately below, reported by
      the parties set forth on Exhibit N to the Trustee and the Depositor and approved
      for inclusion by the Depositor, and the Trustee will have no duty or liability
      for any failure hereunder to determine or prepare any Additional Form 10-D
      Disclosure absent such reporting (other than in the case where the Trustee
      is
      the reporting party as set forth in Exhibit N) and approval.

     

    (B)
      Within five (5) calendar days after the related Distribution Date, (i) the
      parties set forth in Exhibit N shall be required to provide, and the Master
      Servicer shall enforce the obligations of each Servicer (to the extent provided
      in the related Servicing Agreement) to provide, pursuant to Section 3.18(a)(iv)
      below, to the Trustee and the Depositor, to the extent known by a responsible
      officer thereof, in EDGAR-compatible format, or in such other form as otherwise
      agreed upon by the Trustee and the Depositor and such party, the form and
      substance of any Additional Form 10-D Disclosure, if applicable, and (ii) the
      Depositor will approve, as to form and substance, or disapprove, as the case
      may
      be, the inclusion of the Additional Form 10-D Disclosure on Form 10-D. Subject
      to the foregoing, the Trustee has no duty under this Agreement to monitor or
      enforce the performance by the other parties listed on Exhibit O of their duties
      under this paragraph or to proactively solicit or procure from such parties
      any
      Additional Form 10-D Disclosure information. The Depositor shall be responsible
      for any reasonable fees and expenses assessed or incurred by the Trustee in
      connection with including any Additional Form 10-D Disclosure on Form 10-D
      pursuant to this Section.

     

    (C)
      After
      preparing the Form 10-D, the Trustee shall forward electronically a copy of
      the
      Form 10-D to the Depositor (in the case of any Additional 10-D Disclosure and
      otherwise if requested by the Depositor) and the Master Servicer for
      review.  Within two Business Days after receipt of such copy, but no
      later than the 12th calendar day after the Distribution Date (provided that,
      the
      Trustee forwards a copy of the Form 10-D no later than the 10th calendar after
      the Distribution Date), the Depositor shall notify the Trustee in writing (which
      may be furnished electronically) of any changes to or approval of such Form
      10-D.  In the absence of receipt of any written changes or approval,
      the Trustee shall be entitled to assume that such Form 10-D is in final form
      and
      the Trustee may proceed with obtaining the execution of and filing the Form
      10-D.  No later than the 13th calendar day after the related
      Distribution Date, a duly authorized officer of the Master Servicer shall sign
      the Form 10-D and return an electronic or fax copy of such signed Form 10-D
      (with an original executed hard copy to follow by overnight mail) to the
      Trustee.  If a Form 10-D cannot be filed on time or if a previously
      filed Form 10-D needs to be amended, the Trustee shall follow the procedures
      set
      forth in Section 3.18(a)(v)(B). Promptly (but no later than one (1) Business
      Day) after filing with the Commission, the Trustee shall make available on
      its
      internet website identified in Section 6.04 a final executed copy of each Form
      10-D filed by the Trustee.  The signing party for the Master Servicer
      can be contacted as set forth in Section 12.07. Form 10-D requires the
      registrant to indicate (by checking “yes” or “no”) that it (1) has filed all
      reports required to be filed by Section 13 or 15(d) of the Exchange Act during
      the preceding 12 months (or for such shorter period that the registrant was
      required to file such reports), and (2) has been subject to such filing
      requirements for the past 90 days. The Depositor shall notify the Trustee in
      writing, no later than the fifth calendar day after the related Distribution
      Date with respect to the filing of a report on Form 10-D, if the answer to
      the
      questions should be “no”.  The Trustee shall be entitled to rely on
      the representations in Section 2.06(vii) and in any such notice in preparing,
      executing and/or filing any such report.  The parties to this
      Agreement acknowledge that the performance by the Master Servicer and the
      Trustee of their respective duties under Sections 3.18(a)(i) and (v) related
      to
      the timely preparation, execution and filing of Form 10-D is contingent upon
      such parties strictly observing all applicable deadlines in the performance
      of
      their duties under such Sections.  Neither the Master Servicer nor the
      Trustee shall have any liability for any loss, expense, damage, claim arising
      out of or with respect to any failure to properly prepare, execute and/or timely
      file such Form 10-D, where such failure results from a party’s failure to
      deliver, on a timely basis, any information from such party needed to prepare,
      arrange for execution or file such Form 10-D, not resulting from its own
      negligence, bad faith or willful misconduct.

     

    (ii)
      (A)
      Within four (4) Business Days after the occurrence of an event requiring
      disclosure on Form 8-K (each such event, a “Reportable Event”), the Trustee
      shall prepare and file, at the direction of the Depositor, on behalf of the
      Trust, any Form 8-K, as required by the Exchange Act; provided that, the
      Depositor shall file the initial Form 8-K in connection with the issuance of
      the
      Certificates.  Any disclosure or information related to a Reportable
      Event or that is otherwise required to be included on Form 8-K (“Form 8-K
      Disclosure Information”) shall be, pursuant to the paragraph immediately below,
      reported by the parties set forth on Exhibit N to the Trustee and the Depositor
      and approved for inclusion by the Depositor, and the Trustee will have no duty
      or liability for any failure hereunder to determine or prepare any Form 8-K
      Disclosure Information absent such reporting (other than in the case where
      the
      Trustee is the reporting party as set forth in Exhibit N) and
      approval.

     

    (B)
      For
      so long as the Trust is subject to the Exchange Act reporting requirements,
      no
      later than the close of business on the 2nd Business Day after the occurrence
      of
      a Reportable Event (i) the parties set forth in Exhibit N shall be required
      pursuant to Section 3.18(a)(iv) below to provide, and the Master Servicer will
      enforce the obligations of each Servicer (to the extent provided in the related
      Servicing Agreement) to provide,  to the Trustee and the Depositor, to
      the extent known by a responsible officer thereof, in EDGAR-compatible format,
      or in such other form as otherwise agreed upon by the Trustee and the Depositor
      and such party, the form and substance of any Form 8-K Disclosure Information,
      if applicable, and (ii) the Depositor shall approve, as to form and substance,
      or disapprove, as the case may be, the inclusion of the Form 8-K Disclosure
      Information on Form 8-K. The Depositor shall be responsible for any reasonable
      fees and expenses assessed or incurred by the Trustee in connection with
      including any Form 8-K Disclosure Information on Form 8-K pursuant to this
      Section.

     

    (C)
      After
      preparing the Form 8-K, the Trustee shall forward electronically a copy of
      the
      Form 8-K to the Depositor and the Master Servicer for review.  No
      later than the close of business New York City time on the 3rd Business Day
      after the Reportable Event, a duly authorized officer of the Master Servicer
      shall sign the Form 8-K and return an electronic or fax copy of such signed
      Form
      8-K (with an original executed hard copy to follow by overnight mail) to the
      Trustee.  Promptly, but no later than the close of business on the 3rd
      Business Day after the Reportable Event (provided that, the Trustee forwards
      a
      copy of the Form 8-K no later than noon New York time on the third Business
      Day
      after the Reportable Event), the Depositor shall notify the Trustee in writing
      (which may be furnished electronically) of any changes to or approval of such
      Form 8-K.  In the absence of receipt of any written changes or
      approval, the Trustee shall be entitled to assume that such Form 8-K is in
      final
      form and the Trustee may proceed with obtaining the execution of and filing
      the
      Form 8-K.  If a Form 8-K cannot be filed on time or if a previously
      filed Form 8-K needs to be amended, the Trustee shall follow the procedures
      set
      forth in Section 3.18(a)(v)(B).  Promptly (but no later than one (1)
      Business Day) after filing with the Commission, the Trustee shall, make
      available on its internet website a final executed copy of each Form 8-K filed
      by the Trustee.  The signing party at the Master Servicer can be
      contacted as set forth in Section 12.07.  The parties to this
      Agreement acknowledge that the performance by Master Servicer and the Trustee
      of
      their respective duties under this Section 3.18(a)(ii) related to the timely
      preparation, execution and filing of Form 8-K is contingent upon such parties
      strictly observing all applicable deadlines in the performance of their duties
      under this Section 3.18(a)(ii).  Neither the Master Servicer nor the
      Trustee shall have any liability for any loss, expense, damage, claim arising
      out of or with respect to any failure to properly prepare, execute and/or timely
      file such Form 8-K, where such failure results from a party’s failure to deliver
      on a timely basis, any information from such party hereto needed to prepare,
      arrange for execution or file such Form 8-K, not resulting from its own
      negligence, bad faith or willful misconduct.

     

    (iii)
      (A)
      Within 90 days after the end of each fiscal year of the Trust or such earlier
      date as may be required by the Exchange Act (the “10-K Filing Deadline”) (it
      being understood that the fiscal year for the Trust ends on December 31st of
      each year), commencing in March 2008, the Trustee shall prepare and file on
      behalf of the Trust a Form 10-K, in form and substance as required by the
      Exchange Act.  Each such Form 10-K shall include the following items,
      in each case to the extent they have been delivered to the Trustee within the
      applicable timeframes set forth in this Agreement, (I) an annual compliance
      statement for each Servicer, the Master Servicer, the Trustee and any
      subservicer or subcontractor, as applicable, as described under Section 3.16,
      (II)(A) the annual reports on assessment of compliance with Servicing Criteria
      for the Master Servicer, each Servicer, each subservicer and subcontractor
      participating in the servicing function, the Trustee and the Custodians, as
      described under Section 3.17, and (B) if any such report on assessment of
      compliance with Servicing Criteria described under Section 3.17 identifies
      any
      material instance of noncompliance, disclosure identifying such instance of
      noncompliance, or if any such report on assessment of compliance with Servicing
      Criteria described under Section 3.17 is not included as an exhibit to such
      Form
      10-K, disclosure that such report is not included and an explanation why such
      report is not included, (III)(A) the registered public accounting firm
      attestation report for the Master Servicer, each Servicer, the Trustee, each
      subservicer, each subcontractor, as applicable, and the Custodians, as described
      under Section 3.17, and (B) if any registered public accounting firm attestation
      report described under Section 3.17 identifies any material instance of
      noncompliance, disclosure identifying such instance of noncompliance, or if
      any
      such registered public accounting firm attestation report is not included as
      an
      exhibit to such Form 10-K, disclosure that such report is not included and
      an
      explanation why such report is not included, and (IV) a Sarbanes-Oxley
      Certification as described in Section 3.18 (a)(iii)(D) below (provided, however,
      that the Trustee, at its discretion, may omit from the Form 10-K any annual
      compliance statement, assessment of compliance or attestation report that is
      not
      required to be filed with such Form 10-K pursuant to Regulation AB). Any
      disclosure or information in addition to (I) through (IV) above that is required
      to be included on Form 10-K (“Additional Form 10-K Disclosure”) shall be,
      pursuant to the paragraph immediately below, reported by the parties set forth
      on Exhibit N to the Trustee and the Depositor and approved for inclusion by
      the
      Depositor, and the Trustee will have no duty or liability for any failure
      hereunder to determine or prepare any Additional Form 10-K Disclosure absent
      such reporting (other than in the case where the Trustee is the reporting party
      as set forth in Exhibit N) and approval.

     

    (B)
      No
      later than March 15th of each year that the Trust is subject to the Exchange
      Act
      reporting requirements, commencing in 2008, (i) the parties set forth in Exhibit
      N shall be required to provide, and the Master Servicer shall enforce the
      obligations of each Servicer (to the extent provided in the related Servicing
      Agreement) to provide, pursuant to Section 3.18(a)(iv) below to the Trustee
      and
      the Depositor, to the extent known by a responsible officer thereof, in
      EDGAR-compatible format, or in such other form as otherwise agreed upon by
      the
      Trustee and the Depositor and such party, the form and substance of any
      Additional Form 10-K Disclosure, if applicable, and (ii) the Depositor will
      approve, as to form and substance, or disapprove, as the case may be, the
      inclusion of the Additional Form 10-K Disclosure on Form 10-K.  The
      Depositor shall be responsible for any reasonable fees and expenses assessed
      or
      incurred by the Trustee in connection with including any Additional Form 10-K
      Disclosure on Form 10-K pursuant to this Section.

     

    (C)
      After
      preparing the Form 10-K, the Trustee shall forward electronically a copy of
      the
      Form 10-K to the Depositor (only in the case where such Form 10-K includes
      Additional Form 10-K Disclosure and otherwise if requested by the Depositor)
      and
      the Master Servicer for review.  Within three Business Days after
      receipt of such copy, but no later than March 25th (provided that, the Trustee
      forwards a copy of the Form 10-K no later than the third Business Day prior
      to
      March 25th), the Depositor shall notify the Trustee in writing (which may be
      furnished electronically) of any changes to or approval of such Form
      10-K.  In the absence of receipt of any written changes or approval,
      the Trustee shall be entitled to assume that such Form 10-K is in final form
      and
      the Trustee may proceed with obtaining the execution of and filing the Form
      10-K.  No later than the close of business Eastern Standard time on
      the 4th Business Day prior to the 10-K Filing Deadline, an officer of the Master
      Servicer in charge of the master servicing function shall sign the Form 10-K
      and
      return an electronic or fax copy of such signed Form 10-K (with an original
      executed hard copy to follow by overnight mail) to the Trustee.  If a
      Form 10-K cannot be filed on time or if a previously filed Form 10-K needs
      to be
      amended, the Trustee will follow the procedures set forth in Section
      3.18(a)(v)(B).  Promptly (but no later than one (1) Business Day)
      after filing with the Commission, the Trustee shall make available on its
      internet website a final executed copy of each Form 10-K filed by the
      Trustee.  The signing party for the Master Servicer can be contacted
      as set forth in Section 12.07.  Form 10-K requires the registrant to
      indicate (by checking “yes” or “no”) that it (1) has filed all reports required
      to be filed by Section 13 or 15(d) of the Exchange Act during the preceding
      12
      months (or for such shorter period that the registrant was required to file
      such
      reports), and (2) has been subject to such filing requirements for the past
      90
      days.  The Depositor shall notify the Trustee in writing, no later
      than March 15th
      of each year in which the Trust is subject to the requirements of the Exchange
      Act with respect to the filing of a report on Form 10-K, if the answer to the
      questions should be “no”.  The Trustee shall be entitled to rely on
      the representations in Section 2.06(vii) and in any such notice in preparing,
      executing and/or filing any such report. The parties to this Agreement
      acknowledge that the performance by the Master Servicer and the Trustee of
      their
      respective duties under Sections 3.18(a)(iv) and (v) related to the timely
      preparation, execution and filing of Form 10-K is contingent upon such parties
      strictly observing all applicable deadlines in the performance of their duties
      under such Sections and Sections 3.16 and Section 3.17.  Neither the
      Master Servicer nor the Trustee shall have any liability for any loss, expense,
      damage, claim arising out of or with respect to any failure to properly prepare,
      execute and/or timely file such Form 10-K, where such failure results from
      the
      Master Servicer’s or the Trustee’s inability or failure to receive, on a timely
      basis, any information from any other party hereto needed to prepare, arrange
      for execution or file such Form 10-K, not resulting from its own negligence,
      bad
      faith or willful misconduct.

     

    (D)
      Each
      Form 10-K shall include a certification (the “Sarbanes-Oxley Certification”)
      required to be included therewith pursuant to the Sarbanes-Oxley Act which
      shall
      be signed by the Certifying Person and delivered to the Trustee no later than
      March 15th of each year in which the Trust is subject to the reporting
      requirements of the Exchange Act.  The Master Servicer shall cause any
      Servicer, and any subservicer or subcontractor engaged by it to provide to
      the
      Person who signs the Sarbanes-Oxley Certification (the “Certifying Person”), by
      March 10th of each year in which the Trust is subject to the reporting
      requirements of the Exchange Act (or such other date specified in the related
      Servicing Agreement) and otherwise within a reasonable period of time upon
      request, a certification (each, a “Back-Up Certification”), in the form attached
      hereto as Exhibit L, upon which the Certifying Person, the entity for which
      the
      Certifying Person acts as an officer, and such entity’s officers, directors and
      Affiliates (collectively with the Certifying Person, “Certification Parties”)
      can reasonably rely.  In addition, the Trustee shall sign a Back-Up
      Certification substantially in the form of Exhibit L; provided, however, that
      the Trustee shall not be required to undertake an analysis of any accountant’s
      report attached as an exhibit to the Form 10-K.  An officer of the
      Master Servicer in charge of the master servicing function shall serve as the
      Certifying Person on behalf of the Trust.  Such officer of the
      Certifying Person can be contacted as set forth in Section 12.07.

     

    (iv)
      With
      respect to any Additional Form 10-D Disclosure, Additional Form 10-K Disclosure
      or any Form 8-K Disclosure Information (collectively, the “Additional
      Disclosure”) relating to the Trust Fund, the Trustee’s obligation to include
      such Additional Information in the applicable Exchange Act Report is subject
      to
      receipt from the entity that is indicated in Exhibit N as the responsible party
      for providing that information, if other than the Trustee, as and when required
      as described in Section 3.18(a)(i) through (iii) above.  Such
      Additional Disclosure shall be accompanied by a notice substantially in the
      form
      of Exhibit O.  Each of the Master Servicer, the Seller, the Trustee
      and the Depositor hereby agrees to notify and provide, and the Master Servicer
      agrees to enforce the obligations (to the extent provided in the related
      Servicing Agreement) of each Servicer to notify and provide, to the extent
      known
      to the Master Servicer, the Seller, the Trustee and the Depositor all Additional
      Disclosure relating to the Trust Fund, with respect to which such party is
      indicated in Exhibit N as the responsible party for providing that
      information.  The Depositor shall be responsible for any reasonable
      fees and expenses assessed or incurred by the Trustee in connection with
      including any Additional Disclosure information pursuant to this
      Section.

     

    So
      long
      as the Depositor is subject to the filing requirements of the Exchange Act
      with
      respect to the Trust Fund, the Trustee shall notify the Depositor of any
      bankruptcy or receivership with respect to the Trustee or of any proceedings
      of
      the type described under Item 1117 of Regulation AB that have occurred as of
      the
      related Due Period, together with a description thereof, no later than the
      date
      on which such information is required of other parties hereto as set forth
      under
      this Section 3.18.  In addition, the Trustee shall notify the
      Depositor of any affiliations or relationships that develop after the Closing
      Date between the Trustee and the Depositor, the Seller, the Master Servicer
      or
      the Custodians of the type described under Item 1119 of Regulation AB, together
      with a description thereof, no later than March 15 of each year that the Trust
      is subject to the Exchange Act reporting requirements, commencing in 2008.
      Should the identification of any of the Depositor, the Seller, the Trustee,
      the
      Master Servicer or the Custodians change, the Depositor shall promptly notify
      the Trustee in writing.

     

    (v)
      (A)
      On or prior to January 30th of the first year in which the Trustee is able
      to do
      so under applicable law, the Trustee shall prepare and file a Form 15 relating
      to the automatic suspension of reporting in respect of the Trust under the
      Exchange Act.

     

    (B)
      In
      the event that the Trustee is unable to timely file with the Commission all
      or
      any required portion of any Form 8-K, 10-D or 10-K required to be filed by
      this
      Agreement because required disclosure information was either not delivered
      to it
      or delivered to it after the delivery deadlines set forth in this Agreement
      or
      for any other reason, the Trustee shall promptly notify the Depositor and the
      Master Servicer.  In the case of Form 10-D and 10-K, the Depositor,
      the Master Servicer and the Trustee shall cooperate to prepare and file a Form
      12b-25 and a 10-DA and 10-KA as applicable, pursuant to Rule 12b-25 of the
      Exchange Act.  In the case of Form 8-K, the Trustee will, upon receipt
      of all required Form 8-K Disclosure Information and upon the approval and
      direction of the Depositor, include such disclosure information on the next
      Form
      10-D.  In the event that any previously filed Form 8-K, 10-D or 10-K
      needs to be amended, and such amendment relates to any Additional Disclosure,
      the Trustee shall notify the Depositor and the parties affected thereby and
      such
      parties will cooperate to prepare any necessary Form 8-K/A, 10-DA or
      10-KA.  Any Form 15, Form 12b-25 or any amendment to Form 8-K, 10-D or
      10-K shall be signed by an appropriate officer of the Master
      Servicer.  The parties hereto acknowledge that the performance by the
      Master Servicer and the Trustee of their respective duties under this Section
      3.18(a)(v) related to the timely preparation, execution and filing of Form
      15, a
      Form 12b-25 or any amendment to Form 8-K, 10-D or 10-K is contingent upon the
      Master Servicer and the Depositor timely performing their duties under this
      Section.  Neither the Master Servicer nor the Trustee shall have any
      liability for any loss, expense, damage or claim arising out of or with respect
      to any failure to properly prepare, execute and/or timely file any such Form
      15,
      Form 12b-25 or any amendments to Form 8-K, 10-D or 10-K, where such failure
      results from a party’s failure to deliver on a timely basis, any information
      from such party needed to prepare, arrange for execution or file such Form
      15,
      Form 12b-25 or any amendments to Form 8-K, 10-D or 10-K, not resulting from
      its
      own negligence, bad faith or willful misconduct.

     

    The
      Depositor agrees to promptly furnish to the Trustee, from time to time upon
      request, such further information, reports and financial statements within
      its
      control related to this Agreement, the Mortgage Loans as the Trustee reasonably
      deems appropriate to prepare and file all necessary reports with the Commission.
      The Trustee shall have no responsibility to file any items other than those
      specified in this Section 3.18; provided, however, the Trustee shall cooperate
      with the Depositor in connection with any additional filings with respect to
      the
      Trust Fund as the Depositor deems necessary under the Exchange
      Act.  Fees and expenses incurred by the Trustee in connection with
      this Section 3.18 shall not be reimbursable from the Trust Fund.

     

    (b)           The
      Trustee shall indemnify and hold harmless the Depositor and the Master Servicer
      and each of its officers, directors and affiliates from and against any losses,
      damages, penalties, fines, forfeitures, reasonable and necessary legal fees
      and
      related costs, judgments and other costs and expenses arising out of or based
      upon a breach of the Trustee’s obligations under Sections 3.16, 3.17 and 3.18 or
      the Trustee’s negligence, bad faith or willful misconduct in connection
      therewith. In addition, the Trustee shall indemnify and hold harmless the
      Depositor and the Master Servicer and each of their respective officers,
      directors and affiliates from and against any losses, damages, penalties, fines,
      forfeitures, reasonable and necessary legal fees and related costs, judgments
      and other costs and expenses arising out of or based upon (i) any untrue
      statement or alleged untrue statement of any material fact contained in any
      Back-Up Certification, any Annual Statement of Compliance, any Assessment of
      Compliance or any Additional Disclosure provided by the Trustee on its behalf
      or
      on behalf of any subservicer or subcontractor engaged by the Trustee pursuant
      to
      Section 3.16, 3.17 or 3.18 (the “Trustee Information”), or (ii) any omission or
      alleged omission to state therein a material fact required to be stated therein
      or necessary to make the statements therein, in light of the circumstances
      in
      which they were made, not misleading; provided, by way of clarification, that
      this paragraph shall be construed solely by reference to the Trustee Information
      and not to any other information communicated in connection with the
      Certificates, without regard to whether the Trustee Information or any portion
      thereof is presented together with or separately from such other
      information.

     

    The
      Depositor shall indemnify and hold harmless the Trustee and the Master Servicer
      and each of its officers, directors and affiliates from and against any losses,
      damages, penalties, fines, forfeitures, reasonable and necessary legal fees
      and
      related costs, judgments and other costs and expenses arising out of or based
      upon a breach of the obligations of the Depositor under Sections 3.16, 3.17
      and
      3.18 or the Depositor’s negligence, bad faith or willful misconduct in
      connection therewith. In addition, the Depositor shall indemnify and hold
      harmless the Master Servicer, the Trustee and each of their respective officers,
      directors and affiliates from and against any losses, damages, penalties, fines,
      forfeitures, reasonable and necessary legal fees and related costs, judgments
      and other costs and expenses arising out of or based upon (i) any untrue
      statement or alleged untrue statement of any material fact contained in any
      Additional Disclosure provided by the Depositor that is required to be filed
      pursuant to this Section 3.18 (the “Depositor Information”), or (ii) any
      omission or alleged omission to state therein a material fact required to be
      stated therein or necessary to make the statements therein, in light of the
      circumstances in which they were made, not misleading; provided, by way of
      clarification, that this paragraph shall be construed solely by reference to
      the
      Depositor Information that is required to be filed and not to any other
      information communicated in connection with the Certificates, without regard
      to
      whether the Depositor Information or any portion thereof is presented together
      with or separately from such other information.

     

    The
      Master Servicer shall indemnify and hold harmless the Trustee and the Depositor
      and each of its respective officers, directors and affiliates from and against
      any losses, damages, penalties, fines, forfeitures, reasonable and necessary
      legal fees and related costs, judgments and other costs and expenses arising
      out
      of or based upon a breach of the obligations of the Master Servicer under
      Sections 3.16, 3.17 and 3.18 or the Master Servicer’s negligence, bad faith or
      willful misconduct in connection therewith.  In addition, the Master
      Servicer shall indemnify and hold harmless the Depositor and each of its
      officers, directors and affiliates from and against any losses, damages,
      penalties, fines, forfeitures, reasonable and necessary legal fees and related
      costs, judgments and other costs and expenses arising out of or based upon
      (i)
      any untrue statement or alleged untrue statement of any material fact contained
      in any Annual Statement of Compliance, any Assessment of Compliance or any
      Additional Disclosure provided by the Master Servicer on its behalf or on behalf
      of any subservicer or subcontractor engaged by the Master Servicer pursuant
      to
      Section 3.16, 3.17 or 3.18 (the “Master Servicer Information”), or (ii) any
      omission or alleged omission to state therein a material fact required to be
      stated therein or necessary to make the statements therein, in light of the
      circumstances in which they were made, not misleading; provided, by way of
      clarification, that this paragraph shall be construed solely by reference to
      the
      Master Servicer Information and not to any other information communicated in
      connection with the Certificates, without regard to whether the Master Servicer
      Information or any portion thereof is presented together with or separately
      from
      such other information.

     

    If
      the
      indemnification provided for herein is unavailable or insufficient to hold
      harmless the Depositor, the Trustee or the Master Servicer, as applicable,
      then
      the defaulting party, in connection with any conduct for which it is providing
      indemnification under this Section 3.18(c), agrees that it shall contribute
      to
      the amount paid or payable by the other parties as a result of the losses,
      claims, damages or liabilities of the other party in such proportion as is
      appropriate to reflect the relative fault and the relative benefit of the
      respective parties.

     

    The
      indemnification provisions set forth in this Section 3.18(c) shall survive
      the
      termination of this Agreement or the termination of any party to this
      Agreement.

     

    (c)           Failure
      of the Master Servicer to comply with this Section 3.18 (including with respect
      to the timeframes required herein) shall, upon written notice from the Trustee
      at the written direction of the Depositor, constitute an Event of Default,
      and
      the Trustee shall, in addition to whatever rights the Trustee may have under
      this Agreement and at law or equity or to damages, including injunctive relief
      and specific performance, upon notice immediately terminate all of the rights
      and obligations of the Master Servicer under this Agreement and in and to the
      Mortgage Loans and the proceeds thereof without compensating the Master Servicer
      for the same (but subject to the Master Servicer’s rights to payment of any
      Master Servicing compensation and reimbursement of all amounts for which it
      is
      entitled to be reimbursed prior to the date of termination).  Failure
      of the Trustee to comply with this Section 3.18 (including with respect to
      the
      timeframes required in this Section) which failure results in a failure to
      timely file the related Form 10-K, shall, upon written notice from the Trustee
      at the written direction of the Depositor, constitute a default and the Trustee
      at the written direction of the Depositor shall, in addition to whatever rights
      the Trustee may have under this Agreement and at law or equity or to damages,
      including injunctive relief and specific performance, upon notice immediately
      terminate all of the rights and obligations of the Trustee under this Agreement
      and in and to the Mortgage Loans and the proceeds thereof without compensating
      the Trustee for the same (but subject to the Trustee’s right to reimbursement of
      all amounts for which it is entitled to be reimbursed prior to the date of
      termination).  This paragraph shall supersede any other provision in
      this Agreement or any other agreement to the contrary. In connection with the
      termination of the Master Servicer or the Trustee pursuant to this Section
      3.18(d), the Trustee shall be entitled to reimbursement of all costs and
      expenses associated with such termination to the extent set forth in Section
      9.05.  Notwithstanding anything to the contrary in this Agreement, no
      Event of Default by the Master Servicer or default by the Trustee shall have
      occurred with respect to any failure to properly prepare, execute and/or timely
      file any report on Form 8-K, Form 10-D or Form 10-K, any Form 15 or Form 12b-25
      or any amendments to Form 8-K, 10-D or 10-K, where such failure results from
      the
      Master Servicer’s or the Trustee’s inability or failure to receive, on a timely
      basis, any information from any other party hereto needed to prepare, arrange
      for execution or file any such report, Form or amendment, and does not result
      from its own negligence, bad faith or willful misconduct.

     

     (e)           Notwithstanding
      the provisions of Section 12.02, this Section 3.18 may be amended without the
      consent of the Certificateholders.

     

    (f)           Any
      report, notice or notification to be delivered by the Master Servicer or the
      Trustee to the Depositor pursuant to this Section 3.18, may be delivered via
      email to RegABNotifications@bear.com or, in the case of a notification,
      telephonically by calling Reg AB Compliance Manager at
      212-272-7525.

     

    Section
      3.19  UCC.

     

    The
      Depositor shall file any financing statements or amendments thereto required
      by
      any change in the Uniform Commercial Code.

     

    Section
      3.20  Optional
      Purchase of Defaulted Mortgage Loans.

     

    (a)  With
      respect to any Mortgage Loan which as of the first day of a Fiscal Quarter
      is
      Delinquent in payment by 90 days or more or is an REO Property, EMC shall have
      the right, but not the obligation, to purchase such Mortgage Loan from the
      Trust
      at a price equal to the Purchase Price; provided however (i) that such Mortgage
      Loan is still 90 days or more Delinquent or is an REO Property as of the date
      of
      such purchase and (ii) this purchase option, if not theretofore exercised,
      shall
      terminate on the date prior to the last day of the related Fiscal
      Quarter.  This purchase option, if not exercised, shall not be
      thereafter reinstated unless the delinquency is cured and the Mortgage Loan
      thereafter again becomes 90 days or more Delinquent or becomes an REO Property,
      in which case the option shall again become exercisable as of the first day
      of
      the related Fiscal Quarter. This right may be assigned by EMC to a third party,
      including a holder of a Class of Certificates.

     

    In
      addition, EMC shall have the right,
      but not the obligation, to purchase any Mortgage Loan from the
      Trust for which (i) the initial Scheduled Payment due to the Seller or (ii)
      the initial Scheduled Payment due to the Trust becomes thirty (30) days
      Delinquent; provided however, such optional purchase shall be exercised no
      later than the 270thday
      after such Mortgage Loan is subject
      to such optional purchase.Such purchase shall
      be made at a price
      equal to the Purchase Price. This right may be assigned by EMC to a third party,
      including a holder of a Class of Certificates. 

    

    (b)  If
      at any
      time EMC remits to the Master Servicer a payment for deposit in the Master
      Servicer Collection Account covering the amount of the Purchase Price for any
      Mortgage Loan purchased pursuant to clause (a), and EMC provides to the Trustee
      a certification signed by a Servicing Officer stating that the amount of such
      payment has been deposited in the Master Servicer Collection Account, then
      the
      Trustee shall execute the assignment of such Mortgage Loan prepared and
      delivered to the Trustee, at the request of EMC, without recourse,
      representation or warranty, to EMC which shall succeed to all of the Trustee’s
      right, title and interest in and to such Mortgage Loan, and all security and
      documents relative thereto.  Such assignment shall be an assignment
      outright and not for security.  EMC will thereupon own such Mortgage,
      and all such security and documents, free of any further obligation to the
      Trustee or the Certificateholders with respect thereto.

     

    Section
      3.21  Intention
      of the Parties and Interpretation.

     

    Each
      of the parties acknowledges and
      agrees that the purpose of Sections 3.16, 3.17 and 3.18 of this Agreement is
      to
      facilitate compliance by the Seller, the Depositor, the Trustee and the Master
      Servicer with the provisions of Regulation AB.  Therefore, each of the
      parties agrees that (a) the obligations of the parties hereunder shall be
      interpreted in such a manner as to accomplish that purpose, (b) the parties’
obligations hereunder will be supplemented and modified as necessary to be
      consistent with any such amendments, interpretive advice or guidance provided
      by
      the Commission in respect of the requirements of Regulation AB, (c) the parties
      shall comply with reasonable requests made by the Seller, the Depositor, the
      Master Servicer or the Trustee for delivery of additional or different
      information as the Seller, the Depositor, the Master Servicer or the Trustee
      may
      determine in good faith is necessary to comply with the provisions of Regulation
      AB, and (d) no amendment of this Agreement shall be required to effect any
      such
      changes in the obligations of the parties to this transaction as are necessary
      to accommodate evolving interpretations of the provisions of Regulation
      AB.

     

    ARTICLE
      IV

    ACCOUNTS

     

    Section
      4.01  Protected
      Accounts.

     

    (a)  The
      Master Servicer shall enforce the obligation of each Servicer to establish
      and
      maintain a Protected Account in accordance with the applicable Servicing
      Agreement, with records to be kept with respect thereto on a Mortgage Loan
      by
      Mortgage Loan basis, into which accounts shall be deposited within 48 hours
      (or
      as of such other time specified in the related Servicing Agreement) of receipt,
      all collections of principal and interest on any Mortgage Loan and any REO
      Property received by a Servicer, including Principal Prepayments, Insurance
      Proceeds, Liquidation Proceeds, and advances made from the Servicer’s own funds
      (less servicing compensation as permitted by the applicable Servicing Agreement
      in the case of any Servicer) and all other amounts to be deposited in the
      Protected Account. The Servicer is hereby authorized to make withdrawals from
      and deposits to the related Protected Account for purposes required or permitted
      by this Agreement and the related Servicing Agreement. To the extent provided
      in
      the related Servicing Agreement, the Protected Account shall be held by a
      Designated Depository Institution and segregated on the books of such
      institution in the name of the Trustee for the benefit of
      Certificateholders.

     

    (b)  To
      the
      extent provided in the related Servicing Agreement, amounts on deposit in a
      Protected Account may be invested in Permitted Investments in the name of the
      Trustee for the benefit of Certificateholders and, except as provided in the
      preceding paragraph, not commingled with any other funds.  Such
      Permitted Investments shall mature, or shall be subject to redemption or
      withdrawal, no later than the date on which such funds are required to be
      withdrawn for deposit in the Distribution Account, and shall be held until
      required for such deposit. The income earned from Permitted Investments made
      pursuant to this Section 4.01 shall be paid to the related Servicer under the
      applicable Servicing Agreement, and the risk of loss of moneys required to
      be
      distributed to the Certificateholders resulting from such investments shall
      be
      borne by and be the risk of the related Servicer. The related Servicer (to
      the
      extent provided in the Servicing Agreement) shall deposit the amount of any
      such
      loss in the Protected Account within two Business Days of receipt of
      notification of such loss but not later than the second Business Day prior
      to
      the Distribution Date on which the moneys so invested are required to be
      distributed to the Certificateholders.

     

    (c)  To
      the
      extent provided in the related Servicing Agreement and subject to this Article
      IV, on or before each Servicer Remittance Date, the related Servicer shall
      withdraw or shall cause to be withdrawn from its Protected Accounts and shall
      immediately deposit or cause to be deposited in the Master Servicer Collection
      Account amounts representing the following collections and payments (other
      than
      with respect to principal of or interest on the Mortgage Loans due on or before
      the Cut-off Date) with respect to each Loan Group:

     

    (i)  Scheduled
      Payments on the Mortgage Loans received or any related portion thereof advanced
      by such Servicer pursuant to its Servicing Agreement which were due on or before
      the related Due Date, net of the amount thereof comprising its Servicing Fee
      or
      any fees with respect to any lender-paid primary mortgage insurance
      policy;

     

    (ii)  Full
      Principal Prepayments and any Liquidation Proceeds received by such Servicer
      with respect to the Mortgage Loans in the related Prepayment Period, with
      interest to the date of prepayment or liquidation, net of the amount thereof
      comprising its Servicing Fee;

     

    (iii)  Partial
      Principal Prepayments received by such Servicer for the Mortgage Loans in the
      related Prepayment Period; and

     

    (iv)  Any
      amount to be used as a Monthly Advance or any Compensating Interest
      Payments.

     

    (d)  Withdrawals
      may be made from an Account only to make remittances or reimbursements as
      provided in Section 4.01(c), 4.03, 4.04 and 4.05; to reimburse the Master
      Servicer or a Servicer for Monthly Advances which have been recovered by
      subsequent collections from the related Mortgagor; to remove amounts deposited
      in error; to remove fees, charges or other such amounts deposited on a temporary
      basis; or to clear and terminate the account at the termination of this
      Agreement in accordance with Section 10.01. As provided in Sections 4.01(a)
      and
      4.03 certain amounts otherwise due to the Servicers may be retained by them
      and
      need not be deposited in the Master Servicer Collection Account.

     

    Section
      4.02  Master
      Servicer Collection Account.

     

    The
      Master Servicer shall establish and maintain in the name of the Trustee, for
      the
      benefit of the Holders of the Certificates, the Master Servicer Collection
      Account as a segregated trust account or accounts. The Master Servicer
      Collection Account shall be an Eligible Account. The Master Servicer will
      deposit in the Master Servicer Collection Account as identified by the Master
      Servicer and as received by the Master Servicer, the following
      amounts:

     

    (i)  any
      amounts withdrawn from a Protected Account;

     

    (ii)  any
      Advance and any Compensating Interest Payments;

     

    (iii)  any
      Insurance Proceeds, Liquidation Proceeds or Subsequent Recoveries received
      by or
      on behalf of the Master Servicer which were not deposited in a Protected
      Account;

     

    (iv)  The
      Purchase Price with respect to any Mortgage Loans purchased by the Seller
      pursuant to the Mortgage Loan Purchase Agreement or Sections 2.02 or 2.03
      hereof, any amounts which are to be treated pursuant to Section 2.04 of this
      Agreement as the payment of a Purchase Price in connection with the tender
      of a
      Substitute Mortgage Loan by the Seller, the Purchase Price with respect to
      any
      Mortgage Loans purchased by EMC pursuant to Section 3.20, and all proceeds
      of
      any Mortgage Loans or property acquired with respect thereto repurchased by
      the
      Depositor or its designee pursuant to Section 10.01;

     

    (v)  any
      amounts required to be deposited with respect to losses on investments of
      deposits in an Account; and

     

    (vi)  any
      other
      amounts received by or on behalf of the Master Servicer or the Trustee and
      required to be deposited in the Master Servicer Collection Account pursuant
      to
      this Agreement.

     

    All
      amounts deposited to the Master Servicer Collection Account shall be held by
      the
      Master Servicer in the name of the Trustee in trust for the benefit of the
      Certificateholders in accordance with the terms and provisions of this
      Agreement. The requirements for crediting the Master Servicer Collection Account
      shall be exclusive, it being understood and agreed that, without limiting the
      generality of the foregoing, payments in the nature of (i) prepayment or late
      payment charges or assumption, tax service, statement account or payoff,
      substitution, satisfaction, release and other like fees and charges need not
      be
      credited by the Master Servicer or the related Servicer to the Protected Account
      or the Master Servicer Collection Account, as
      applicable.  Reconciliations will be prepared for the Master Servicing
      Collection Account within 45 calendar days after the bank statement cut-off
      date. In the event that the Master Servicer shall deposit or cause to be
      deposited in the Distribution Account any amount not required to be credited
      thereto, the Trustee, upon receipt of a written request therefor signed by
      a
      Servicing Officer of the Master Servicer, shall promptly transfer such amount
      to
      the Master Servicer, any provision herein to the contrary
      notwithstanding.

     

    Section
      4.03  Permitted
      Withdrawals From the Master Servicer Collection Account.

     

    The
      Master Servicer may from time to time make withdrawals from the Master Servicer
      Collection Account for the following purposes:

     

    (i)  to
      reimburse the Master Servicer or the related Servicer for any Advance or
      Servicing Advance of its own funds, the right of the Master Servicer or related
      Servicer to reimbursement pursuant to this subclause (i) being limited to
      amounts received on a particular Mortgage Loan (including, for this purpose,
      the
      Purchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which
      represent late payments or recoveries of the principal of or interest on such
      Mortgage Loan respecting which such Advance or Servicing Advance was
      made;

     

    (ii)  to
      reimburse the Master Servicer or the related Servicer from Insurance Proceeds
      or
      Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended
      by the Master Servicer or the related Servicer in good faith in connection
      with
      the restoration of the related Mortgaged Property which was damaged by an
      uninsured cause or in connection with the liquidation of such Mortgage
      Loan;

     

    (iii)  to
      reimburse the Master Servicer or the related Servicer from Insurance Proceeds
      relating to a particular Mortgage Loan for insured expenses incurred with
      respect to such Mortgage Loan and to reimburse the Master Servicer or the
      related Servicer from Liquidation Proceeds from a particular Mortgage Loan
      for
      Liquidation Expenses incurred with respect to such Mortgage Loan; provided
      that
      the Master Servicer shall not be entitled to reimbursement for Liquidation
      Expenses with respect to a Mortgage Loan to the extent that (i) any amounts
      with
      respect to such Mortgage Loan were paid as Excess Liquidation Proceeds pursuant
      to clause (x) of this Subsection (a) to the Master Servicer; and (ii) such
      Liquidation Expenses were not included in the computation of such Excess
      Liquidation Proceeds;

     

    (iv)  to
      reimburse the Master Servicer or a Servicer for advances of funds pursuant
      to
      this Agreement or the related Servicing Agreement, and the right to
      reimbursement pursuant to this subclause being limited to amounts received
      on
      the related Mortgage Loan (including, for this purpose, the Purchase Price
      therefor, Insurance Proceeds and Liquidation Proceeds) which represent late
      recoveries of the payments for which such advances were made;

     

    (v)  to
      reimburse the Master Servicer or a Servicer for any Advance or advance, after
      a
      Realized Loss has been allocated with respect to the related Mortgage Loan
      if
      the Advance or advance has not been reimbursed pursuant to clauses (i) through
      (iv);

     

    (vi)  to
      pay
      the Master Servicer as set forth in Section 3.14;

     

    (vii)  to
      reimburse the Master Servicer for expenses, costs and liabilities incurred
      by
      and reimbursable to it pursuant to Sections 3.03, 7.04(c) and (d) and 12.03
      or
      otherwise reimbursable to it pursuant to this Agreement;

     

    (viii)  to
      pay to
      the related Servicer, as additional servicing compensation, any Excess
      Liquidation Proceeds to the extent not retained by the related
      Servicer;

     

    (ix)  to
      reimburse or pay the related Servicer any such amounts as are due thereto under
      this Agreement or the related Servicing Agreement and have not been retained
      by
      or paid to the related Servicer, to the extent provided herein and in the
      related Servicing Agreement;

     

    (x)  the
      Purchase Price with respect to any Mortgage Loans purchased by the Seller
      pursuant to Section 2.02 or 2.03, any amounts which are to be treated pursuant
      to Section 4.05 of this Agreement as the payment of such a Purchase Price,
      the
      Purchase Price with respect to any Mortgage Loans purchased by EMC pursuant
      to
      Section 3.20, and all proceeds of any Mortgage Loans or property acquired with
      respect thereto repurchased by the Seller or its designee pursuant to Section
      10.01;

     

    (xi)  any
      amounts required to be deposited with respect to losses on investments of
      deposits in the Master Servicer Collection Account; and

     

    (xii)           any
      unreimbursed Capitalization Reimbursement Amount.

     

    No
      later than noon New York
      time on the Distribution Account
      Deposit Date for each Distribution Date, the Master Servicer shall transfer
      all
      amounts on deposit in the account with respect to the related Distribution
      Date,
      less all permitted reimbursements to the Servicer and the Master Servicer and
      the Servicing Fees and Lender-Paid PMI Fees for such Distribution Date, to
      the
      Trustee for deposit in the Distribution Account.

     

    The
      Master Servicer will, from time to time on demand of a Servicer or the Trustee,
      make or cause to be made such withdrawals or transfers from the account as
      the
      Master Servicer has designated for such transfer or withdrawal pursuant to
      this
      Agreement and the related Servicing Agreement. The Master Servicer may clear
      and
      terminate the account pursuant to Section 10.01 and remove amounts from time
      to
      time deposited in error.

     

    In
      addition, prior to noon New York time on the Business Day prior to each
      Distribution Date, the Master Servicer shall deposit in the Distribution Account
      (or remit to the Trustee
      for deposit therein) any Monthly Advances required to be made by the Master
      Servicer with respect to the Mortgage Loans.

     

    The
      Master Servicer shall keep and maintain separate accounting, on a Mortgage
      Loan
      by Mortgage Loan basis, for the purpose of accounting for any reimbursement
      from
      the Master Servicer Collection Account pursuant to subclauses (i) through (iv),
      inclusive, and (vi) or with respect to any such amounts which would have been
      covered by such subclauses had the amounts not been retained by the Master
      Servicer without being deposited in the Master Servicer Collection
      Account.

     

    Section
      4.04  Distribution
      Account.

     

    (a)  The
      Trustee shall establish and maintain, for the benefit of the Certificateholders,
      the Distribution Account as a segregated trust account or accounts. The
      Distribution Account shall be an Eligible Account. The Master Servicer or
      Servicers, as the case may be, will remit to the Trustee for deposit in the
      Distribution Account, the following amounts:

     

    (b)  All
      amounts deposited to the Distribution Account shall be held by the Trustee
      in
      the name of the Trustee in trust for the benefit of the Certificateholders
      in
      accordance with the terms and provisions of this Agreement. The requirements
      for
      crediting the Distribution Account shall be exclusive, it being understood
      and
      agreed that, without limiting the generality of the foregoing, payments in
      the
      nature of (i) prepayment or late payment charges or assumption, tax service,
      statement account or payoff, substitution, satisfaction, release and other
      like
      fees and charges and (ii) the items enumerated in Subsections 4.05(a)(i), (ii),
      (iii) and (iv), need not be credited by the Master Servicer or the related
      Servicer to the Distribution Account. In the event that the Master Servicer
      shall deposit or cause to be deposited to the Distribution Account any amount
      not required to be credited thereto, the Trustee, upon receipt of a written
      request therefor signed by a Servicing Officer of the Master Servicer, shall
      promptly transfer such amount to the Master Servicer, any provision herein
      to
      the contrary notwithstanding.

     

    (c)  The
      Distribution Account shall constitute a trust account of the Trust Fund
      segregated on the books of the Trustee and held by the Trustee in trust in
      its
      Corporate Trust Office, and the Distribution Account and the funds deposited
      therein shall not be subject to, and shall be protected from, all claims, liens,
      and encumbrances of any creditors or depositors of the Trustee (whether made
      directly, or indirectly through a liquidator or receiver of the Trustee). The
      Distribution Account shall be an Eligible Account. The amount at any time
      credited to the Distribution Account may be invested in the name of the Trustee,
      in such Permitted Investments as may be selected by the Trustee or deposited
      in
      demand deposits with such depository institutions as may be selected by the
      Trustee, provided that time deposits of such depository institutions would
      be a
      Permitted Investment. All Permitted Investments shall mature or be subject
      to
      redemption or withdrawal on or before, and shall be held until, the next
      succeeding Distribution Date if the obligor for such Permitted Investment is
      the
      Trustee or, if such obligor is any other Person, the Business Day preceding
      such
      Distribution Date. All investment earnings on amounts on deposit in the
      Distribution Account or benefit from funds uninvested therein from time to
      time
      shall be for the account of the Trustee. The Trustee shall be permitted to
      receive distribution of all investment earnings from the Distribution Account
      earned on funds on deposit in the Distribution Account. If there is any loss
      on
      a Permitted Investment or demand deposit, the Trustee, as trustee, shall deposit
      such amount in the Distribution Account. With respect to the Distribution
      Account and the funds deposited therein, the Trustee shall take such action
      as
      may be necessary to ensure that the Certificateholders shall be entitled to
      the
      priorities afforded to such a trust account (in addition to a claim against
      the
      estate of the Trustee) as provided by 12 U.S.C. § 92a(e), and applicable
      regulations pursuant thereto, if applicable, or any applicable comparable state
      statute applicable to state chartered banking corporations.

     

    (d)  In
      addition, on the Closing Date the Depositor shall deposit $200 into the
      Distribution Account which shall be paid to the holders of the Class R
      Certificates on the first Distribution Date in accordance with Section
      6.01.

     

    Section
      4.05  Permitted
      Withdrawals and Transfers from the Distribution Account.

     

    (a)  The
      Trustee will make such withdrawals or transfers from the Distribution Account
      for the following purposes:

     

    (i)  to
      reimburse the Trustee or the Custodians for expenses, costs and liabilities
      incurred by or reimbursable to it pursuant to this Agreement;

     

    (ii)  to
      pay
      the Trustee compensation as set forth in Section 9.05;

     

    (iii)  to
      remove
      amounts deposited in error;

     

    (iv)  to
      clear
      and terminate the Distribution Account pursuant to Section 10.01;
      and

     

    (b)  On
      each
      Distribution Date, the Trustee shall distribute the Available Funds to the
      extent on deposit in the Distribution Account for each Loan Group to the Holders
      of the Certificates in accordance with distribution instructions provided to
      it
      by the Trustee no later than two Business Days prior to such Distribution Date
      (if the Trustee and the Trustee are not the same entity) and determined by
      the
      Trustee in accordance with Section 6.01.

     

    Section
      4.06  Group
      III
      Pre-Funding Account.

     

    (a)           No
      later than the Closing Date, the Trustee shall establish and maintain in the
      name of the Trustee a segregated trust account or sub-account of a trust
      account, which shall be titled “Group III Pre-Funding Account, Wells Fargo Bank,
      N.A., as trustee for the benefit of the holders of Structured Asset Mortgage
      Investments II Inc., Bear Stearns ARM Trust, Mortgage Pass-Through Certificates,
      Series 2007-5” (the “Group III Pre-Funding Account”). The Group III Pre-Funding
      Account shall be an Eligible Account or a sub account of an Eligible Account.
      The Trustee, promptly upon receipt, shall deposit in the Group III Pre-Funding
      Account and retain therein the Group III Pre-Funded Amount remitted on the
      Closing Date to the Trustee by the Depositor. Funds deposited in the Group
      III
      Pre-Funding Account shall be held in trust by the Trustee for the Holders of
      the
      Group III Certificates for the uses and purposes set forth herein.

     

    (b)           The
      Trustee shall invest funds deposited in the Group III Pre-Funding Account as
      directed by the Depositor or its designee in writing in Permitted Investments
      with a maturity date no later than the Business Day immediately preceding the
      date on which such funds are required to be withdrawn from such account pursuant
      to this Agreement, or, if no written direction is received by the Trustee from
      the Depositor, then funds in such account shall remain uninvested. For federal
      income tax purposes, the Depositor or its designee shall be the owner of the
      Group III Pre-Funding Account and shall report all items of income, deduction,
      gain or loss arising therefrom. All income and gain realized from investment
      of
      funds deposited in the Group III Pre-Funding Account shall be transferred to
      the
      Group III Interest Coverage Account on the Business Day immediately preceding
      each Distribution Date. Any such income and gain remaining in the Group III
      Interest Coverage Account at the end of the Group III Pre-Funding Period shall
      be remitted by the Trustee to the Depositor pursuant to Section 4.07(d).
      The Depositor or its designee shall deposit in the Group III Pre-Funding Account
      the amount of any net loss incurred in respect of any such Permitted Investment
      immediately upon realization of such loss without any right of reimbursement
      therefor. At no time will the Group III Pre-Funding Account be an asset of
      any
      REMIC created hereunder. Amounts on deposit in the Group III Pre-Funding Account
      shall be withdrawn by the Trustee as follows, unless otherwise directed by
      the
      Depositor:

     

    (i)           On
      any Subsequent Transfer Date, the Trustee shall withdraw from the Group III
      Pre-Funded Amount an amount equal to 100% of the Scheduled Principal Balances
      of
      the Group III Subsequent Mortgage Loans, (as identified on the Mortgage Loan
      Schedule provided by the Depositor) transferred and assigned to the Trustee
      for
      deposit in Loan Group III, on such Subsequent Transfer Date and remit such
      amount to the Depositor;

     

    (ii)           If
      the amount on deposit in the Group III Pre-Funding Account (exclusive of
      investment income) has not been reduced to zero by the close of business on
      the
      date of termination of the Group III Pre-Funding Period, then at the close
      of
      business on such date, the Trustee shall deposit into the Distribution Account
      with respect to Group III Available Funds, any amounts remaining in the Group
      III Pre-Funding Account related to Loan Group III, (exclusive of investment
      income) for distribution in accordance with Section 6.01;

     

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

     

    (iv)           Upon
      the earliest of (i) the reduction of the Schedule Principal Balances of the
      Group III Mortgage Loans to zero or (ii) the termination of this Agreement
      with
      respect to Loan Group III in accordance with Section 10.01, to withdraw any
      amount remaining on deposit in the Group III Pre-Funding Account, first, for
      deposit in the Distribution Account for payment to the Group III
      Certificateholders then entitled to distributions in respect of principal until
      the Certificate Principal Balance of the Group III Certificates has been reduced
      to zero, and second, for payment to the Depositor of any remaining
      amount.

     

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

     

    Section
      4.07  Group
      IIII Interest Coverage Account.

     

    (a)           No
      later than the Closing Date, the Trustee shall establish and maintain in the
      name of the Trustee a segregated trust account or a sub-account of a trust
      account, which shall be titled “Group III Interest Coverage Account, Wells Fargo
      Bank, N.A., as trustee for the benefit of the holders of Structured Asset
      Mortgage Investments II Inc., Bear Stearns ARM Trust, Mortgage Pass-Through
      Certificates, Series 2007-5” (the “Group III Interest Coverage Account”). The
      Group III Interest Coverage Account shall be an Eligible Account or a
      sub-account of an Eligible Account. The Trustee shall, promptly upon receipt,
      deposit in the Group III Interest Coverage Account and retain therein the Group
      III Initial Interest Coverage Deposit remitted on the Closing Date to the
      Trustee by the Depositor and all income and gain realized from investment of
      funds deposited in the Group III Pre-Funding Account pursuant to Section
      4.06(b). Funds deposited in the Group III Interest Coverage Account shall be
      held in trust by the Trustee for the Group III Certificateholders for the uses
      and purposes set forth herein.

     

    (b)           For
      federal income tax purposes, the Depositor shall be the owner of the Group
      III
      Interest Coverage Account and shall report all items of income, deduction,
      gain
      or loss arising therefrom. At no time will the Group III Interest Coverage
      Account be an asset of any REMIC created hereunder. All income and gain realized
      from investment of funds deposited in the Group III Interest Coverage Account,
      which investment shall be made solely upon the written direction of the
      Depositor, shall be for the sole and exclusive benefit of the Depositor and
      shall be remitted at the direction of the Depositor by the Trustee to the
      Depositor no later than the first Business Day following receipt of such income
      and gain by the Trustee.  In the absence of such direction, the income
      and gain shall remain in the Group III Interest Coverage Account and shall
      be remitted at the direction of the Depositor or at the end of the Group
      III Pre-Funding Period as excess proceeds, as applicable. If no written
      direction with respect to such investment shall be received by the Trustee
      from
      the Depositor, then funds in such Account shall remain uninvested. The Depositor
      shall deposit in the Group III Interest Coverage Account the amount of any
      net
      loss incurred in respect of any such Permitted Investment immediately upon
      realization of such loss and any additional amounts necessary to make payments
      pursuant to paragraph (c) below to the extent amounts on deposit in the Group
      III Interest Coverage Account are insufficient.

     

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

     

    (d)           Upon
      the earliest of (i) the Distribution Date immediately following the end of
      the
      Group III Pre-Funding Period, (ii) the reduction of the Certificate Principal
      Balance of the Group III Certificates to zero and (iii) the termination of
      this
      Agreement in accordance with Section 10.01, any amount remaining on deposit
      in
      the Group III Interest Coverage Account after distributions pursuant to
      paragraph (c) above shall be withdrawn by the Trustee and paid to the Depositor
      or its designee.

     

    ARTICLE
      V

    CERTIFICATES

     

    Section
      5.01  Certificates.

     

    (a)  The
      Depository and the Issuing Entity have entered into a Depository Agreement
      dated
      as of the Closing Date (the “Depository Agreement”). Except for the Residual
      Certificates, the Private Certificates and the Individual Certificates and
      as
      provided in Subsection 5.01(b), the Certificates shall at all times remain
      registered in the name of the Depository or its nominee and at all times: (i)
      registration of such Certificates may not be transferred by Trustee except
      to a
      successor to the Depository; (ii) ownership and transfers of registration of
      such Certificates on the books of the Depository shall be governed by applicable
      rules established by the Depository; (iii) the Depository may collect its usual
      and customary fees, charges and expenses from its Depository Participants;
      (iv)
      the Trustee shall deal with the Depository as representative of such Certificate
      Owners of the respective Class of Certificates for purposes of exercising the
      rights of Certificateholders under this Agreement, and requests and directions
      for and votes of such representative shall not be deemed to be inconsistent
      if
      they are made with respect to different Certificate Owners; and (v) the Trustee
      may rely and shall be fully protected in relying upon information furnished
      by
      the Depository with respect to its Depository Participants.

     

    (b)  The
      Residual Certificates and the Private Certificates are initially Physical
      Certificates. If at any time the Holders of all of the Certificates of one
      or
      more such Classes request that the Trustee cause such Class to become Global
      Certificates, the Trustee and the Depositor will take such action as may be
      reasonably required to cause the Depository to accept such Class or Classes
      for
      trading if it may legally be so traded.

     

    All
      transfers by Certificate Owners of such respective Classes of Book-Entry
      Certificates and any Global Certificates shall be made in accordance with the
      procedures established by the Depository Participant or brokerage firm
      representing such Certificate Owners. Each Depository Participant shall only
      transfer Book-Entry Certificates of Certificate Owners it represents or of
      brokerage firms for which it acts as agent in accordance with the Depository’s
      normal procedures.

     

    (c)  If
      (i)(A)
      the Depositor advises the Trustee in writing that the Depository is no longer
      willing or able to properly discharge its responsibilities as Depository and
      (B)
      the Trustee or the Depositor is unable to locate a qualified successor within
      30
      days or (ii) the Depositor at its option advises the Trustee in writing that
      it
      elects to terminate the book-entry system through the Depository, the Trustee,
      as agent of the Depositor, shall request that the Depository notify all
      Certificate Owners of the occurrence of any such event and of the availability
      of definitive, fully registered Certificates to Certificate Owners requesting
      the same. Upon surrender to the Trustee, as agent of the Depositor, of the
      Certificates by the Depository, accompanied by registration instructions from
      the Depository for registration, the Trustee shall issue the definitive
      Certificates. Neither the Depositor nor the Trustee shall be liable for any
      delay in delivery of any instructions required under this section and may
      conclusively rely on, and shall be protected in relying on, such
      instructions.

     

    In
      addition, if an Event of Default has occurred and is continuing, each
      Certificate Owner materially adversely affected thereby may at its option
      request a definitive Certificate evidencing such Certificate Owner’s Fractional
      Undivided Interest in the related Class of Certificates.  In order to
      make such request, such Certificate Owner shall, subject to the rules and
      procedures of the Depository, provide the Depository or the related Depository
      Participant with directions for the Trustee to exchange or cause the exchange
      of
      the Certificate Owner’s interest in such Class of Certificates for an equivalent
      Fractional Undivided Interest in fully registered definitive
      form.  Upon receipt by the Trustee of instructions from the Depository
      directing the Trustee to effect such exchange (such instructions to contain
      information regarding the Class of Certificates and the Current Principal Amount
      being exchanged, the Depository Participant account to be debited with the
      decrease, the registered holder of and delivery instructions for the definitive
      Certificate, and any other information reasonably required by the Trustee),
      (i)
      the Trustee shall instruct the Depository to reduce the related Depository
      Participant’s account by the aggregate Current Principal Amount of the
      definitive Certificate, (ii) the Trustee shall execute, authenticate and
      deliver, in accordance with the registration and delivery instructions provided
      by the Depository, a definitive Certificate evidencing such Certificate Owner’s
      Fractional Undivided Interest in such Class of Certificates and (iii) the
      Trustee shall execute and authenticate a new Book-Entry Certificate reflecting
      the reduction in the Current Principal Amount of such Class of Certificates
      by
      the amount of the definitive Certificates.

     

    (d)           (i)           REMIC
      I will be evidenced by (x) the REMIC I Regular Interests, which will be
      uncertificated and non-transferable and are hereby designated as the “regular
      interests” in REMIC I and have the initial principal amounts and accrue interest
      at the Pass-Through Rates equal to those set forth in this Section 5.01(c)(i)
      and (y) the Class R-I Certificates, which are hereby designated as representing
      the sole class of “residual interests” in REMIC I.

     

    The
      REMIC
      I Regular Interests and the Class R-I Certificates will have the following
      designations, initial principal amounts and Pass-Through Rates:

     

    
      	
              
                REMIC
                  I Interest

              

            	 	
              
                Initial
                  Principal Amount

              

            	 	 	
              
                Pass-Through
                  Rate

              

            	 	
              
                Related
                  Loan Group

              

            
	 	 	 	 	 	 	 	 
	
              I-Sub

            	 	$	
                264.96

            	 	 	 	
               (1)

            	 	
              Loan
                Group I

            
	
              I-Grp

            	 	$	
                7,063.76

            	 	 	 	
              (2)

            	 	
              Loan
                Group I

            
	
              II-Sub

            	 	$	
                425.16

            	 	 	 	
               (1)

            	 	
              Loan
                Group II

            
	
              II-Grp

            	 	$	
                11,335.96

            	 	 	 	
               (3)

            	 	
              Loan
                Group II

            
	
              III-Sub

            	 	$	
                817.06

            	 	 	 	
               (1)

            	 	
              Loan
                Group III

            
	
              III-Grp

            	 	$	
                21,786.86

            	 	 	 	
               (4)

            	 	
              Loan
                Group III

            
	
              ZZZ

            	 	$	
               
                401,824,112.21

            	 	 	 	
               (1)

            	 	
              Loan
                Group I through Loan Group III

            
	
              R-II/R-III

            	 	$	
              100.00

            	 	 	 	
              0.00%

            	 	
              N/A

            
	
              Class
                R-I

            	 	$	
              50.00

            	 	 	 	
              0.00%

            	 	
              N/A

            

    

    ______________________

    (1)           The
      weighted average of the Net Rates of the Mortgage Loans, weighted on the basis
      of the respective Scheduled Principal Balances of each such Mortgage Loan as
      of
      the beginning of the Due Period immediately preceding the related Distribution
      Date.

     

    (2)           The
      weighted average of the Net Rates of the Group I Mortgage Loans, weighted on
      the
      basis of the respective Scheduled Principal Balances of each such Mortgage
      Loan
      as of the beginning of the Due Period immediately preceding the related
      Distribution Date.

     

    (3)           The
      weighted average of the Net Rates of the Group II Mortgage Loans, weighted
      on
      the basis of the respective Scheduled Principal Balances of each such Mortgage
      Loan as of the beginning of the Due Period immediately preceding the related
      Distribution Date.

     

    (4)           The
      weighted average of the Net Rates of the Group III Mortgage Loans, weighted
      on
      the basis of the respective Scheduled Principal Balances of each such Mortgage
      Loan as of the beginning of the Due Period immediately preceding the related
      Distribution Date.

     

    Interest
      shall be payable from amounts received on the Mortgage Loans to the REMIC I
      Regular Interests at the applicable Pass-Through Rates on the related
      Uncertificated Principal Balances. On the Distribution Date in September 2007,
      REMIC I Regular Interest R-II/R-III will be paid $100 in reduction of its
      Uncertificated Principal Balance from the Class R-II Deposit and the Class
      R-III
      Deposit held in the Distribution Account.   Distributions of
      principal shall be deemed to be made from amounts received on the Mortgage
      Loans
      to the REMIC I Regular Interests, first, so as to keep the Uncertificated
      Principal Balance of each REMIC I Regular Interest ending with the designation
      “Grp” equal to 0.01% of the aggregate Scheduled Principal Balance of the
      Mortgage Loans in the related Loan Group; second, to each REMIC I Regular
      Interest ending with the designation “Sub,” so that the Uncertificated Principal
      Balance of each such REMIC I Regular Interest is equal to 0.01% of the excess
      of
      (x) the aggregate Scheduled Principal Balance of the Mortgage Loans in the
      related Loan Group over (y) the aggregate Current Principal Amount of the Senior
      Certificates in the Certificate Group for the related Loan Group (except that
      if
      any such excess is a larger number than in the preceding distribution period,
      the least amount of principal shall be distributed to such REMIC I Regular
      Interests such that the REMIC I Subordinated Balance Ratio is maintained);
      and
      third, any remaining principal to REMIC I Regular Interest ZZZ. Realized Losses
      on the Mortgage Loans shall be applied after all distributions have been made
      on
      each Distribution Date, first, so as to keep the Uncertificated Principal
      Balance of each REMIC I Regular Interest ending with the designation “Grp” equal
      to 0.01% of the aggregate Scheduled Principal Balance of the Mortgage Loans
      in
      the related Loan Group; second, to each REMIC I Regular Interest ending with
      the
      designation “Sub,” so that the Uncertificated Principal Balance of each such
      REMIC I Regular Interest is equal to 0.01% of the excess of (x) the aggregate
      Scheduled Principal Balance of the Mortgage Loans in the related Loan Group
      over
      (y) the Current Principal Amount of the Senior Certificates in the Certificate
      Group for the related Loan Group (except that if any such excess is a larger
      number than in the preceding distribution period, the least amount of Realized
      Losses shall be applied to such REMIC I Regular Interests such that the REMIC
      I
      Subordinated Balance Ratio is maintained); and third, any remaining Realized
      Losses on the Mortgage Loans shall be allocated to REMIC I Regular Interest
      ZZZ.

     

    The
      aggregate amount of any Net Interest
      Shortfalls and interest portion of Realized Losses related to the Mortgage
      Loans
      for any Distribution Date shall be allocated to accrued interest payable to
      the
      REMIC I Regular Interests,
pro
      rata, based on, and
      to
      the extent of, one month’s interest at the then applicable respective
      Pass-Through Rates on the respective Uncertificated Principal Balances of each
      such REMIC I Regular
      Interest.

     

    (ii)           REMIC
      II will be evidenced by (x) the REMIC II Regular Interests, which will be
      uncertificated and non-transferable and are hereby designated as the “regular
      interests” in REMIC II and have the initial principal amounts and (other than
      REMIC II Regular Interest R-III) accrue interest at the Pass-Through Rates
      equal
      to those set forth in this Section 5.01(c)(ii) and (y) the Class R-II
      Certificates, which are hereby designated as representing the sole class of
      “residual interests” in REMIC II.

     

    The
      REMIC
      II Regular Interests and the Class R-II Certificates will have the following
      designations, initial principal amounts and Pass Through Rates:

     

    
      	
              
                Designation

              

            	 	
              
                Initial
                  Principal Amount

              

            	 	 	
              
                Pass-Through
                  Rate

              

            	 
	 	 	 	 	 	 	 
	
              I-A-1

            	 	$	
              62,690,000.00

            	 	 	 	
               (1)

            	 
	
              I-A-2

            	 	$	
              5,298,000.00

            	 	 	 	
               (1)

            	 
	
              II-A-1

            	 	$	
              100,606,000.00

            	 	 	 	
               (2)

            	 
	
              II-A-2

            	 	$	
              8,502,000.00

            	 	 	 	
               (2)

            	 
	
              III-A-1

            	 	$	
              185,188,000.00

            	 	 	 	
               (3)

            	 
	
              III-A-2

            	 	$	
              24,510,000.00

            	 	 	 	
               (3)

            	 
	
              R-III

            	 	$	
                50.00

            	 	 	 	
              0.00%

            	 
	
              Class
                R-II

            	 	$	
                50.00

            	 	 	 	
              0.00%

            	 
	
              B-1

            	 	$	
              6,027,000.00

            	 	 	 	
               (4)

            	 
	
              B-2

            	 	$	
              3,416,000.00

            	 	 	 	
               (4)

            	 
	
              B-3

            	 	$	
              1,407,000.00

            	 	 	 	
               (4)

            	 
	
              B-4

            	 	$	
              2,008,000.00

            	 	 	 	
               (4)

            	 
	
              B-5

            	 	$	
              1,407,000.00

            	 	 	 	
               (4)

            	 
	
              B-6

            	 	$	
              806,805.97

            	 	 	 	
               (4)

            	 

    

    

     

    (1)           A
      variable Pass-Through Rate equal to the weighted average of the Pass-Through
      Rate on REMIC I Regular Interest I-Grp, weighted on the basis of the
      Uncertificated Principal Balance of such REMIC I Regular Interest immediately
      preceding the related Distribution Date.

     

    (2)           A
      variable Pass-Through Rate equal to the weighted average of the Pass-Through
      Rate on REMIC I Regular Interest II-Grp, weighted on the basis of the
      Uncertificated Principal Balance of such REMIC I Regular Interest immediately
      preceding the related Distribution Date.

     

    (3)           A
      variable Pass-Through Rate equal to the weighted average of the Pass-Through
      Rate on REMIC I Regular Interest III-Grp, weighted on the basis of the
      Uncertificated Principal Balance of such REMIC I Regular Interest immediately
      preceding the related Distribution Date.

     

    (4)           A
      variable Pass-Through Rate equal to the weighted average of the Pass-Through
      Rates on REMIC I Regular Interests I-Sub, II-Sub and III-Sub, weighted on the
      basis of the Uncertificated Principal Balances of each such REMIC I Regular
      Interest immediately preceding the related Distribution Date, provided that
      for
      purposes of calculating such weighted average, the Pass-Through Rate of each
      such REMIC I Regular Interest shall be subject to a cap and a floor equal to
      the
      Pass-Through Rate of the REMIC I Regular Interest from the related Loan Group
      ending with the designation “Grp”.

     

    Principal
      shall be payable to, and shortfalls, losses and prepayments are allocable to,
      the REMIC II Regular Interests as such amounts are payable and allocable to
      the
      Corresponding Certificates; provided that, solely for purposes of the foregoing,
      any shortfalls or losses allocable to the Class III-X-1 Certificates shall
      be
      deemed to be allocated entirely to the Class III-A-1 Certificates and Class
      III-A-2 Certificates on a pro rata basis. Interest shall be payable to the
      REMIC
      II Regular Interests at the Pass-Through Rate for each such REMIC II Regular
      Interest on each such REMIC II Regular Interest’s Uncertificated Principal
      Balance.

     

     (iii)           The
      Classes of the Regular Certificates, each of which shall represent a “regular
      interest” in REMIC III, and the Class R-I, Class R-II and Class R-III
      Certificates, each of which shall represent the sole class of “residual
      interests” in REMIC I, REMIC II and REMIC III, respectively, shall have the
      following designations, initial principal amounts and Pass-Through
      Rates:

     

    
      	
              
                Designation

              

            	 	
              
                Initial
                  Principal Amount

              

            	 	 	
              
                 
                  Pass-Through
                  Rate

              

            
	
              I-A-1

            	 	$	
              62,690,000.00

            	 	 	 	
               (1)

            
	
              I-A-2

            	 	$	
              5,298,000.00

            	 	 	 	
               (1)

            
	
              II-A-1

            	 	$	
              100,606,000.00

            	 	 	 	
               (2)

            
	
              II-A-2

            	 	$	
              8,502,000.00

            	 	 	 	
               (2)

            
	
              III-A-1

            	 	$	
              185,188,000.00

            	 	 	 	
               (3)

            
	
              III-A-2

            	 	$	
              24,510,000.00

            	 	 	 	
               (3)

            
	
              III-X-1

            	 	 	 (4)	 	 	 	
               (5)

            
	
              R-I

            	 	$	
              50.00

            	 	 	 	
               (6)

            
	
              R-II

            	 	$	
              50.00

            	 	 	 	
               (6)

            
	
              R-III

            	 	$	
              50.00

            	 	 	 	
               (6)

            
	
              B-1

            	 	$	
              6,027,000.00

            	 	 	 	
               (7)

            
	
              B-2

            	 	$	
              3,416,000.00

            	 	 	 	
               (7)

            
	
              B-3

            	 	$	
              1,407,000.00

            	 	 	 	
               (7)

            
	
              B-4

            	 	$	
              2,008,000.00

            	 	 	 	
               (7)

            
	
              B-5

            	 	$	
              1,407,000.00

            	 	 	 	
               (7)

            
	
              B-6

            	 	$	
              806,805.97

            	 	 	 	
               (7)

            

    

    

    (1)           The
      Class I-A-1 Certificates and Class I-A-2 Certificates will bear interest at
      a
      variable Pass-Through Rate equal to the weighted average of the Net Rates of
      the
      Group I Mortgage Loans, weighted on the basis of the respective Scheduled
      Principal Balances of each such Mortgage Loan as of the beginning of the Due
      Period immediately preceding the related Distribution Date.  For
      federal income tax purposes the Class I-A-1 Certificates and Class I-A-2
      Certificates will bear interest at a rate equivalent to the foregoing,
      calculated using the weighted average of the Pass-Through Rates on REMIC II
      Regular Interests I-A-1 and I-A-2, weighted on the basis of the Uncertificated
      Principal Balances of each such REMIC II Regular Interest immediately preceding
      the related Distribution Date, in place of the weighted average of the Net
      Rates
      of the Group I Mortgage Loans.

     

    (2)  The
      Class II-A-1 Certificates and Class II-A-2 Certificates will bear interest
      at a
      variable Pass-Through Rate equal to the weighted average of the Net Rates of
      the
      Group II Mortgage Loans, weighted on the basis of the respective Scheduled
      Principal Balances of each such Mortgage Loan as of the beginning of the Due
      Period immediately preceding the related Distribution Date.  For
      federal income tax purposes the Class II-A-1 Certificates and Class II-A-2
      Certificates will bear interest at a rate equivalent to the foregoing,
      calculated using the weighted average of the Pass-Through Rates on REMIC II
      Regular Interests II-A-1 and II-A-2, weighted on the basis of the Uncertificated
      Principal Balances of each such REMIC II Regular Interest immediately preceding
      the related Distribution Date, in place of the weighted average of the Net
      Rates
      of the Group II Mortgage Loans.

     

    (3)           On
      or prior to the Distribution Date in July 2017, the Class III-A-1 Certificates
      and Class III-A-2 Certificates will bear interest at a variable Pass-Through
      Rate equal to the weighted average of the Net Rates of the Group III Mortgage
      Loans, weighted on the basis of the respective Scheduled Principal Balances
      of
      each such Mortgage Loan as of the beginning of the Due Period immediately
      preceding the related Distribution Date, minus 0.271% per annum. After the
      Distribution Date in July 2017, the Class III-A-1 Certificates and Class III-A-2
      Certificates will bear interest at a variable Pass-Through Rate equal to the
      weighted average of the Net Rates of the Group III Mortgage Loans, weighted
      on
      the basis of the respective Scheduled Principal Balances of each such Mortgage
      Loan as of the beginning of the Due Period immediately preceding the related
      Distribution Date. During each such period, for federal income tax purposes
      the
      Class III-A-1 Certificates and Class III-A-2 Certificates will bear interest
      at
      a rate equivalent to the foregoing, calculated using the weighted average of
      the
      Pass-Through Rates on REMIC II Regular Interests III-A-1 and III-A-2, weighted
      on the basis of the Uncertificated Principal Balances of each such REMIC II
      Regular Interest immediately preceding the related Distribution Date, in place
      of the weighted average of the Net Rates of the Group III Mortgage
      Loans.

     

    (4)           As
      described in the definition of Notional Amount herein.

     

    (5)           On
      or prior to the Distribution Date in July 2017, the Class III-X-1 Certificates
      will bear interest at a fixed Pass-Through Rate equal to 0.271% per annum on
      a
      notional balance equal to the aggregate Current Principal Amount of the Class
      III-A-1 Certificates and Class III-A-2 Certificates.  After the
      Distribution Date in July 2017, the Class III-1X-1 Certificates will not bear
      any interest.  For federal income tax purposes, the Class III-X-1
      Certificates will bear interest at a rate equivalent to the foregoing, expressed
      as (i) for any Distribution Date in or prior to July 2017, the excess, if any,
      of (x) the weighted average of the Pass-Through Rates on REMIC II Regular
      Interests III-A-1 and III-A-2, weighted on the basis of the Uncertificated
      Principal Balances of each such REMIC II Regular Interest immediately preceding
      the related Distribution Date, over (y) the excess, if any, of (1) the weighted
      average of the Pass-Through Rates on REMIC II Regular Interests III-A-1 and
      III-A-2, weighted on the basis of the Uncertificated Principal Balances of
      each
      such REMIC II Regular Interest immediately preceding the related Distribution
      Date, over (2) 0.271% per annum, and (ii) for any Distribution Date after July
      2017, the excess, if any, of (A) the weighted average of the Pass-Through Rates
      on REMIC II Regular Interests III-A-1 and III-A-2, weighted on the basis of
      the
      Uncertificated Principal Balances of each such REMIC II Regular Interest
      immediately preceding the related Distribution Date, over (B) the weighted
      average of the Pass-Through Rates on REMIC II Regular Interests III-A-1 and
      III-A-2, weighted on the basis of the Uncertificated Principal Balances of
      each
      such REMIC II Regular Interest immediately preceding the related Distribution
      Date.

     

     (6)       
        The Class R-I, Class R-II and Class R-III Certificates
      will not bear interest.

     

    (7)           The
      Class B-1, Class B-2, Class B-3, Class B-4, Class B-5 and Class B-6 Certificates
      will each bear interest at a variable Pass-Through Rate equal to the weighted
      average of the weighted average of the Net Rates of the Mortgage Loans in Loan
      Group I, Loan  Group II and Loan Group III, weighted in proportion to
      the results of subtracting from the aggregate Scheduled Principal Balance of
      the
      Mortgage Loans of each such Loan Group, the aggregate Current Principal Amount
      of the related Class or Classes of Senior Certificates. For federal income
      tax
      purposes such Certificates will bear interest at a rate equivalent to the
      foregoing, expressed as the weighted average of the Pass-Through Rates on REMIC
      II Regular Interests B-1, B-2, B-3, B-4, B-5 and B-6, weighted on the basis
      of
      the Uncertificated Principal Balances of each such REMIC II Regular Interest
      immediately preceding the related Distribution Date.

     

    (e)  For
      purposes of Section 1.860G-1(a)(4)(iii) of the Treasury regulations, the
      Distribution Date immediately following the maturity date for the Mortgage
      Loan
      with the latest maturity date in the Trust Fund has been designated as the
      “latest possible maturity date” for the REMIC I Regular Interests, REMIC II
      Regular Interests and the Certificates (other than the Class R
      Certificates).

     

    (f)  With
      respect to each Distribution Date, each Class of Certificates shall accrue
      interest during the related Interest Accrual Period. With respect to each
      Distribution Date and each such Class of Certificates, interest shall be
      calculated, on the basis of a 360-day year comprised of twelve 30-day months,
      based upon the respective Pass-Through Rate set forth, or determined as
      provided, above and the Current Principal Amount (or Notional Amount in the
      case
      of the Interest Only Certificates) of such Class applicable to such Distribution
      Date.

     

    (g)  The
      Certificates shall be substantially in the forms set forth in Exhibits A-1,
      A-2
      and A-3. On original issuance, the Trustee, shall sign, countersign and shall
      deliver them at the direction of the Depositor. Pending the preparation of
      definitive Certificates of any Class, the Trustee may sign and countersign
      temporary Certificates that are printed, lithographed or typewritten, in
      authorized denominations for Certificates of such Class, substantially of the
      tenor of the definitive Certificates in lieu of which they are issued and with
      such appropriate insertions, omissions, substitutions and other variations
      as
      the officers or authorized signatories executing such Certificates may
      determine, as evidenced by their execution of such Certificates. If temporary
      Certificates are issued, the Depositor will cause definitive Certificates to
      be
      prepared without unreasonable delay. After the preparation of definitive
      Certificates, the temporary Certificates shall be exchangeable for definitive
      Certificates upon surrender of the temporary Certificates at the Corporate
      Trust
      Office of the Trustee, without charge to the Holder. Upon surrender for
      cancellation of any one or more temporary Certificates, the Trustee shall sign
      and countersign and deliver in exchange therefor a like aggregate principal
      amount, in authorized denominations for such Class, of definitive Certificates
      of the same Class. Until so exchanged, such temporary Certificates shall in
      all
      respects be entitled to the same benefits as definitive
      Certificates.

     

    (h)  Each
      Class of Book-Entry Certificates will be registered as a single Certificate
      of
      such Class held by a nominee of the Depository or the DTC Custodian, and
      beneficial interests will be held by investors through the book-entry facilities
      of the Depository in minimum denominations of, in the case of the Offered
      Certificates (other than the Residual Certificates), $100,000 and in each case
      increments of $1.00 in excess thereof, except that one Certificate of each
      such
      Class may be issued in a different amount so that the sum of the denominations
      of all outstanding Certificates of such Class shall equal the Current Principal
      Amount of such Class on the Closing Date. On the Closing Date, the Trustee
      shall
      execute and countersign Physical Certificates all in an aggregate principal
      amount that shall equal the Current Principal Amount of such Class on the
      Closing Date. The Private Certificates shall be issued in certificated
      fully-registered form in minimum dollar denominations of $100,000 and integral
      multiples of $1.00 in excess thereof, except that one Private Certificate of
      each Class may be issued in a different amount so that the sum of the
      denominations of all outstanding Private Certificates of such Class shall equal
      the Current Principal Amount of such Class on the Closing Date.  The
      Residual Certificates shall each be issued in certificated fully-registered
      form, each, in the denomination of $50.  Each Class of Global
      Certificates, if any, shall be issued in fully registered form in minimum dollar
      denominations of $100,000 and integral multiples of $1.00 in excess thereof,
      except that one Certificate of each Class may be in a different denomination
      so
      that the sum of the denominations of all outstanding Certificates of such Class
      shall equal the Current Principal Amount of such Class on the Closing Date.
      On
      the Closing Date, the Trustee shall execute and countersign (i) in the case
      of
      each Class of Offered Certificates, the Certificate in the entire Current
      Principal Amount of the respective Class and (ii) in the case of each Class
      of
      Private Certificates, Individual Certificates all in an aggregate principal
      amount that shall equal the Current Principal Amount of each such respective
      Class on the Closing Date. The Certificates referred to in clause (i) and if
      at
      any time there are to be Global Certificates, the Global Certificates shall
      be
      delivered by the Depositor to the Depository or pursuant to the Depository’s
      instructions, shall be delivered by the Depositor on behalf of the Depository
      to
      and deposited with the DTC Custodian. The Trustee shall sign the Certificates
      by
      facsimile or manual signature and countersign them by manual signature by one
      or
      more authorized signatories, each of whom shall be Responsible Officers of
      the
      Trustee or its agent. A Certificate bearing the manual and facsimile signatures
      of individuals who were the authorized signatories of the Trustee or its agent
      at the time of issuance shall bind the Trustee, notwithstanding that such
      individuals or any of them have ceased to hold such positions prior to the
      delivery of such Certificate.

     

    (i)  No
      Certificate shall be entitled to any benefit under this Agreement, or be valid
      for any purpose, unless there appears on such Certificate the manually executed
      countersignature of the Trustee or its agent, and such countersignature upon
      any
      Certificate shall be conclusive evidence, and the only evidence, that such
      Certificate has been duly executed and delivered hereunder. All Certificates
      issued on the Closing Date shall be dated the Closing Date. All Certificates
      issued thereafter shall be dated the date of their
      countersignature.

     

    (j)  The
      Closing Date is hereby designated as the “startup” day of each REMIC within the
      meaning of Section 860G(a)(9) of the Code.

     

    (k)  For
      federal income tax purposes, each REMIC shall have a tax year that is a calendar
      year and shall report income on an accrual basis.

     

    (l)  The
      Trustee shall cause each REMIC to timely elect to be treated as a REMIC under
      Section 860D of the Code. Any inconsistencies or ambiguities in this Agreement
      or in the administration of any Trust established hereby shall be resolved
      in a
      manner that preserves the validity of such elections.

     

    (m)  The
      following legend shall be placed on the Residual Certificates, whether upon
      original issuance or upon issuance of any other Certificate of any such Class
      in
      exchange therefor or upon transfer thereof:

     

    THIS
      CERTIFICATE MAY NOT BE ACQUIRED DIRECTLY OR INDIRECTLY BY, OR ON BEHALF OF,
      AN
      EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT WHICH IS SUBJECT TO TITLE
      I OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED, OR SECTION
      4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED, UNLESS THE PROPOSED
      TRANSFEREE PROVIDES THE TRUSTEE WITH AN OPINION OF COUNSEL ADDRESSED TO THE
      DEPOSITOR, TRUSTEE AND MASTER SERVICER AND ON WHICH THEY MAY RELY THAT IS
      SATISFACTORY TO THE TRUSTEE THAT THE PURCHASE OF CERTIFICATES ON BEHALF OF
      SUCH
      PERSON WILL NOT RESULT IN OR CONSTITUTE A NONEXEMPT PROHIBITED TRANSACTION,
      IS
      PERMISSIBLE UNDER APPLICABLE LAW AND WILL NOT GIVE RISE TO ANY ADDITIONAL
      OBLIGATIONS ON THE PART OF THE DEPOSITOR, THE MASTER SERVICER OR THE
      TRUSTEE.

     

    The
      following legend shall be placed upon the Private Certificates, whether upon
      original issuance or upon issuance of any other Certificate of any such Class
      in
      exchange therefor or upon transfer thereof:

     

    THIS
      CERTIFICATE MAY NOT BE ACQUIRED DIRECTLY OR INDIRECTLY BY, OR ON BEHALF OF,
      AN
      EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT WHICH IS SUBJECT TO TITLE
      I OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED, OR SECTION
      4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED, UNLESS THE TRANSFEREE
      CERTIFIES OR REPRESENTS THAT THE PROPOSED TRANSFER AND HOLDING OF A CERTIFICATE
      AND THE SERVICING, MANAGEMENT AND OPERATION OF THE TRUST AND ITS ASSETS: (I)
      WILL NOT RESULT IN ANY PROHIBITED TRANSACTION WHICH IS NOT COVERED UNDER AN
      INDIVIDUAL OR CLASS PROHIBITED TRANSACTION EXEMPTION, INCLUDING, BUT NOT LIMITED
      TO, PROHIBITED TRANSACTION CLASS EXEMPTION (“PTCE”) 84-14, PTCE 91-38, PTCE
      90-1, PTCE 95-60 OR PTCE 96-23 AND (II) WILL NOT GIVE RISE TO ANY ADDITIONAL
      OBLIGATIONS ON THE PART OF THE DEPOSITOR, THE MASTER SERVICER OR THE TRUSTEE,
      WHICH WILL BE DEEMED REPRESENTED BY AN OWNER OF A BOOK-ENTRY CERTIFICATE OR
      A
      GLOBAL CERTIFICATE OR UNLESS THE OPINION SPECIFIED IN SECTION 5.07 OF THE
      AGREEMENT IS PROVIDED.

     

    Section
      5.02  Registration
      of Transfer and Exchange of Certificates.

     

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

     

    (b)  Subject
      to Subsection 5.01(a) and, in the case of any Global Certificate or Physical
      Certificate upon the satisfaction of the conditions set forth below, upon
      surrender for registration of transfer of any Certificate at any office or
      agency of the Trustee maintained for such purpose, the Trustee shall sign,
      countersign and shall deliver, in the name of the designated transferee or
      transferees, a new Certificate of a like Class and aggregate Fractional
      Undivided Interest, but bearing a different number.

     

    (c)  By
      acceptance of an Individual Certificate, whether upon original issuance or
      subsequent transfer, each holder of such a Certificate acknowledges the
      restrictions on the transfer of such Certificate set forth in the Securities
      Legend and agrees that it will transfer such a Certificate only as provided
      herein. In addition to the provisions of Subsection 5.02(h), the following
      restrictions shall apply with respect to the transfer and registration of
      transfer of an Individual Certificate to a transferee that takes delivery in
      the
      form of an Individual Certificate:

     

    (i)  The
      Trustee shall register the transfer of an Individual Certificate if the
      requested transfer is being made to a transferee who has provided the Trustee
      with a Rule 144A Certificate or comparable evidence as to its QIB
      status.

     

    (ii)  The
      Trustee shall register the transfer of any Individual Certificate if (x) the
      transferor has advised the Trustee in writing that the Certificate is being
      transferred to an Institutional Accredited Investor; and (y) prior to the
      transfer the transferee furnishes to the Trustee an Investment Letter (and
      the
      Trustee shall be fully protected in so doing), provided that, if based upon
      an
      Opinion of Counsel addressed to the Trustee to the effect that the delivery
      of
      (x) and (y) above are not sufficient to confirm that the proposed transfer
      is
      being made pursuant to an exemption from, or in a transaction not subject to,
      the registration requirements of the Securities Act and other applicable laws,
      the Trustee shall as a condition of the registration of any such transfer
      require the transferor to furnish such other certifications, legal opinions
      or
      other information prior to registering the transfer of an Individual Certificate
      as shall be set forth in such Opinion of Counsel.

     

    (d)  Subject
      to Subsection 5.02(h), so long as a Global Certificate of such Class is
      outstanding and is held by or on behalf of the Depository, transfers of
      beneficial interests in such Global Certificate, or transfers by holders of
      Individual Certificates of such Class to transferees that take delivery in
      the
      form of beneficial interests in the Global Certificate, may be made only in
      accordance with this Subsection 5.02(d) and in accordance with the rules of
      the
      Depository:

     

    (i)  In
      the
      case of a beneficial interest in the Global Certificate being transferred to
      an
      Institutional Accredited Investor, such transferee shall be required to take
      delivery in the form of an Individual Certificate or Certificates and the
      Trustee shall register such transfer only upon compliance with the provisions
      of
      Subsection 5.02(c)(ii).

     

    (ii)  In
      the
      case of a beneficial interest in a Class of Global Certificates being
      transferred to a transferee that takes delivery in the form of an Individual
      Certificate or Certificates of such Class, except as set forth in clause (i)
      above, the Trustee shall register such transfer only upon compliance with the
      provisions of Subsection 5.02(c)(i).

     

    (iii)  In
      the
      case of an Individual Certificate of a Class being transferred to a transferee
      that takes delivery in the form of a beneficial interest in a Global Certificate
      of such Class, the Trustee shall register such transfer if the transferee has
      provided the Trustee with a Rule 144A Certificate or comparable evidence as
      to
      its QIB status.

     

    (iv)  No
      restrictions shall apply with respect to the transfer or registration of
      transfer of a beneficial interest in the Global Certificate of a Class to a
      transferee that takes delivery in the form of a beneficial interest in the
      Global Certificate of such Class; provided that each such transferee shall
      be
      deemed to have made such representations and warranties contained in the Rule
      144A Certificate as are sufficient to establish that it is a QIB.

     

    (e)  Subject
      to Subsection 5.02(h), an exchange of a beneficial interest in a Global
      Certificate of a Class for an Individual Certificate or Certificates of such
      Class, an exchange of an Individual Certificate or Certificates of a Class
      for a
      beneficial interest in the Global Certificate of such Class and an exchange
      of
      an Individual Certificate or Certificates of a Class for another Individual
      Certificate or Certificates of such Class (in each case, whether or not such
      exchange is made in anticipation of subsequent transfer, and, in the case of
      the
      Global Certificate of such Class, so long as such Certificate is outstanding
      and
      is held by or on behalf of the Depository) may be made only in accordance with
      this Subsection 5.02(e) and in accordance with the rules of the
      Depository:

     

    (i)  A
      holder
      of a beneficial interest in a Global Certificate of a Class may at any time
      exchange such beneficial interest for an Individual Certificate or Certificates
      of such Class.

     

    (ii)  A
      holder
      of an Individual Certificate or Certificates of a Class may exchange such
      Certificate or Certificates for a beneficial interest in the Global Certificate
      of such Class if such holder furnishes to the Trustee a Rule 144A Certificate
      or
      comparable evidence as to its QIB status.

     

    (iii)  A
      holder
      of an Individual Certificate of a Class may exchange such Certificate for an
      equal aggregate principal amount of Individual Certificates of such Class in
      different authorized denominations without any certification.

     

    (f)  (i)           Upon
      acceptance for exchange or transfer of an Individual Certificate of a Class
      for
      a beneficial interest in a Global Certificate of such Class as provided herein,
      the Trustee shall cancel such Individual Certificate and shall (or shall request
      the Depository to) endorse on the schedule affixed to the applicable Global
      Certificate (or on a continuation of such schedule affixed to the Global
      Certificate and made a part thereof) or otherwise make in its books and records
      an appropriate notation evidencing the date of such exchange or transfer and
      an
      increase in the certificate balance of the Global Certificate equal to the
      certificate balance of such Individual Certificate exchanged or transferred
      therefor.

     

    (ii)  Upon
      acceptance for exchange or transfer of a beneficial interest in a Global
      Certificate of a Class for an Individual Certificate of such Class as provided
      herein, the Trustee shall (or shall request the Depository to) endorse on the
      schedule affixed to such Global Certificate (or on a continuation of such
      schedule affixed to such Global Certificate and made a part thereof) or
      otherwise make in its books and records an appropriate notation evidencing
      the
      date of such exchange or transfer and a decrease in the certificate balance
      of
      such Global Certificate equal to the certificate balance of such Individual
      Certificate issued in exchange therefor or upon transfer thereof.

     

    (g)  The
      Securities Legend shall be placed on any Individual Certificate issued in
      exchange for or upon transfer of another Individual Certificate or of a
      beneficial interest in a Global Certificate.

     

    (h)  Subject
      to the restrictions on transfer and exchange set forth in this Section 5.02,
      the
      holder of any Individual Certificate may transfer or exchange the same in whole
      or in part (in an initial certificate balance equal to the minimum authorized
      denomination set forth in Section 5.01(g) above or any integral multiple of
      $1.00 in excess thereof) by surrendering such Certificate at the Trustee Office,
      or at the office of any transfer agent, together with an executed instrument
      of
      assignment and transfer satisfactory in form and substance to the Trustee in
      the
      case of transfer and a written request for exchange in the case of exchange.
      The
      holder of a beneficial interest in a Global Certificate may, subject to the
      rules and procedures of the Depository, cause the Depository (or its nominee)
      to
      notify the Trustee in writing of a request for transfer or exchange of such
      beneficial interest for an Individual Certificate or Certificates. Following
      a
      proper request for transfer or exchange, the Trustee shall, within five Business
      Days of such request made at the Corporate Trust Office, sign, countersign
      and
      deliver at the Corporate Trust Office, to the transferee (in the case of
      transfer) or holder (in the case of exchange) or send by first class mail at
      the
      risk of the transferee (in the case of transfer) or holder (in the case of
      exchange) to such address as the transferee or holder, as applicable, may
      request, an Individual Certificate or Certificates, as the case may require,
      for
      a like aggregate Fractional Undivided Interest and in such authorized
      denomination or denominations as may be requested. The presentation for transfer
      or exchange of any Individual Certificate shall not be valid unless made at
      the
      Corporate Trust Office by the registered holder in person, or by a duly
      authorized attorney-in-fact.

     

    (i)  At
      the
      option of the Certificateholders, Certificates may be exchanged for other
      Certificates of authorized denominations of a like Class and aggregate
      Fractional Undivided Interest, upon surrender of the Certificates to be
      exchanged at the Corporate Trust Office; provided, however, that no Certificate
      may be exchanged for new Certificates unless the original Fractional Undivided
      Interest represented by each such new Certificate (i) is at least equal to
      the
      minimum authorized denomination or (ii) is acceptable to the Depositor as
      indicated to the Trustee in writing. Whenever any Certificates are so
      surrendered for exchange, the Trustee shall sign, countersign and deliver the
      Certificates which the Certificateholder making the exchange is entitled to
      receive.

     

    (j)  If
      the
      Trustee so requires, every Certificate presented or surrendered for transfer
      or
      exchange shall be duly endorsed by, or be accompanied by a written instrument
      of
      transfer, with a signature guarantee, in form satisfactory to the Trustee,
      duly
      executed by the holder thereof or his or her attorney duly authorized in
      writing.

     

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

     

    (l)  The
      Trustee shall cancel all Certificates surrendered for transfer or exchange
      but
      shall retain such Certificates in accordance with its standard retention policy
      or for such further time as is required by the record retention requirements
      of
      the Securities Exchange Act of 1934, as amended, and thereafter may destroy
      such
      Certificates.

     

    Section
      5.03  Mutilated,
      Destroyed, Lost or Stolen Certificates.

     

    (a)  If
      (i)
      any mutilated Certificate is surrendered to the Trustee, or the Trustee receives
      evidence to its satisfaction of the destruction, loss or theft of any
      Certificate, and (ii) there is delivered to the Trustee such security or
      indemnity as it may require to save it harmless, and (iii) the
      Trustee  has not received notice that such Certificate has been
      acquired by a third Person, the Trustee  shall sign, countersign and
      deliver, in exchange for or in lieu of any such mutilated, destroyed, lost
      or
      stolen Certificate, a new Certificate of like tenor and Fractional Undivided
      Interest but in each case bearing a different number. The mutilated, destroyed,
      lost or stolen Certificate shall thereupon be canceled of record by the
      Trustee  and shall be of no further effect and evidence no
      rights.

     

    (b)  Upon
      the
      issuance of any new Certificate under this Section 5.03, the Trustee may require
      the payment of a sum sufficient to cover any tax or other governmental charge
      that may be imposed in relation thereto and any other expenses (including the
      fees and expenses of the Trustee) connected therewith. Any duplicate Certificate
      issued pursuant to this Section 5.03 shall constitute complete and indefeasible
      evidence of ownership in the Trust Fund, as if originally issued, whether or
      not
      the lost, stolen or destroyed Certificate shall be found at any
      time.

     

    Section
      5.04  Persons
      Deemed Owners.

     

    Prior
      to
      due presentation of a Certificate for registration of transfer, the Depositor
      or
      the Trustee and any agent of the Depositor or the Trustee may treat the Person
      in whose name any Certificate is registered as the owner of such Certificate
      for
      the purpose of receiving distributions pursuant to Section 6.01 and for all
      other purposes whatsoever. Neither the Depositor, the Trustee nor any agent
      of
      the Depositor or the Trustee shall be affected by notice to the contrary. No
      Certificate shall be deemed duly presented for a transfer effective on any
      Record Date unless the Certificate to be transferred is presented no later
      than
      the close of business on the third Business Day preceding such Record
      Date.

     

    Section
      5.05  Transfer
      Restrictions on Residual Certificates.

     

    (a)  No
      transfer, sale or other disposition of a Residual Certificate (including a
      beneficial interest therein) may be made unless, prior to the transfer, sale
      or
      other disposition of a Residual Certificate, (1) the proposed transferee
      (including the initial purchasers thereof) delivers to the Trustee and the
      Depositor an affidavit and agreement in the form attached hereto as Exhibit
      E-1
      stating, among other things, that as of the date of such transfer such
      transferee is a Permitted Transferee and a United States Person and that such
      transferee is not acquiring such Residual Certificate for the account of any
      Person who is not a Permitted Transferee or a United States Person (a
“Transferee Affidavit”), and (2) the proposed transferor delivers to the Trustee
      and the Depositor an affidavit in the form attached hereto as Exhibit E-2 to
      the
      effect that it has no knowledge that the statements made by the proposed
      transferee in any such Transferee Affidavit are false (a “Transferor
      Affidavit”). The Tax Matters Person shall not consent to a transfer of a
      Residual Certificate if it has actual knowledge that any statement made in
      the
      Transferee Affidavit or Transferor Affidavit issued pursuant to the preceding
      sentence is not true. Notwithstanding any transfer, sale or other disposition
      of
      a Residual Certificate to any Person who is not a Permitted Transferee or a
      United States Person, such transfer, sale or other disposition shall be deemed
      to be of no legal force or effect whatsoever and such Person shall not be deemed
      to be a Holder of a Residual Certificate for any purpose hereunder, including,
      but not limited to, the receipt of distributions thereon. If any purported
      transfer shall be in violation of the provisions of this Subsection 5.05(a),
      then the prior Holder thereof shall, upon discovery that the transfer of such
      Residual Certificate was not in fact permitted by this Subsection 5.05(a),
      be
      restored to all rights as a Holder thereof retroactive to the date of the
      purported transfer. None of the Trustee or the Depositor shall be under any
      liability to any Person for any registration or transfer of a Residual
      Certificate that is not permitted by this Subsection 5.05(a) or for making
      payments due on such Residual Certificate to the purported Holder thereof or
      taking any other action with respect to such purported Holder under the
      provisions of this Agreement so long as the related Transferee Affidavit and
      Transferor Affidavit referred to above were received with respect to such
      transfer, and the Trustee and the Depositor, as applicable, had no knowledge
      that they were untrue. The prior Holder shall be entitled to recover from any
      purported Holder of a Residual Certificate that was in fact not a permitted
      transferee under this Subsection 5.05(a) at the time it became a Holder all
      payments made on such Residual Certificate. Each Holder of a Residual
      Certificate, by acceptance thereof, shall be deemed for all purposes to have
      consented to the provisions of this Section 5.05 and to any amendment of this
      Agreement deemed necessary (whether as a result of new legislation or otherwise)
      by counsel of the Tax Matters Person, the Trustee or the Depositor to ensure
      that the Residual Certificates are not transferred to any Person who is not
      a
      Permitted Transferee or a United States Person and that any transfer of such
      Residual Certificates will not cause the imposition of a tax upon the Trust
      or
      cause any REMIC to fail to qualify as a REMIC.

     

    (b)  The
      Residual Certificates (including a beneficial interest therein) may not be
      purchased by or transferred to any Person who is not a United States
      Person.

     

    (c)  By
      accepting a Residual Certificate, the purchaser thereof agrees to be a Tax
      Matters Person, and appoints the Trustee to act as its agent with respect to
      all
      matters concerning the tax obligations of the Trust.

     

    Section
      5.06  Restrictions
      on Transferability of Certificates.

     

    (a)  No
      offer,
      sale, transfer or other disposition (including pledge) of any Certificate shall
      be made by any Holder thereof unless registered under the Securities Act, or
      an
      exemption from the registration requirements of the Securities Act and any
      applicable state securities or “Blue Sky” laws is available and the prospective
      transferee (other than the Depositor) of such Certificate signs and delivers
      to
      the Trustee an Investment Letter, if the transferee is an Institutional
      Accredited Investor, in the form set forth as Exhibit F-l hereto, or a Rule
      144A
      Certificate, if the transferee is a QIB, in the form set forth as Exhibit F-2
      hereto. Notwithstanding the provisions of the immediately preceding sentence,
      no
      restrictions shall apply with respect to the transfer or registration of
      transfer of a beneficial interest in any Certificate that is a Global
      Certificate of a Class to a transferee that takes delivery in the form of a
      beneficial interest in the Global Certificate of such Class provided that each
      such transferee shall be deemed to have made such representations and warranties
      contained in the Rule 144A Certificate as are sufficient to establish that
      it is
      a QIB. In the case of a proposed transfer of any Certificate to a transferee
      other than a QIB, the Trustee may require an Opinion of Counsel addressed to
      the
      Trustee that such transaction is exempt from the registration requirements
      of
      the Securities Act. The cost of such opinion shall not be an expense of the
      Trustee or the Trust Fund.

     

    (b)  The
      Private Certificates shall each bear a Securities Legend.

     

    Section
      5.07  ERISA
      Restrictions.

     

    (a)  Subject
      to the provisions of subsection (b), no Residual Certificates or Private
      Certificates may be acquired directly or indirectly by, or on behalf of, an
      employee benefit plan or other retirement arrangement which is subject to Title
      I of ERISA or Section 4975 of the Code, unless the proposed transferee provides
      either (i) the Trustee, with an Opinion of Counsel addressed to the Depositor,
      the Master Servicer and the Trustee (upon which they may rely) which is
      satisfactory to the Trustee, which opinion will not be at the expense of the
      Depositor, the Master Servicer or the Trustee, that the purchase of such
      Certificates by or on behalf of such Plan is permissible under applicable law,
      will not constitute or result in a nonexempt prohibited transaction under ERISA
      or Section 4975 of the Code and will not subject the Depositor, the Master
      Servicer or the Trustee to any obligation in addition to those undertaken in
      the
      Agreement or (ii) in the case of the Private Certificates, a representation
      or
      certification to the Trustee (upon which the Trustee is authorized to rely)
      to
      the effect that the proposed transfer and holding of such a Certificate and
      the
      servicing, management and operation of the Trust: (I) will not result in a
      prohibited transaction under Section 406 of ERISA or Section 4975 of the Code
      which is not covered under an individual or class prohibited transaction
      exemption including but not limited to Department of Labor Prohibited
      Transaction Class Exemption (“PTCE”) 84-14 (Class Exemption for Plan Asset
      Transactions Determined by Independent Qualified Professional Asset Managers);
      PTCE 91-38 (Class Exemption for Certain Transactions Involving Bank Collective
      Investment Funds); PTCE 90-1 (Class Exemption for Certain Transactions Involving
      Insurance Company Pooled Separate Accounts), PTCE 95-60 (Class Exemption for
      Certain Transactions Involving Insurance Company General Accounts), and PTCE
      96-23 (Class Exemption for Plan Asset Transactions Determined by In-House Asset
      Managers and (II) will not subject the Depositor, the Master Servicer or the
      Trustee to any obligation in addition to those undertaken in the
      Agreement.

     

    (b)  Any
      Person acquiring an interest in a Global Certificate which is a Private
      Certificate, by acquisition of such Certificate, shall be deemed to have
      represented to the Trustee that either: (i) it is not acquiring an interest
      in
      such Certificate directly or indirectly by, or on behalf of, an employee benefit
      plan or other retirement arrangement which is subject to Title I of ERISA or
      Section 4975 of the Code, or (ii) the transfer and holding of an interest in
      such Certificate to that Person and the subsequent servicing, management and
      operation of the Trust and its assets: (I) will not result in any prohibited
      transaction which is not covered under an individual or class prohibited
      transaction exemption, including, but not limited to, PTCE 84-14, PTCE 91-38,
      PTCE 90-1, PTCE 95-60 or PTCE 96-23 and (II) will not subject the Depositor,
      the
      Master Servicer or the Trustee to any obligation in addition to those undertaken
      in the Agreement.

     

    (c)  Each
      beneficial owner of a Class B-1, Class B-2 or Class B-3 Certificate or any
      interest therein shall be deemed to have represented, by virtue of its
      acquisition or holding of that certificate or interest therein, that either
      (i)
      it is not a Plan or investing with “Plan Assets” within the meaning of
      Department of Labor Regulation Section 29 C.F.R. 2510.3-101, as modified by
      Section 3(42) of ERISA, (ii) it has acquired and is holding such certificate
      in
      reliance on Prohibited Transaction Exemption 90-30, as amended from time to
      time
      (the “Exemption”), and that it understands that there are certain conditions to
      the availability of the Exemption, including that the certificate must be rated,
      at the time of purchase, not lower than “BBB-” (or its equivalent) by S&P,
      Moody’s, Fitch, Dominion Bond Rating Service Limited (known as DBRS Limited) or
      Dominion Bond Rating Service, Inc. (know as DBRS, Inc.), and the certificate
      is
      so rated or (iii) (1) it is an insurance company, (2) the source of funds used
      to acquire or hold the certificate or interest therein is an “insurance company
      general account,” as such term is defined in Prohibited Transaction Class
      Exemption (“PTCE”) 95-60, and (3) the conditions in Sections I and III of PTCE
      95-60 have been satisfied.

     

    (d)  Neither
      the Master Servicer nor the Trustee will be required to monitor, determine
      or
      inquire as to compliance with the transfer restrictions with respect to the
      Global Certificates. Any attempted or purported transfer of any Certificate
      in
      violation of the provisions of Subsections (a), (b) or (c) above shall
      be void ab initio and such Certificate shall be considered to have been held
      continuously by the prior permitted Certificateholder. Any transferor of any
      Certificate in violation of such provisions, shall indemnify and hold harmless
      the Trustee and the Master Servicer from and against any and all liabilities,
      claims, costs or expenses incurred by the Trustee or the Master Servicer as
      a
      result of such attempted or purported transfer. The Trustee shall not be liable
      for transfer of any such Global Certificates in or through book-entry facilities
      of any Depository or between or among Depository Participants or Certificate
      Owners made in violation of the transfer restrictions set forth
      herein.

     

    Section
      5.08  Rule
      144A
      Information.

     

    For
      so
      long as any Certificates are outstanding and are “restricted securities” within
      the meaning of Rule 144(a)(3) of the Securities Act, (1) the Depositor will
      provide or cause to be provided to any holder of such Certificates and any
      prospective purchaser thereof designated by such a holder, upon the request
      of
      such holder or prospective purchaser, the information required to be provided
      to
      such holder or prospective purchaser by Rule 144A(d)(4) under the Securities
      Act; and (2) the Depositor shall update such information from time to time
      in
      order to prevent such information from becoming false and misleading and will
      take such other actions as are necessary to ensure that the safe harbor
      exemption from the registration requirements of the Securities Act under Rule
      144A is and will be available for resales of such Certificates conducted in
      accordance with Rule 144A.

     

    ARTICLE
      VI

    PAYMENTS
      TO CERTIFICATEHOLDERS

     

    Section
      6.01  Distributions
      on the Certificates.

     

    (a)  Interest
      and principal (as applicable) on the Certificates (other than the Residual
      Certificates) will be distributed monthly on each Distribution Date, commencing
      in September 2007, in an amount equal to the related Available Funds on deposit
      in the Distribution Account for such Distribution Date.  In addition,
      on the Distribution Date occurring in September 2007, the Class R-I Deposit
      will
      be distributed to the Holders of the Class R-I Certificates, the Class R-II
      Deposit will be distributed to the Holders of the Class R-II Certificates and
      the Class R-III Deposit will be distributed to the Holders of the Class R-III
      Certificates.  On each Distribution Date, the Available Funds on
      deposit in the Distribution Account shall be distributed as
      follows:

     

    (i)  With
      respect to the Group I Certificates:

     

    (A)           on
      each Distribution Date, the Group I Available Funds will be distributed to
      the
      Group I Senior Certificates as follows:

     

    first,
      to the Class I-A-1 Certificates and Class I-A-2 Certificates, on a pro rata
      basis, the Accrued Certificate Interest on such Classes for such Distribution
      Date. As described below, accrued interest on the Class I-A-1 Certificates
      and
      Class I-A-2 Certificates is subject to reduction in the event of certain Net
      Interest Shortfalls allocable thereto;

     

    second,
      to the Class I-A-1 Certificates and Class I-A-2 Certificates, on a pro rata
      basis, any Accrued Certificate Interest thereon remaining undistributed from
      previous Distribution Dates, to the extent of remaining Group I Available Funds;
      and

     

    third,
      to the Class I-A-1 Certificates and Class I-A-2 Certificates, on a pro rata
      basis, in reduction of the Current Principal Amounts thereof, the Senior Optimal
      Principal Amount for the Group I Senior Certificates for such Distribution
      Date,
      to the extent of remaining Group I Available Funds, until the Current Principal
      Amounts of such Classes have been reduced to zero.

     

    (B)           on
      each Distribution Date, the Group II Available Funds will be distributed to
      the
      Group II Senior Certificates as follows:

     

    first,
      to the Class II-A-1 Certificates and Class II-A-2 Certificates, on a pro rata
      basis, the Accrued Certificate Interest on such Class for such Distribution
      Date. As described below, accrued interest on the Class II-A-1 Certificates
      and
      Class II-A-2 Certificates is subject to reduction in the event of certain Net
      Interest Shortfalls allocable thereto;

     

    second,
      to the Class II-A-1 Certificates and Class II-A-2 Certificates, on a pro rata
      basis, any Accrued Certificate Interest thereon remaining undistributed from
      previous Distribution Dates, to the extent of remaining Group II Available
      Funds; and

     

    third,
      to the Class II-A-1 Certificates and Class II-A-2 Certificates, on a pro rata
      basis, in reduction of the Current Principal Amounts thereof, the Senior Optimal
      Principal Amount for the Group II Senior Certificates for such Distribution
      Date, to the extent of remaining Group II Available Funds, until the Current
      Principal Amounts of such Classes have been reduced to zero.

     

    (C)           on
      each Distribution Date, the Group III Available Funds will be distributed to
      the
      Group III Senior Certificates as follows:

     

    first,
      to the Class III-A-1, Class III-A-2 and Class III-X-1 Certificates, on a pro
      rata basis, the Accrued Certificate Interest on such Class for such Distribution
      Date. As described below, accrued interest on the Class III-A-1, Class III-A-2
      and Class III-X-1 Certificates is subject to reduction in the event of certain
      Net Interest Shortfalls allocable thereto;

     

    second,
      to the Class III-A-1, Class III-A-2 and Class III-X-1 Certificates, on a pro
      rata basis, any Accrued Certificate Interest thereon remaining undistributed
      from previous Distribution Dates, to the extent of remaining Group III Available
      Funds; and

     

    third,
      to the Class III-A-1 Certificates and Class III-A-2 Certificates on a pro rata
      basis, in reduction of the Current Principal Amount thereof, the Group III
      Senior Optimal Principal Amount for such Distribution Date to the extent of
      remaining Group III Available Funds,

     

    (C)           Except
      as provided in clauses (D) and (E) below, on each Distribution Date on or prior
      to the Cross-Over Date, an amount equal to the sum of any remaining Group I
      Available Funds, Group II Available Funds and Group III Available Funds after
      the distributions in clauses (A) and (B) above will be distributed sequentially,
      in the following order, to the Class B-1, Class B-2, Class B-3, Class B-4,
      Class
      B-5 and Class B-6 Certificates, in each case up to an amount equal to and in
      the
      following order: (A) the Accrued Certificate Interest thereon for such
      Distribution Date, (B) any Accrued Certificate Interest thereon remaining
      undistributed from previous Distribution Dates and (C) such Class’s Allocable
      Share for such Distribution Date, in each case, to the extent of remaining
      Group
      I Available Funds, Group II Available Funds and Group III Available
      Funds.

     

    (D)           On
      each Distribution Date prior to the Cross-Over Date but after the reduction
      of
      the Current Principal Amount of all of the Senior Certificates of a Certificate
      Group to zero, the remaining Class or Classes of Senior Certificates in the
      remaining Certificate Groups will be entitled to receive in reduction of their
      Current Principal Amounts, pro rata based upon their Current Principal Amounts
      immediately prior to such Distribution Date, in addition to any Principal
      Prepayments related to such remaining Senior Certificates’ respective Loan Group
      allocated to such Senior Certificates, 100% of the Principal Prepayments on
      any
      Mortgage Loan in the Loan Group relating to the Class or Classes of Senior
      Certificates of the fully repaid Certificate Group; provided, however, that
      if
      (A) the weighted average of the Subordinate Percentages on such Distribution
      Date equals or exceeds two times the initial weighted average of the Subordinate
      Percentages and (B) the aggregate Scheduled Principal Balance of the Mortgage
      Loans Delinquent 60 days or more (including for this purpose any such Mortgage
      Loans in foreclosure and bankruptcy and Mortgage Loans with respect to which
      the
      related Mortgaged Property has been acquired by the Trust), averaged over the
      last six months, as a percentage of the aggregate Current Principal Amount
      of
      the Subordinate Certificates does not exceed 50%, then the additional allocation
      of Principal Prepayments to the Senior Certificates in accordance with this
      clause (D) will not be made and 100% of the Principal Prepayments on any
      Mortgage Loan in the Loan Group relating to the fully repaid Class or Classes
      of  Senior Certificates will be allocated to the Subordinate
      Certificates.

     

     (E)           If  on
      any Distribution Date on which the aggregate Current Principal Amount of the
      Group I, Group II or Group III Senior Certificates would be greater than the
      aggregate Scheduled Principal Balance of the Mortgage Loans in the related
      Loan
      Group and any Subordinate Certificates are still outstanding, in each case
      after
      giving effect to distributions to be made on such Distribution Date, (A) 100%
      of
      amounts otherwise allocable to the Subordinate Certificates in respect of
      principal will be distributed to the Group I, Group II or Group III Senior
      Certificates, as applicable, pro rata, based upon their Current Principal
      Amounts immediately prior to such Distribution Date in reduction of the Current
      Principal Amounts thereof, until the aggregate Current Principal Amount of
      such
      Class or Classes of Senior Certificates is an amount equal to the aggregate
      Scheduled Principal Balance of the Mortgage Loans in the related Loan Group,
      and
      (B) the Accrued Certificate Interest otherwise allocable to the Subordinate
      Certificates on such Distribution Date will be reduced, if necessary, and
      distributed to such Class or Classes of Senior Certificates in an amount equal
      to the Accrued Certificate Interest for such Distribution Date on the excess
      of
      (x) the aggregate Current Principal Amount of such Class or Classes of Senior
      Certificates over (y) the aggregate Scheduled Principal Balance of the Mortgage
      Loans in the related Loan Group. Any such reduction in the Accrued Certificate
      Interest on the Subordinate Certificates will be allocated in reverse order
      of
      the Subordinate Certificates numerical designations, commencing with the Class
      B-6 Certificates.

     

    (F)           If,
      after distributions have been made pursuant to priorities first and
second of clauses (A) and (B) above on any Distribution Date,
      the
      remaining Group I, Group II or Group III Available Funds are less than the
      Group
      I, Group II and Group III Senior Optimal Principal Amounts, as applicable,
      the
      Senior Optimal Principal Amount for such Loan Group shall be reduced, and such
      remaining Available Funds will be distributed on the related Senior
      Certificates, on a pro rata basis, on the basis of such reduced
      amount..

     

    (G)           On
      each Distribution Date, any Available Funds remaining after payment of interest
      and principal to the Classes of Certificates entitled thereto, as described
      above, will be distributed to the Class R-I Certificates; provided that if
      on
      any Distribution Date there are any Group I, Group II and Group III Available
      Funds remaining after payment of interest and principal to a Class or Classes
      of
      Certificates entitled thereto, such amounts will be distributed to the other
      Classes of Senior Certificates, pro rata, based upon their Current Principal
      Amounts, until all amounts due to all Classes of Senior Certificates have been
      paid in full, before any amounts are distributed to the Class R-I
      Certificates.

     

    (b)  For
      any
      Distribution Date, “pro rata” distributions among Classes of Certificates in
      respect of Accrued Certificate Interest or unpaid Accrued Certificate Interest
      will be made in proportion to the amount of Accrued Certificate Interest or
      unpaid Accrued Certificate Interest, respectively, due on such Classes for
      such
      Distribution Date.  For any Distribution Date, “pro rata”
distributions among Classes of Certificates in respect of principal will be
      made
      in proportion to the Current Principal Amount of such Classes immediately prior
      to such Distribution Date.

     

    (c)  No
      Accrued Certificate Interest will be payable with respect to any Class of
      Certificates after the Distribution Date on which the Current Principal Amount
      of such Certificate has been reduced to zero.

     

    (d)  If
      on any
      Distribution Date the Available Funds for the Senior Certificates in any
      Certificate Group is less than the Accrued Certificate Interest on the related
      Senior Certificates for such Distribution Date prior to reduction for related
      Net Interest Shortfalls and the interest portion of related Realized Losses,
      the
      shortfall will be allocated among the holders of each Class of Senior
      Certificates in such Certificate Group in proportion to the respective amounts
      of Accrued Certificate Interest that would have been allocated thereto in the
      absence of such Net Interest Shortfalls and/or Realized Losses for such
      Distribution Date. In addition, the amount of any interest shortfalls will
      constitute unpaid Accrued Certificate Interest and will be distributable to
      holders of the Certificates of the related Classes entitled to such amounts
      on
      subsequent Distribution Dates, to the extent of the applicable related Available
      Funds after current interest distributions as required herein. Any such amounts
      so carried forward will not bear interest. Shortfalls in interest payments
      will
      not be offset by a reduction in the servicing compensation of the Master
      Servicer or otherwise, except to the extent of applicable Compensating Interest
      Payments.

     

    (e)  The
      expenses and fees of the Trust shall be paid by each of the REMICs, to the
      extent that such expenses relate to the assets of each of such respective
      REMICs, and all other expenses and fees of the Trust shall be paid pro rata
      by
      each of the REMICs.

     

    Section
      6.02  Allocation
      of Losses.

     

    (a)  On
      or
      prior to each Determination Date, the Master Servicer shall determine the amount
      of any Realized Loss in respect of each Mortgage Loan that occurred during
      the
      immediately preceding calendar month, based on information provided by the
      related Servicer.

     

    (b)  With
      respect to any Certificates on any Distribution Date, the principal portion
      of
      each Realized Loss on a Mortgage Loan shall be allocated as
      follows:

     

    first,
      to the Class B-6 Certificates until the Current Principal Amount thereof has
      been reduced to zero;

     

    second,
      to the Class B-5 Certificates until the Current Principal Amount thereof has
      been reduced to zero;

     

    third,
      to the Class B-4 Certificates until the Current Principal Amount thereof has
      been reduced to zero;

     

    fourth,
      to the Class B-3 Certificates until the Current Principal Amount thereof has
      been reduced to zero;

     

    fifth,
      to the Class B-2 Certificates until the Current Principal Amount thereof has
      been reduced to zero; and

     

    sixth,
      to the Class B-1 Certificates until the Current Principal Amount thereof has
      been reduced to zero.

     

    seventh,
      thereafter, the principal portion of Realized Losses if such loss is to (a)
      a
      Group I Mortgage Loan, the loss will be allocated first to the Class I-A-2
      Certificates until the Current Principal Amount thereof has been reduced to
      zero, and then to the Class I-A-1 Certificates; (b) a Group II Mortgage Loan,
      the loss will be allocated first, to the Class II-A-2 Certificates, until the
      Current Principal Amount thereof has been reduced to zero, and then to the
      Class
      II-A-1 Certificates; and (c) a Group III Mortgage Loan, the loss will be
      allocated first, to the III-A-2 Certificates until the Current Principal Amount
      thereof has been reduced to zero, and then to the Class III-A-1
      Certificates.

    

    (c)  Notwithstanding
      the foregoing clause (b), no such allocation of any Realized Loss shall be
      made
      on a Distribution Date to any Class of Certificates to the extent that such
      allocation would result in the reduction of the aggregate Current Principal
      Amount of all the Certificates (other than the Class R Certificates) as of
      such
      Distribution Date, after giving effect to all distributions and prior
      allocations of Realized Losses on the Mortgage Loans on such date, to an amount
      less than the aggregate Scheduled Principal Balance of all of the Mortgage
      Loans
      as of the first day of the month of such Distribution Date (such limitation,
      the
“Loss Allocation Limitation”).

     

    (d)  Any
      Realized Losses allocated to a Class of Certificates shall be allocated among
      the Certificates of such Class in proportion to their respective Current
      Principal Amounts. Any allocation of Realized Losses shall be accomplished
      by
      reducing the Current Principal Amount of the related Certificates on the related
      Distribution Date.

     

    (e)  Realized
      Losses shall be allocated on the Distribution Date in the month following the
      month in which such loss was incurred and, in the case of the principal portion
      thereof, after giving effect to distributions made on such Distribution
      Date.

     

    (f)  On
      each
      Distribution Date, the Trustee shall determine and notify the
      Trustee  of the Subordinate Certificate Writedown Amount. Any
      Subordinate Certificate Writedown Amount shall effect a corresponding reduction
      in the Current Principal Amount of (i) if prior to the Cross-Over Date, the
      Current Principal Amounts of the Subordinate Certificates, in the reverse order
      of their numerical Class designations and (ii) from and after the Cross-Over
      Date, the Senior Certificates, in accordance with priorities set forth in clause
      (b) above, which reduction shall occur on such Distribution Date after giving
      effect to distributions made on such Distribution Date.

     

    (g)  Any
      Net
      Interest Shortfall will be allocated among the Classes of Certificates (other
      than the Residual Certificates) in proportion to the respective amounts of
      Accrued Certificate Interest that would have been allocated thereto in the
      absence of such Net Interest Shortfall for such Distribution Date. The interest
      portion of any Realized Losses with respect to the Mortgage Loans occurring
      on
      or prior to the Cross-Over Date will not be allocated among any Certificates,
      but will reduce the amount of Available Funds on the related Distribution Date.
      As a result of the subordination of the Subordinate Certificates in right of
      distribution, such Realized Losses on the Mortgage Loans will be borne by the
      Subordinate Certificates, in inverse order of their numerical Class
      designations. Following the Cross-Over Date, the interest portion of Realized
      Losses on the Mortgage Loans will be allocated to the Senior Certificates in
      the
      manner described in the first sentence of this clause (g).

     

    (h)  In
      addition, in the event that the Master Servicer receives any Subsequent
      Recoveries from a Servicer, the Master Servicer shall deposit such funds into
      the Master Servicer Collection Account pursuant to Section 4.03.  If,
      after taking into account such Subsequent Recoveries, the amount of a Realized
      Loss is reduced, the amount of such Subsequent Recoveries will be applied to
      increase the Current Principal Amount of the Class of Subordinate Certificates
      with the highest payment priority to which Realized Losses have been allocated,
      but not by more than the amount of Realized Losses previously allocated to
      that
      Class of Subordinate Certificates pursuant to this Section 6.02. The amount
      of
      any remaining Subsequent Recoveries will be applied to sequentially increase
      the
      Current Principal Amount of the Subordinate Certificates, beginning with the
      Class of Subordinate Certificates with the next highest payment priority, up
      to
      the amount of such Realized Losses previously allocated to such Class of
      Certificates pursuant to this Section 6.02. Holders of such Certificates will
      not be entitled to any payment in respect of current interest on the amount
      of
      such increases for any Interest Accrual Period preceding the Distribution Date
      on which such increase occurs. Any such increases shall be applied to the
      Current Principal Amount of each Subordinate Certificate of such Class in
      accordance with its respective Fractional Undivided Interest.

     

    Section
      6.03  Payments.

     

    (a)  On
      each
      Distribution Date, other than the final Distribution Date, Trustee shall
      distribute to each Certificateholder of record as of the immediately preceding
      Record Date the Certificateholder’s pro rata share of its Class (based on the
      aggregate Fractional Undivided Interest represented by such Holder’s
      Certificates) of all amounts required to be distributed on such Distribution
      Date to such Class, based on information provided to the Trustee. The Trustee
      shall calculate the amount to be distributed to each Class and, based on such
      amounts, the Trustee shall determine the amount to be distributed to each
      Certificateholder. All of the Trustee’s calculations of payments shall be based
      solely on information provided to the Trustee by the Master Servicer. The
      Trustee shall not be required to confirm, verify or recompute any such
      information but shall be entitled to rely conclusively on such
      information.

     

    (b)  Payment
      of the above amounts to each Certificateholder shall be made (i) by check mailed
      to each Certificateholder entitled thereto at the address appearing in the
      Certificate Register or (ii) upon receipt by the Trustee on or before the fifth
      Business Day preceding the Record Date of written instructions from a
      Certificateholder by wire transfer to a United States dollar account maintained
      by the payee at any United States depository institution with appropriate
      facilities for receiving such a wire transfer; provided, however, that the
      final
      payment in respect of each Class of Certificates will be made only upon
      presentation and surrender of such respective Certificates at the office or
      agency of the Trustee specified in the notice to Certificateholders of such
      final payment.

     

    Section
      6.04  Statements
      to Certificateholders.

     

    (a)  Concurrently
      with each distribution to Certificateholders, Trustee shall make available
      to
      the parties hereto and each Certificateholder via the Trustee’s internet website
      as set forth below, the following information, expressed with respect to clauses
      (i) through (vii) in the aggregate and as a Fractional Undivided Interest
      representing an initial Current Principal Amount of $1,000, or in the case
      of
      the Residual Certificates, an initial Current Principal Amount of
      $50:

     

    (i)  the
      Current Principal Amount of each Class of Certificates immediately prior to
      such
      Distribution Date;

     

    (ii)  the
      amount of the distribution allocable to principal on each applicable Class
      of
      Certificates;

     

    (iii)  the
      aggregate amount of interest accrued at the related Pass-Through Rate with
      respect to each Class during the related Interest Accrual Period;

     

    (iv)  the
      Net
      Interest Shortfall and any other adjustments to interest at the related
      Pass-Through Rate necessary to account for any difference between interest
      accrued and aggregate interest distributed with respect to each Class of
      Certificates;

     

    (v)  the
      amount of the distribution allocable to interest on each Class of
      Certificates;

     

    (vi)  the
      Pass-Through Rates for each Class of Certificates with respect to such
      Distribution Date;

     

    (vii)  the
      Current Principal Amount of each Class of Certificates after such Distribution
      Date;

     

    (viii)  the
      amount of any Monthly Advances, Compensating Interest Payments and outstanding
      unreimbursed advances by the Master Servicer or the Servicer included in such
      distribution separately stated for each Loan Group;

     

    (ix)  the
      aggregate amount of any Realized Losses (listed separately for each category
      of
      Realized Loss and for each Loan Group) during the related calendar month and
      cumulatively since the Cut-off Date and the amount and source (separately
      identified) of any distribution in respect thereof included in such
      distribution;

     

    (x)  with
      respect to each Mortgage Loan which incurred a Realized Loss during the related
      Prepayment Period, (i) the loan number, (ii) the Scheduled Principal Balance
      of
      such Mortgage Loan as of the Cut-off Date, (ii) the Scheduled Principal Balance
      of such Mortgage Loan as of the beginning of the related Due Period, (iii)
      the
      Net Liquidation Proceeds with respect to such Mortgage Loan and (iv) the amount
      of the Realized Loss with respect to such Mortgage Loan;

     

    (xi)  with
      respect to each Loan Group, the amount of Scheduled Principal and Principal
      Prepayments, (including but separately identifying the principal amount of
      Principal Prepayments, Insurance Proceeds, the purchase price in connection
      with
      the purchase of Mortgage Loans, cash deposits in connection with substitutions
      of Mortgage Loans and Net Liquidation Proceeds) and the number and principal
      balance of Mortgage Loans purchased or substituted for during the relevant
      period and cumulatively since the Cut-off Date;

     

    (xii)  the
      number of Mortgage Loans (excluding REO Property) in each Loan Group remaining
      in the Trust Fund as of the end of the related Prepayment Period;

     

    (xiii)  information
      for each Loan Group and in the aggregate regarding any Mortgage Loan
      delinquencies as of the end of the related calendar month, including the
      aggregate number and aggregate Outstanding Principal Balance of Mortgage Loans
      using the MBA method of calculation (a) Delinquent 30 to 59 days on a
      contractual basis, (b) Delinquent 60 to 89 days on a contractual basis, and
      (c)
      Delinquent 90 or more days on a contractual basis, in each case as of the close
      of business on the last Business Day of the immediately preceding
      month;

     

    (xiv)  for
      each
      Loan Group, the number of Mortgage Loans in the foreclosure process as of the
      end of the related Due Period and the aggregate Outstanding Principal Balance
      of
      such Mortgage Loans;

     

    (xv)  for
      each
      Loan Group, the number and aggregate Outstanding Principal Balance of all
      Mortgage Loans as to which the Mortgaged Property was REO Property as of the
      end
      of the related Due Period;

     

    (xvi)  the
      book
      value (the sum of (A) the Outstanding Principal Balance of the Mortgage Loan,
      (B) accrued interest through the date of foreclosure and (C) foreclosure
      expenses) of any REO Property in each Loan Group; provided that, in the event
      that such information is not available to the Trustee on the Distribution Date,
      such information shall be furnished promptly after it becomes
      available;

     

    (xvii)  the
      amount of Realized Losses allocated to each Class of Certificates since the
      prior Distribution Date and in the aggregate for all prior Distribution Dates;
      and

     

    (xviii)  the
      Average Loss Severity Percentage for each Loan Group;

     

    (xix)  the
      aggregate amount withdrawn from the Group III Pre-Funding Account and the Group
      III Interest Coverage Account pursuant to Section 4.06 and Section 4.07,
      respectively, prior to a Distribution Date, the amount remaining on deposit
      in
      the Group III Pre-Funding Account (exclusive of investment income) and in the
      Group III Interest Coverage Account (exclusive of investment income), following
      such Distribution Date, and the amount withdrawn from the Group III Pre-Funding
      Account and used to buy Group III Subsequent Mortgage Loans prior to such
      Distribution Date; and

     

    (xx)  the
      then
      applicable Group I, Group II and Group III Senior Percentage, Group I, Group
      II
      and Group III Senior Prepayment Percentage, Group I, Group II and Group III
      Subordinate Percentage and Group I, Group II and Group III Subordinate
      Prepayment Percentage.

     

    The
      information set forth above shall be calculated or reported, as the case may
      be,
      by the Trustee, based solely on, and to the extent of, information provided
      to
      the Trustee by the Master Servicer. The Trustee may conclusively rely on such
      information and shall not be required to confirm, verify or recalculate any
      such
      information.

     

    The
      Trustee may make available each month, to any interested party, the monthly
      statement to Certificateholders via the Trustee’s website initially located at
“www.ctslink.com.” Assistance in using the website can be obtained by calling
      the Trustee’s customer service desk at (866) 846-4526. Parties that are unable
      to use the above distribution option are entitled to have a paper copy mailed
      to
      them via first class mail by calling the Trustee’s customer service desk and
      indicating such. The Trustee shall have the right to change the way such reports
      are distributed in order to make such distribution more convenient and/or more
      accessible to the parties, and the Trustee shall provide timely and adequate
      notification to all parties regarding any such change.

     

    (b)  By
      April
      30 of each year beginning in 2008, the Trustee will furnish such report to
      each
      Holder of the Certificates of record at any time during the prior calendar
      year
      as to the aggregate of amounts reported pursuant to subclauses (a)(ii) and
      (a)(v) above with respect to the Certificates, plus information, upon request,
      with respect to the amount of servicing compensation and such other customary
      information as the Trustee may determine to be necessary and/or to be required
      by the Internal Revenue Service or by a federal or state law or rules or
      regulations to enable such Holders to prepare their tax returns for such
      calendar year. Such obligations shall be deemed to have been satisfied to the
      extent that substantially comparable information shall be provided by the
      Trustee pursuant to the requirements of the Code.

     

    Section
      6.05  Monthly
      Advances.

     

    The
      Master Servicer shall cause the
      related Servicer to remit any Advance required pursuant to the terms of the
      related Servicing Agreement. The related Servicer shall be obligated to make
      any
      such Advance only to the extent that such advance would not be a Nonrecoverable
      Advance. If the related Servicer shall have determined that it has made a
      Nonrecoverable Advance or that a proposed Advance or a lesser portion of such
      Advance would constitute a Nonrecoverable Advance, the related Servicer shall
      deliver (i) to the Master Servicer for the benefit of the Certificateholders
      funds constituting the remaining portion of such Advance, if applicable, and
      (ii) to the Depositor, the Master Servicer, each Rating Agency and the Trustee
      an Officer’s Certificate setting forth the basis for such determination. Subject
      to the Master Servicer’s recoverability determination, in the event that a
      Servicer fails to make a required Advance, the Master Servicer, as successor
      servicer, shall be required to remit the amount of such Advance to the Master
      Servicer Collection Account in accordance with Section 4.03.  If the
      Master Servicer was required to make an Advance but failed to do so, the
      Trustee, upon receiving notice or becoming aware of such failure, and pursuant
      to the applicable terms of this Agreement, shall appoint a successor master
      servicer who will make such Advance, or the Trustee as successor master servicer
      shall be required to remit the amount of such Advance to the Distribution
      Account, unless the Trustee in its capacity as successor master servicer shall
      have determined that such Advance is a Nonrecoverable Advance.

    Section
      6.06  Compensating
      Interest Payments.

     

    The
      Master Servicer shall cause each Servicer under the related Servicing Agreement
      to remit any required Compensating Interest Payments to the Distribution Account
      on the Remittance Date.

     

    ARTICLE
      VII

    THE
      MASTER SERVICER

     

    Section
      7.01  Liabilities
      of the Master Servicer.

     

    The
      Master Servicer shall be liable in accordance herewith only to the extent of
      the
      obligations specifically imposed upon and undertaken by it herein.

     

    Section
      7.02  Merger
      or
      Consolidation of the Master Servicer.

     

    (a)  The
      Master Servicer will keep in full force and effect its existence, rights and
      franchises as a corporation under the laws of the state of its incorporation,
      and will obtain and preserve its qualification to do business as a foreign
      corporation in each jurisdiction in which such qualification is or shall be
      necessary to protect the validity and enforceability of this Agreement, the
      Certificates or any of the Mortgage Loans and to perform its duties under this
      Agreement.

     

    (b)  Any
      Person into which the Master Servicer may be merged or consolidated, or any
      corporation resulting from any merger or consolidation to which the Master
      Servicer shall be a party, or any Person succeeding to the business of the
      Master Servicer, shall be the successor of the Master Servicer hereunder,
      without the execution or filing of any paper or further act on the part of
      any
      of the parties hereto, anything herein to the contrary
      notwithstanding.

     

    Section
      7.03  Indemnification
      of the Trustee and the Master Servicer.

     

    (a)  The
      Master Servicer agrees to indemnify the Indemnified Persons for, and to hold
      them harmless against, any loss, liability or expense (including reasonable
      legal fees and disbursements of counsel) incurred on their part that may be
      sustained in connection with, arising out of, or relating to, any claim or
      legal
      action (including any pending or threatened claim or legal action) relating
      to
      this Agreement, the Servicing Agreements, the Assignment Agreements or the
      Certificates or the powers of attorney delivered by the Trustee hereunder (i)
      related to the Master Servicer’s failure to perform its duties in compliance
      with this Agreement (except as any such loss, liability or expense shall be
      otherwise reimbursable pursuant to this Agreement) or (ii) incurred by reason
      of
      the Master Servicer’s willful misfeasance, bad faith or gross negligence in the
      performance of its duties hereunder or by reason of reckless disregard of its
      obligations and duties hereunder, provided, in each case, that with respect
      to
      any such claim or legal action (or pending or threatened claim or legal action),
      the Trustee shall have given the Master Servicer and the Depositor written
      notice thereof promptly after a Responsible Officer of the Trustee shall have
      with respect to such claim or legal action actual knowledge thereof. The Master
      Servicer’s failure to receive any such notice shall not affect the Trustee’s
      right to indemnification hereunder, except to the extent the Master Servicer
      is
      materially prejudiced  by such failure to give notice. This indemnity
      shall survive the resignation or removal of the Trustee or the Master Servicer
      and the termination of this Agreement.

     

    (b)  The
      Depositor will indemnify any Indemnified Person for any loss, liability or
      expense of any Indemnified Person not otherwise covered by the Master Servicer’s
      indemnification pursuant to Subsection (a) above.

     

    Section
      7.04  Limitations
      on Liability of the Master Servicer and Others.

     

    Subject
      to the obligation of the Master Servicer to indemnify the Indemnified Persons
      pursuant to Section 7.03:

     

    (a)  Neither
      the Master Servicer nor any of the directors, officers, employees or agents
      of
      the Master Servicer shall be under any liability to the Indemnified Persons,
      the
      Depositor, the Trust Fund or the Certificateholders for taking any action or
      for
      refraining from taking any action in good faith pursuant to this Agreement,
      or
      for errors in judgment; provided, however, that this provision shall not protect
      the Master Servicer or any such Person against any breach of warranties or
      representations made herein or any liability which would otherwise be imposed
      by
      reason of such Person’s willful misfeasance, bad faith or gross negligence in
      the performance of duties or by reason of reckless disregard of obligations
      and
      duties hereunder.

     

    (b)  The
      Master Servicer and any director, officer, employee or agent of the Master
      Servicer may rely in good faith on any document of any kind prima facie properly
      executed and submitted by any Person respecting any matters arising
      hereunder.

     

    (c)  The
      Master Servicer, the Custodians and any director, officer, employee or agent
      of
      the Master Servicer or the Custodians, shall be indemnified by the Trust and
      held harmless thereby against any loss, liability or expense (including
      reasonable legal fees and disbursements of counsel) incurred on their part
      that
      may be sustained in connection with, arising out of, or related to, any claim
      or
      legal action (including any pending or threatened claim or legal action)
      relating to this Agreement, the Certificates or any Servicing Agreement (except
      to the extent that the Master Servicer or the Trustee, as the case may be,
      is
      indemnified by the Servicer thereunder), other than (i) any such loss, liability
      or expense related to the Master Servicer's failure to perform its duties in
      compliance with this Agreement (except as any such loss, liability or expense
      shall be otherwise reimbursable pursuant to this Agreement), or to the related
      Custodian's failure to perform its duties under the related Custodial Agreement,
      respectively, or (ii) any such loss, liability or expense incurred by reason
      of
      the Master Servicer's or the Custodian's willful misfeasance, bad faith or
      gross
      negligence in the performance of duties hereunder or under the Custodial
      Agreement, as applicable, or by reason of reckless disregard of obligations
      and
      duties hereunder or under the related Custodial Agreement, as
      applicable.

     

    (d)  The
      Master Servicer shall not be under any obligation to appear in, prosecute or
      defend any legal action that is not incidental to its duties under this
      Agreement and that in its opinion may involve it in any expense or liability;
      provided, however, the Master Servicer may in its discretion, with the consent
      of the Trustee (which consent shall not be unreasonably withheld), undertake
      any
      such action which it may deem necessary or desirable with respect to this
      Agreement and the rights and duties of the parties hereto and the interests
      of
      the Certificateholders hereunder. In such event, the legal expenses and costs
      of
      such action and any liability resulting therefrom shall be expenses, costs
      and
      liabilities of the Trust Fund, and the Master Servicer shall be entitled to
      be
      reimbursed therefor out of the Distribution Account as provided by Section
      4.05.
      Nothing in this Subsection 7.04(d) shall affect the Master Servicer’s obligation
      to supervise, or to take such actions as are necessary to ensure, the servicing
      and administration of the Mortgage Loans pursuant to Subsection
      3.01(a).

     

    (e)  In
      taking
      or recommending any course of action pursuant to this Agreement, unless
      specifically required to do so pursuant to this Agreement, the Master Servicer
      shall not be required to investigate or make recommendations concerning
      potential liabilities which the Trust might incur as a result of such course
      of
      action by reason of the condition of the Mortgaged Properties but shall give
      notice to the Trustee if it has notice of such potential
      liabilities.

     

    (f)  The
      Master Servicer shall not be liable for any acts or omissions of any Servicers,
      except as otherwise expressly provided herein.

     

    Section
      7.05  Master
      Servicer Not to Resign.

     

    Except
      as
      provided in Section 7.07, the Master Servicer shall not resign from the
      obligations and duties hereby imposed on it except upon a determination that
      any
      such duties hereunder are no longer permissible under applicable law and such
      impermissibility cannot be cured. Any such determination permitting the
      resignation of the Master Servicer shall be evidenced by an Opinion of
      Independent Counsel addressed to the Trustee to such effect delivered to the
      Trustee. No such resignation by the Master Servicer shall become effective
      until
      EMC or the Trustee or a successor to the Master Servicer reasonably satisfactory
      to the Trustee shall have assumed the responsibilities and obligations of the
      Master Servicer in accordance with Section 8.02 hereof. The Trustee shall notify
      the Rating Agencies of the resignation of the Master Servicer.

     

    Section
      7.06  Successor
      Master Servicer.

     

    In
      connection with the appointment of any successor master servicer or the
      assumption of the duties of the Master Servicer, EMC or the Trustee may make
      arrangements for the compensation of such successor master servicer out of
      payments on the Mortgage Loans as EMC or the Trustee and such successor master
      servicer shall agree. If the successor master servicer does not agree that
      such
      market value is a fair price, such successor master servicer shall obtain two
      quotations of market value from third parties actively engaged in the servicing
      of single-family mortgage loans. Notwithstanding the foregoing, the compensation
      payable to a successor master servicer may not exceed the compensation which
      the
      Master Servicer would have been entitled to retain if the Master Servicer had
      continued to act as Master Servicer hereunder.

     

    Section
      7.07  Sale
      and
      Assignment of Master Servicing.

     

    The
      Master Servicer may sell and assign its rights and delegate its duties and
      obligations in its entirety as Master Servicer under this Agreement; provided,
      however, that: (i) the purchaser or transferee accepting such assignment and
      delegation (a) shall be a Person which shall be qualified to service mortgage
      loans for Fannie Mae or Freddie Mac; (b) shall have a net worth of not less
      than
      $15,000,000 (unless otherwise approved by each Rating Agency pursuant to clause
      (ii) below); (c) shall be reasonably satisfactory to the Trustee (as evidenced
      in a writing signed by the Trustee); and (d) shall execute and deliver to the
      Trustee an agreement, in form and substance reasonably satisfactory to the
      Trustee, which contains an assumption by such Person of the due and punctual
      performance and observance of each covenant and condition to be performed or
      observed by it as master servicer under this Agreement, any custodial agreement
      from and after the effective date of such agreement; (ii) each Rating Agency
      shall be given prior written notice of the identity of the proposed successor
      to
      the Master Servicer and each Rating Agency’s rating of the Certificates in
      effect immediately prior to such assignment, sale and delegation will not be
      downgraded, qualified or withdrawn as a result of such assignment, sale and
      delegation, as evidenced by a letter to such effect delivered to the Master
      Servicer and the Trustee; and (iii) the Master Servicer assigning and selling
      the master servicing shall deliver to the Trustee an Officer’s Certificate and
      an Opinion of Independent Counsel addressed to the Trustee, each stating that
      all conditions precedent to such action under this Agreement have been completed
      and such action is permitted by and complies with the terms of this
      Agreement.  No such assignment or delegation shall affect any
      liability of the Master Servicer arising prior to the effective date
      thereof.

     

    ARTICLE
      VIII

    DEFAULT

     

    Section
      8.01  Events
      of
      Default.

     

    “Event
      of
      Default,” wherever used herein, means any one of the following events (whatever
      the reason for such Event of Default and whether it shall be voluntary or
      involuntary or be effected by operation of law or pursuant to any judgment,
      decree or order of any court or any order, rule or regulation of any
      administrative or governmental body) and only with respect to the defaulting
      Master Servicer:

     

    (i)           any
      failure by the Master Servicer to remit to the Trustee any amounts received
      or
      collected by the Master Servicer in respect of the Mortgage Loans and required
      to be remitted by it (other than any  Monthly Advance) pursuant to
      this Agreement, which failure shall continue unremedied for one Business Day
      after the date on which written notice of such failure shall have been given
      to
      the Master Servicer by the Trustee or the Depositor, or to the Trustee and
      the
      Master Servicer by the Holders of Certificates evidencing not less than 25%
      of
      the Voting Rights evidenced by the Certificates; or

     

    (ii)           The
      Master Servicer fails to observe or perform in any material respect any other
      material covenants and agreements set forth in this Agreement to be performed
      by
      it, which covenants and agreements materially affect the rights of
      Certificateholders, and such failure continues unremedied for a period of 60
      days after the date on which written notice of such failure, properly requiring
      the same to be remedied, shall have been given to the Master Servicer by the
      Trustee or to the Master Servicer and the Trustee by the Holders of Certificates
      evidencing Fractional Undivided Interests aggregating not less than 25% of
      the
      Trust Fund; or

     

    (iii)           There
      is entered against the Master Servicer a decree or order by a court or agency
      or
      supervisory authority having jurisdiction in the premises for the appointment
      of
      a conservator, receiver or liquidator in any insolvency, readjustment of debt,
      marshaling of assets and liabilities or similar proceedings, or for the winding
      up or liquidation of its affairs, and the continuance of any such decree or
      order is unstayed and in effect for a period of 60 consecutive days, or an
      involuntary case is commenced against the Master Servicer under any applicable
      insolvency or reorganization statute and the petition is not dismissed within
      60
      days after the commencement of the case; or

     

    (iv)           The
      Master Servicer consents to the appointment of a conservator or receiver or
      liquidator in any insolvency, readjustment of debt, marshaling of assets and
      liabilities or similar proceedings of or relating to the Master Servicer or
      substantially all of its property; or the Master Servicer admits in writing
      its
      inability to pay its debts generally as they become due, files a petition to
      take advantage of any applicable insolvency or reorganization statute, makes
      an
      assignment for the benefit of its creditors, or voluntarily suspends payment
      of
      its obligations;

     

    (v)           The
      Master Servicer assigns or delegates its duties or rights under this Agreement
      in contravention of the provisions permitting such assignment or delegation
      under Sections 7.05 or 7.07; or

     

    (vi)           The
      Master Servicer fails to deposit, or cause to be deposited, in the Distribution
      Account any Monthly Advance required to be made by the Master Servicer (other
      than a Nonrecoverable Advance) by the close of business on the Business Day
      prior to the related Distribution Date.

     

    In
      each
      and every such case, so long as such Event of Default with respect to the Master
      Servicer shall not have been remedied, either the Trustee or the Holders of
      Certificates evidencing Fractional Undivided Interests aggregating not less
      than
      51% of the principal of the Trust Fund, by notice in writing to the Master
      Servicer (and to the Trustee if given by such Certificateholders), with a copy
      to the Rating Agencies, and with the consent of EMC, may terminate all of the
      rights and obligations (but not the liabilities) of the Master Servicer under
      this Agreement and in and to the Mortgage Loans and/or the REO Property serviced
      by the Master Servicer and the proceeds thereof. Upon the receipt by the Master
      Servicer of the written notice, all authority and power of the Master Servicer
      under this Agreement, whether with respect to the Certificates, the Mortgage
      Loans, REO Property or under any other related agreements (but only to the
      extent that such other agreements relate to the Mortgage Loans or related REO
      Property) shall, subject to Section 8.02, automatically and without further
      action pass to and be vested in the Trustee in its capacity as successor master
      servicer pursuant to this Section 8.01; and, without limitation, the Trustee
      is
      hereby authorized and empowered to execute and deliver, on behalf of the Master
      Servicer as attorney-in-fact or otherwise, any and all documents and other
      instruments and to do or accomplish all other acts or things necessary or
      appropriate to effect the purposes of such notice of termination, whether to
      complete the transfer and endorsement or assignment of the Mortgage Loans and
      related documents, or otherwise. The Master Servicer agrees to cooperate with
      the Trustee in its capacity as successor master servicer (or such other
      successor master servicer as may be appointed hereunder) in effecting the
      termination of the Master Servicer’s rights and obligations hereunder,
      including, without limitation, the transfer to the Trustee in its capacity
      as
      successor master servicer (or such other successor master servicer as may be
      appointed hereunder) of (i) the property and amounts which are then or should
      be
      part of the Trust or which thereafter become part of the Trust; and (ii)
      originals or copies of all documents of the Master Servicer reasonably requested
      by the Trustee in its capacity as successor master servicer (or such other
      successor master servicer as may be appointed hereunder) to enable it to assume
      the Master Servicer’s duties thereunder. In addition to any other amounts which
      are then, or, notwithstanding the termination of its activities under this
      Agreement, may become payable to the Master Servicer under this Agreement,
      the
      Master Servicer shall be entitled to receive, out of any amount received on
      account of a Mortgage Loan or related REO Property, that portion of such
      payments which it would have received as reimbursement under this Agreement
      if
      notice of termination had not been given. The termination of the rights and
      obligations of the Master Servicer shall not affect any obligations incurred
      by
      the Master Servicer prior to such termination.  The Trustee shall
      promptly notify the Trustee in writing of the occurrence of an Event of Default
      under clauses (i) or (vi) above.

     

    Notwithstanding
      the foregoing, if an Event of Default described in clause (vi) of this Section
      8.01 shall occur and the Trustee fails to make such Advance described in clause
      (vi) of Section 8.01, the Trustee upon receiving notice or becoming aware of
      such failure, and pursuant to the applicable terms of this Agreement, shall,
      by
      notice in writing to the Master Servicer, which may be delivered by telecopy,
      immediately terminate all of the rights and obligations of the Master Servicer
      thereafter arising under this Agreement, but without prejudice to any rights
      it
      may have as a Certificateholder or to reimbursement of Monthly Advances and
      other advances of its own funds, and the Trustee in its capacity as successor
      master servicer (or such other successor master servicer as may be appointed
      hereunder) shall act as provided in Section 8.02 to carry out the duties of
      the
      Master Servicer, including the obligation to make any Monthly
      Advance  the nonpayment of which was an Event of Default described in
      clause (vi) of this Section 8.01. Any such action taken by the Trustee in its
      capacity as successor master servicer (or such other successor master servicer
      as may be appointed hereunder) must be prior to the distribution on the relevant
      Distribution Date.

     

    Section
      8.02  Trustee
      to Act; Appointment of Successor.

     

    (a)  Upon
      the
      receipt by the Master Servicer of a notice of termination pursuant to Section
      8.01 or an Opinion of Independent Counsel pursuant to Section 7.05 to the effect
      that the Master Servicer is legally unable to act or to delegate its duties
      to a
      Person which is legally able to act, the Trustee shall automatically become
      the
      successor in all respects to the Master Servicer in its capacity under this
      Agreement and the transactions set forth or provided for herein and shall
      thereafter have all of the rights and powers of, and be subject to all the
      responsibilities, duties, liabilities and limitations on liabilities relating
      thereto placed on the Master Servicer by the terms and provisions hereof;
      provided, however, that the Trustee in its capacity as successor master servicer
      shall have no obligation whatsoever with respect to any liability (other than
      advances deemed recoverable and not previously made) incurred by the Master
      Servicer at or prior to the time of termination. As compensation therefor,
      but
      subject to Section 7.06, the Trustee in its capacity as successor master
      servicer shall be entitled to compensation which the Master Servicer would
      have
      been entitled to retain if the Master Servicer had continued to act hereunder,
      except for those amounts due the Master Servicer as reimbursement permitted
      under this Agreement for advances previously made or expenses previously
      incurred. Notwithstanding the above, the Trustee may, if it shall be unwilling
      so to act, or shall, if it is legally unable so to act, appoint or petition
      a
      court of competent jurisdiction to appoint, any established housing and home
      finance institution which is a Fannie Mae- or Freddie Mac-approved servicer,
      and
      with respect to a successor to the Master Servicer only, having a net worth
      of
      not less than $15,000,000, as the successor to the Master Servicer hereunder
      in
      the assumption of all or any part of the responsibilities, duties or liabilities
      of the Master Servicer hereunder; provided, that the Trustee shall obtain a
      letter from each Rating Agency that the ratings, if any, on each of the
      Certificates will not be lowered as a result of the selection of the successor
      to the Master Servicer. Pending appointment of a successor to the Master
      Servicer hereunder, the Trustee in its capacity as successor master servicer
      shall act in such capacity as hereinabove provided. In connection with such
      appointment and assumption, the Trustee may make such arrangements for the
      compensation of such successor out of payments on the Mortgage Loans as it
      and
      such successor shall agree; provided, however, that the provisions of Section
      7.06 shall apply, the compensation shall not be in excess of that which the
      Master Servicer would have been entitled to if the Master Servicer had continued
      to act hereunder, and that such successor shall undertake and assume the
      obligations of the Trustee to pay compensation to any third Person acting as
      an
      agent or independent contractor in the performance of master servicing
      responsibilities hereunder. The Trustee and such successor shall take such
      action, consistent with this Agreement, as shall be necessary to effectuate
      any
      such succession.

     

    (b)  If
      the
      Trustee shall succeed to any duties of the Master Servicer respecting the
      Mortgage Loans as provided herein, it shall do so in a separate capacity and
      not
      in its capacity as Trustee and, accordingly, the provisions of Article IX shall
      be inapplicable to the Trustee in its duties as the successor to the Master
      Servicer in the servicing of the Mortgage Loans (although such provisions shall
      continue to apply to the Trustee in its capacity as Trustee); the provisions
      of
      Article VII, however, shall apply to it in its capacity as successor master
      servicer.

     

    Section
      8.03  Notification
      to Certificateholders.

     

    Upon
      any
      termination or appointment of a successor to the Master Servicer, the Trustee
      shall give prompt written notice thereof to Certificateholders at their
      respective addresses appearing in the Certificate Register and to the Rating
      Agencies.

     

    Section
      8.04  Waiver
      of
      Defaults.

     

    The
      Trustee shall transmit by mail to all Certificateholders, within 60 days after
      the occurrence of any Event of Default actually known to a Responsible Officer
      of the Trustee, unless such Event of Default shall have been cured, notice
      of
      each such Event of Default. The Holders of Certificates evidencing Fractional
      Undivided Interests aggregating not less than 51% of the Trust Fund may, on
      behalf of all Certificateholders, waive any default by the Master Servicer
      in
      the performance of its obligations hereunder and the consequences thereof,
      except a default in the making of or the causing to be made any required
      distribution on the Certificates, which default may only be waived by Holders
      of
      Certificates evidencing Fractional Undivided Interests aggregating 100% of
      the
      Trust Fund. Upon any such waiver of a past default, such default shall be deemed
      to cease to exist, and any Event of Default arising therefrom shall be deemed
      to
      have been timely remedied for every purpose of this Agreement. No such waiver
      shall extend to any subsequent or other default or impair any right consequent
      thereon except to the extent expressly so waived. The Trustee shall give notice
      of any such waiver to the Rating Agencies.

     

    Section
      8.05  List
      of
      Certificateholders.

     

    Upon
      written request of three or more Certificateholders of record, for purposes
      of
      communicating with other Certificateholders with respect to their rights under
      this Agreement, the Trustee will afford such Certificateholders access during
      business hours to the most recent list of Certificateholders held by the
      Trustee. The Depositor and the Certificateholders, by receiving and holding
      a
      Certificate, agree that the Trustee shall not be held accountable by reason
      of
      the disclosure of any such information as to the names and addresses of the
      Certificateholders hereunder, regardless of the source from which such
      information was derived.

     

    ARTICLE
      IX

    CONCERNING
      THE TRUSTEE

     

    Section
      9.01  Duties
      of
      Trustee.

     

    (a)  The
      Trustee, prior to the occurrence of an Event of Default and after the curing
      or
      waiver of all Events of Default which may have occurred, undertakes to perform
      such duties and only such duties as are specifically set forth in this Agreement
      as duties of the Trustee. If an Event of Default has occurred and has not been
      cured or waived, the Trustee shall exercise such of the rights and powers vested
      in it by this Agreement, and subject to Section 8.02(b) use the same degree
      of
      care and skill in its exercise, as a prudent person would exercise under the
      circumstances in the conduct of his own affairs.

     

    (b)  Upon
      receipt of all resolutions, certificates, statements, opinions, reports,
      documents, orders or other instruments which are specifically required to be
      furnished to the Trustee pursuant to any provision of this Agreement, the
      Trustee shall examine them to determine whether they are in the form required
      by
      this Agreement; provided, however, that the Trustee shall not be responsible
      for
      the accuracy or content of any resolution, certificate, statement, opinion,
      report, document, order or other instrument furnished hereunder; provided,
      further, that the Trustee shall not be responsible for the accuracy or
      verification of any calculation provided to it pursuant to this
      Agreement.

     

    (c)  On
      each
      Distribution Date, the Trustee shall make monthly distributions and the final
      distribution to the Certificateholders from funds in the Distribution Account
      as
      provided in Sections 6.01 and 10.01 herein based solely on the report of the
      Trustee.

     

    (d)  No
      provision of this Agreement shall be construed to relieve the Trustee from
      liability for its own negligent action, its own negligent failure to act or
      its
      own willful misconduct; provided, however, that:

     

    (i)  Prior
      to
      the occurrence of an Event of Default, and after the curing or waiver of all
      such Events of Default which may have occurred, the duties and obligations
      of
      the Trustee shall be determined solely by the express provisions of this
      Agreement, the Trustee shall not be liable except for the performance of its
      respective duties and obligations as are specifically set forth in this
      Agreement, no implied covenants or obligations shall be read into this Agreement
      against the Trustee and, in the absence of bad faith on the part of the Trustee
      may conclusively rely, as to the truth of the statements and the correctness
      of
      the opinions expressed therein, upon any certificates or opinions furnished
      to
      the Trustee and conforming to the requirements of this Agreement;

     

    (ii)  The
      Trustee shall not be liable in its individual capacity for an error of judgment
      made in good faith by a Responsible Officer or Responsible Officers of the
      Trustee unless it shall be proved that the Trustee was negligent in ascertaining
      the pertinent facts;

     

    (iii)  The
      Trustee shall not be liable with respect to any action taken, suffered or
      omitted to be taken by it in good faith in accordance with the directions of
      the
      Holders of Certificates evidencing Fractional Undivided Interests aggregating
      not less than 25% of the Trust Fund, if such action or non-action relates to
      the
      time, method and place of conducting any proceeding for any remedy available
      to
      the Trustee or exercising any trust or other power conferred upon the Trustee
      under this Agreement;

     

    (iv)  The
      Trustee shall not be required to take notice or be deemed to have notice or
      knowledge of any default or Event of Default unless a Responsible Officer of
      the
      Trustee’s Corporate Trust Office shall have actual knowledge thereof. In the
      absence of such notice, the Trustee may conclusively assume there is no such
      default or Event of Default;

     

    (v)  The
      Trustee shall not in any way be liable by reason of any insufficiency in any
      Account held by or in the name of Trustee unless it is determined by a court
      of
      competent jurisdiction that the Trustee’s gross negligence or willful misconduct
      was the primary cause of such insufficiency (except to the extent that the
      Trustee is obligor and has defaulted thereon);

     

    (vi)  Anything
      in this Agreement to the contrary notwithstanding, in no event shall the Trustee
      be liable for special, indirect or consequential loss or damage of any kind
      whatsoever (including but not limited to lost profits), even if the
      Trustee  has been advised of the likelihood of such loss or damage and
      regardless of the form of action;

     

    (vii)  Neither
      the Depositor or the Trustee shall be responsible for the acts or omissions
      of
      the other, it being understood that this Agreement shall not be construed to
      render them partners, joint venturers or agents of one another and

     

    (viii)  The
      Trustee shall not be required to expend or risk its own funds or otherwise
      incur
      financial liability in the performance of any of its duties hereunder, or in
      the
      exercise of any of its rights or powers, if there is reasonable ground for
      believing that the repayment of such funds or adequate indemnity against such
      risk or liability is not reasonably assured to it, and none of the provisions
      contained in this Agreement shall in any event require the Trustee to perform,
      or be responsible for the manner of performance of, any of the obligations
      of
      the Master Servicer under the Servicing Agreements, except during such time,
      if
      any, as the Trustee shall be the successor to, and be vested with the rights,
      duties, powers and privileges of, the Master Servicer in accordance with the
      terms of this Agreement.

     

    (e)  All
      funds
      received by the Master Servicer and the Trustee and required to be deposited
      in
      the Distribution Account, Group III Interest Coverage Account and the Group
      III
      Pre-Funding Account pursuant to this Agreement will be promptly so deposited
      by
      the Master Servicer and the Trustee.

     

    (f)  Except
      for those actions that the Trustee is required to take hereunder, the Trustee
      shall not have any obligation or liability to take any action or to refrain
      from
      taking any action hereunder in the absence of written direction as provided
      hereunder.

     

    Section
      9.02  Certain
      Matters Affecting the Trustee.

     

    Except
      as
      otherwise provided in Section 9.01:

     

    (i)  The
      Trustee may rely and shall be protected in acting or refraining from acting
      in
      reliance on any resolution, certificate of the Depositor, the Master Servicer,
      a
      Servicer or a Custodian certificate of auditors or any other certificate,
      statement, instrument, opinion, report, notice, request, consent, order,
      appraisal, bond or other paper or document believed by it to be genuine and
      to
      have been signed or presented by the proper party or parties;

     

    (ii)  The
      Trustee may consult with counsel and any advice of such counsel or any Opinion
      of Counsel shall be full and complete authorization and protection with respect
      to any action taken or suffered or omitted by it hereunder in good faith and
      in
      accordance with such advice or Opinion of Counsel;

     

    (iii)  The
      Trustee shall not be under any obligation to exercise any of the trusts or
      powers vested in it by this Agreement, other than its obligation to give notices
      pursuant to this Agreement, or to institute, conduct or defend any litigation
      hereunder or in relation hereto at the request, order or direction of any of
      the
      Certificateholders pursuant to the provisions of this Agreement, unless such
      Certificateholders shall have offered to the Trustee reasonable security or
      indemnity against the costs, expenses and liabilities which may be incurred
      therein or thereby. Nothing contained herein shall, however, relieve the Trustee
      of the obligation, upon the occurrence of an Event of Default of which a
      Responsible Officer of the Trustee has actual knowledge (which has not been
      cured or waived), to exercise such of the rights and powers vested in it by
      this
      Agreement, and to use the same degree of care and skill in their exercise,
      as a
      prudent person would exercise under the circumstances in the conduct of his
      own
      affairs;

     

    (iv)  Prior
      to
      the occurrence of an Event of Default hereunder and after the curing or waiver
      of all Events of Default which may have occurred, the Trustee shall not be
      liable in its individual capacity for any action taken, suffered or omitted
      by
      it in good faith and believed by it to be authorized or within the discretion
      or
      rights or powers conferred upon it by this Agreement;

     

    (v)  The
      Trustee shall not be bound to make any investigation into the facts or matters
      stated in any resolution, certificate, statement, instrument, opinion, report,
      notice, request, consent, order, approval, bond or other paper or document,
      unless requested in writing to do so by Holders of Certificates evidencing
      Fractional Undivided Interests aggregating not less than 25% of the Trust Fund
      and provided that the payment within a reasonable time to the Trustee of the
      costs, expenses or liabilities likely to be incurred by it in the making of
      such
      investigation is, in the opinion of the Trustee reasonably assured to the
      Trustee by the security afforded to it by the terms of this Agreement. The
      Trustee may require reasonable indemnity against such expense or liability
      as a
      condition to taking any such action. The reasonable expense of every such
      examination shall be paid by the Certificateholders requesting the
      investigation;

     

    (vi)  The
      Trustee may execute any of the trusts or powers hereunder or perform any duties
      hereunder either directly or through Affiliates, agents or attorneys; provided,
      however, that the Trustee may not appoint any agent to perform its custodial
      functions with respect to the Mortgage Files or Trustee functions under this
      Agreement without the express written consent of the Master Servicer, which
      consent will not be unreasonably withheld. The Trustee shall not be liable
      or
      responsible for the misconduct or negligence of any of the Trustee’s agents or
      attorneys or a custodian or Trustee appointed hereunder by the Trustee with
      due
      care and, when required, with the consent of the Master Servicer;

     

    (vii)  Should
      the Trustee deem the nature of any action required on its part, other than
      a
      payment or transfer under Subsection 4.01(b) or Section 4.02, to be unclear,
      the
      Trustee  may require prior to such action that it be provided by the
      Depositor with reasonable further instructions;

     

    (viii)  The
      right
      of the Trustee to perform any discretionary act enumerated in this Agreement
      shall not be construed as a duty, and the Trustee shall not be accountable
      for
      other than its negligence or willful misconduct in the performance of any such
      act;

     

    (ix)  The
      Trustee shall not be required to give any bond or surety with respect to the
      execution of the trust created hereby or the powers granted hereunder, except
      as
      provided in Subsection 9.07; and

     

    (x)  The
      Trustee shall not have any duty to conduct any affirmative investigation as
      to
      the occurrence of any condition requiring the repurchase of any Mortgage Loan
      by
      the Seller pursuant to this Agreement or the Mortgage Loan Purchase Agreement,
      as applicable, or the eligibility of any Mortgage Loan for purposes of this
      Agreement.

     

    Section
      9.03  Trustee
      Not Liable for Certificates or Mortgage Loans.

     

    The
      recitals contained herein and in the Certificates (other than the signature
      and
      countersignature of the Trustee on the Certificates) shall be taken as the
      statements of the Depositor, and neither the Trustee, or the Custodians on
      its
      behalf, shall have any responsibility for their correctness. The Trustee does
      not make any representation as to the validity or sufficiency of the
      Certificates (other than the signature and countersignature of the Trustee
      on
      the Certificates) or of any Mortgage Loan except as expressly provided in
      Sections 2.02 and 2.05 hereof; provided, however, that the foregoing shall
      not
      relieve the Trustee, or the Custodians on its behalf, of the obligation to
      review the Mortgage Files pursuant to Sections 2.02 and 2.04. The signature
      and
      countersignature of the Trustee (or countersignature of its agent) on the
      Certificates shall be solely in its capacity as Trustee and shall not constitute
      the Certificates an obligation of the Trustee in any other capacity. The Trustee
      shall not be accountable for the use or application by the Depositor of any
      of
      the Certificates or of the proceeds of such Certificates, or for the use or
      application of any funds paid to the Depositor with respect to the Mortgage
      Loans. Subject to the provisions of Section 2.05, the Trustee shall not be
      responsible for the legality or validity of this Agreement or any document
      or
      instrument relating to this Agreement, the validity of the execution of this
      Agreement or of any supplement hereto or instrument of further assurance, or
      the
      validity, priority, perfection or sufficiency of the security for the
      Certificates issued hereunder or intended to be issued hereunder. The Trustee
      shall not at any time have any responsibility or liability for or with respect
      to the legality, validity and enforceability of any Mortgage or any Mortgage
      Loan, or the perfection and priority of any Mortgage or the maintenance of
      any
      such perfection and priority, or for or with respect to the sufficiency of
      the
      Trust Fund or its ability to generate the payments to be distributed to
      Certificateholders, under this Agreement. The Trustee shall not have any
      responsibility for filing any financing statement or continuation statement
      in
      any public office at any time or to otherwise perfect or maintain the perfection
      of any security interest or lien granted to it hereunder or to record this
      Agreement.

     

    Section
      9.04  Trustee
      May Own Certificates.

     

    The
      Trustee in its individual capacity or in any capacity other than as Trustee
      hereunder may become the owner or pledgee of any Certificates with the same
      rights it would have if it were not Trustee and may otherwise deal with the
      parties hereto.

     

    Section
      9.05  Trustee’s
      Fees and Expenses.

     

    The
      Trustee shall be entitled to the Trustee Fee and investment income on funds
      in
      the Distribution Account as compensation for its activities under this
      Agreement. The fees and expenses of the Trustee shall be paid in accordance
      with
      a side letter agreement with the Trustee and at the expense of the Trustee.
      In
      addition, the Trustee will be entitled to recover from the Distribution Account
      pursuant to Section 4.05(a)(ii) all reasonable out-of-pocket expenses,
      disbursements and advances and the expenses of the Trustee in connection with
      any Event of Default, any breach of this Agreement or any claim or legal action
      (including any pending or threatened claim or legal action) or incurred or
      made
      by the Trustee  in the administration of the trusts hereunder
      (including the reasonable compensation, expenses and disbursements of its
      counsel) except any such expense, disbursement or advance as may arise from
      its
      negligence or intentional misconduct or which is the responsibility of the
      Certificateholders. If funds in the Distribution Account are insufficient
      therefor, the Trustee shall recover such expenses from the Depositor and the
      Depositor hereby agrees to pay such expenses, disbursements or advances upon
      demand. Such compensation and reimbursement obligation shall not be limited
      by
      any provision of law in regard to the compensation of a trustee of an express
      trust.

     

    Section
      9.06  Eligibility
      Requirements for Trustee.

     

    The
      Trustee and any successor Trustee shall during the entire duration of this
      Agreement be a state bank or trust company or a national banking association
      organized and doing business under the laws of such state or the United States
      of America, authorized under such laws to exercise corporate trust powers,
      having a combined capital and surplus and undivided profits of at least
      $40,000,000 or, in the case of a successor trustee, $50,000,000, subject to
      supervision or examination by federal or state authority and, in the case of
      the
      Trustee, rated “BBB” or higher by S&P with respect to their long-term rating
      and rated “BBB” or higher by S&P and “Baa2” or higher by Moody’s with
      respect to any outstanding long-term unsecured unsubordinated debt, and, in
      the
      case of a successor trustee other than pursuant to Section 9.10, rated in one
      of
      the two highest long-term debt categories of, or otherwise acceptable to, each
      of the Rating Agencies. If the Trustee publishes reports of condition at least
      annually, pursuant to law or to the requirements of the aforesaid supervising
      or
      examining authority, then for the purposes of this Section 9.06 the combined
      capital and surplus of such corporation shall be deemed to be its total equity
      capital (combined capital and surplus) as set forth in its most recent report
      of
      condition so published. In case at any time the Trustee shall cease to be
      eligible in accordance with the provisions of this Section 9.06, the Trustee
      shall resign immediately in the manner and with the effect specified in Section
      9.08.

     

    Section
      9.07  Insurance.

     

    The
      Trustee, at its own expense, shall at all times maintain and keep in full force
      and effect: (i) fidelity insurance, (ii) theft of documents insurance and (iii)
      forgery insurance (which may be collectively satisfied by a “Financial
      Institution Bond” and/or a “Bankers’ Blanket Bond”). All such insurance shall be
      in amounts, with standard coverage and subject to deductibles, as are customary
      for insurance typically maintained by banks or their affiliates which act as
      custodians for investor-owned mortgage pools. A certificate of an officer of
      the
      Trustee as to the Trustee’s compliance with this Section 9.07 shall be furnished
      to any Certificateholder upon reasonable written request.

     

    Section
      9.08  Resignation
      and Removal of the Trustee.

     

    (a)  The
      Trustee may at any time resign and be discharged from the Trust hereby created
      by giving written notice thereof to the Depositor and the Master Servicer,
      with
      a copy to the Rating Agencies. Upon receiving such notice of resignation, the
      Depositor shall promptly appoint a successor trustee by written instrument,
      in
      triplicate, one copy of which instrument shall be delivered to each of the
      resigning Trustee, the successor trustee. If no successor trustee shall have
      been so appointed and have accepted appointment within 30 days after the giving
      of such notice of resignation, the resigning may petition any court of competent
      jurisdiction for the appointment of a successor trustee.

     

    (b)  If
      at any
      time the Trustee shall cease to be eligible in accordance with the provisions
      of
      Section 9.06 and shall fail to resign after written request therefor by the
      Depositor or if at any time the Trustee shall become incapable of acting, or
      shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or
      of
      its property shall be appointed, or any public officer shall take charge or
      control of the Trustee or of its property or affairs for the purpose of
      rehabilitation, conservation or liquidation, then the Depositor shall promptly
      remove the Trustee and appoint a successor Trustee by written instrument, in
      triplicate, one copy of which instrument shall be delivered to the Trustee
      so
      removed, the successor trustee.

     

    (c)  The
      Holders of Certificates evidencing Fractional Undivided Interests aggregating
      not less than 51% of the Trust Fund may at any time remove the Trustee and
      appoint a successor Trustee by written instrument or instruments, in
      quadruplicate, signed by such Holders or their attorneys-in-fact duly
      authorized, one complete set of which instruments shall be delivered to the
      Depositor, the Master Servicer and the Trustee (if the Trustee is removed)
      and
      the successor so appointed.  In the event that the Trustee is removed
      by the Holders of Certificates in accordance with this Section 9.08(c), the
      Holders of such Certificates shall be responsible for paying any compensation
      payable to a successor trustee, in excess of the amount paid to the predecessor
      Trustee.

     

    (d)  No
      resignation or removal of the Trustee and appointment of a successor Trustee
      pursuant to any of the provisions of this Section 9.08 shall become effective
      except upon appointment of and acceptance of such appointment by the successor
      Trustee as provided in Section 9.09.

     

    Section
      9.09  Successor
      Trustee.

     

    (a)  Any
      successor trustee appointed as provided in Section 9.08 shall execute,
      acknowledge and deliver to the Depositor and to its predecessor Trustee an
      instrument accepting such appointment hereunder. The resignation or removal
      of
      the predecessor Trustee shall then become effective and such successor Trustee,
      without any further act, deed or conveyance, shall become fully vested with
      all
      the rights, powers, duties and obligations of its predecessor hereunder, with
      like effect as if originally named as Trustee herein. The predecessor Trustee
      shall, after payment of its outstanding fees and expenses, promptly deliver
      to
      the successor Trustee all assets and records of the Trust held by it hereunder,
      and the Depositor and the predecessor Trustee  shall execute and
      deliver such instruments and do such other things as may reasonably be required
      for more fully and certainly vesting and confirming in the successor Trustee
      all
      such rights, powers, duties and obligations.

     

    (b)  No
      successor trustee shall accept appointment as provided in this Section 9.09
      unless at the time of such acceptance such successor trustee shall be eligible
      under the provisions of Section 9.06.

     

    (c)  Upon
      acceptance of appointment by a successor trustee as provided in this Section
      9.09, the successor trustee shall mail notice of the succession of such trustee
      hereunder to all Certificateholders at their addresses as shown in the
      Certificate Register and to the Rating Agencies.  The Depositor shall
      cause such notice to be mailed at the expense of the Trust Fund.

     

    Section
      9.10  Merger
      or
      Consolidation of Trustee.

     

    Any
      state
      bank or trust company or national banking association into which the Trustee
      may
      be merged or converted or with which it may be consolidated or any state bank
      or
      trust company or national banking association resulting from any merger,
      conversion or consolidation to which the shall be a party, or any state bank
      or
      trust company or national banking association succeeding to all or substantially
      all of the corporate trust business of the Trustee shall be the successor of
      the
      Trustee hereunder, provided such state bank or trust company or national banking
      association shall be eligible under the provisions of Section 9.06. Such
      succession shall be valid without the execution or filing of any paper or any
      further act on the part of any of the parties hereto, anything herein to the
      contrary notwithstanding.

     

    Section
      9.11  Appointment
      of Co-Trustee or Separate Trustee.

     

    (a)  Notwithstanding
      any other provisions hereof, at any time, for the purpose of meeting any legal
      requirements of any jurisdiction in which any part of the Trust or property
      constituting the same may at the time be located, the Depositor and the Trustee
      acting jointly shall have the power and shall execute and deliver all
      instruments to appoint one or more Persons approved by the Trustee and the
      Depositor to act as co-trustee or co-trustees, jointly with the Trustee, or
      separate trustee or separate trustees, of all or any part of the Trust, and
      to
      vest in such Person or Persons, in such capacity, such title to the Trust,
      or
      any part thereof, and, subject to the other provisions of this Section 9.11,
      such powers, duties, obligations, rights and trusts as the Depositor and the
      Trustee may consider necessary or desirable.

     

    (b)  If
      the
      Depositor shall not have joined in such appointment within 15 days after the
      receipt by it of a written request so to do, the Trustee shall have the power
      to
      make such appointment without the Depositor.

     

    (c)  No
      co-trustee or separate trustee hereunder shall be required to meet the terms
      of
      eligibility as a successor Trustee under Section 9.06 hereunder and no notice
      to
      Certificateholders of the appointment of co-trustee(s) or separate trustee(s)
      shall be required under Section 9.08 hereof.

     

    (d)  In
      the
      case of any appointment of a co-trustee or separate trustee pursuant to this
      Section 9.11, all rights, powers, duties and obligations conferred or imposed
      upon the Trustee and required to be conferred on such co-trustee shall be
      conferred or imposed upon and exercised or performed by the Trustee and such
      separate trustee or co-trustee jointly, except to the extent that under any
      law
      of any jurisdiction in which any particular act or acts are to be performed
      (whether as Trustee hereunder or as successor to the Master Servicer hereunder),
      the Trustee shall be incompetent or unqualified to perform such act or acts,
      in
      which event such rights, powers, duties and obligations (including the holding
      of title to the Trust or any portion thereof in any such jurisdiction) shall
      be
      exercised and performed by such separate trustee or co-trustee at the direction
      of the Trustee.

     

    (e)  Any
      notice, request or other writing given to the Trustee shall be deemed to have
      been given to each of the then separate trustees and co-trustees, as effectively
      as if given to each of them. Every instrument appointing any separate trustee
      or
      co-trustee shall refer to this Agreement and the conditions of this Article
      IX.
      Each separate trustee and co-trustee, upon its acceptance of the trusts
      conferred, shall be vested with the estates or property specified in its
      instrument of appointment, either jointly with the Trustee or separately, as
      may
      be provided therein, subject to all the provisions of this Agreement,
      specifically including every provision of this Agreement relating to the conduct
      of, affecting the liability of, or affording protection to, the Trustee. Every
      such instrument shall be filed with the Trustee.

     

    (f)  To
      the
      extent not prohibited by law, any separate trustee or co-trustee may, at any
      time, request the Trustee, its agent or attorney-in-fact, with full power and
      authority, to do any lawful act under or with respect to this Agreement on
      its
      behalf and in its name. If any separate trustee or co-trustee shall die, become
      incapable of acting, resign or be removed, all of its estates, properties
      rights, remedies and trusts shall vest in and be exercised by the Trustee,
      to
      the extent permitted by law, without the appointment of a new or successor
      Trustee.

     

    (g)  No
      trustee under this Agreement shall be personally liable by reason of any act
      or
      omission of another trustee under this Agreement. The Depositor and the Trustee
      acting jointly may at any time accept the resignation of or remove any separate
      trustee or co-trustee.

     

    Section
      9.12  Federal
      Information Returns and Reports to Certificateholders; REMIC
      Administration.

     

    (a)  For
      federal income tax purposes, the taxable year of each REMIC shall be a calendar
      year, and the Trustee shall maintain or cause the maintenance of the books
      of
      each such REMIC on the accrual method of accounting.

     

    (b)  The
      Trustee shall prepare and file or cause to be filed with the Internal Revenue
      Service, and the Trustee shall sign, federal tax information returns or
      elections required to be made hereunder with respect to each REMIC, the Trust
      Fund, if applicable, and the Certificates containing such information and at
      the
      times and in the manner as may be required by the Code or applicable Treasury
      regulations and the Trustee shall deliver (or otherwise make available) to
      each
      Holder of Certificates at any time during the calendar year for which such
      returns or reports are made such statements or information at the times and
      in
      the manner as may be required thereby, including, without limitation, reports
      relating to interest, original issue discount and market discount or premium
      (using a constant prepayment assumption of 25% CPR). The Trustee will apply
      for
      an Employee Identification Number from the Internal Revenue Service under Form
      SS-4 or any other acceptable method for all tax entities. In connection with
      the
      foregoing, the Trustee shall timely prepare and file, and the Trustee shall,
      sign Internal Revenue Service Form 8811, which shall provide the name and
      address of the person at the Trustee who can be contacted to obtain information
      required to be reported to the holders of regular interests in each REMIC (the
      “REMIC Reporting Agent”). The Trustee shall make elections to treat each REMIC
      as a REMIC (which elections shall apply to the taxable period ending December
      31, 2007 and each calendar year thereafter) in such manner as the Code or
      applicable Treasury regulations may prescribe, and as described by the Trustee.
      The Trustee shall sign all tax information returns filed pursuant to this
      Section and any other returns as may be required by the Code. The Holder of
      the
      Class R-I Certificate is hereby designated as the “Tax Matters Person” (within
      the meaning of Treasury Regulation Section 1.860F-4(d)) for REMIC I, the Holder
      of the Class R-II Certificate is hereby designated as the “Tax Matters Person”
for REMIC II, and the Holder of the Class R-III Certificate is hereby designated
      as the “Tax Matters Person” for REMIC III. The Trustee is hereby designated and
      appointed as the agent of each such Tax Matters Person. Any Holder of a Residual
      Certificate will by acceptance thereof appoint the Trustee as agent and
      attorney-in-fact for the purpose of acting as Tax Matters Person for each REMIC
      during such time as the Trustee does not own any such Residual Certificate.
      In
      the event that the Code or applicable Treasury regulations prohibit the Trustee
      from signing tax or information returns or other statements, or the Trustee
      from
      acting as agent for the Tax Matters Person, the Trustee shall take whatever
      action that in its sole good faith judgment is necessary for the proper filing
      of such information returns or for the provision of a Tax Matters Person,
      including designation of the Holder of a Residual Certificate to sign such
      returns or act as Tax Matters Person.  Each Holder of a Residual
      Certificate shall be bound by this Section.

     

    (c)  The
      Trustee shall provide upon request and receipt of reasonable compensation,
      such
      information as required in Section 860D(a)(6)(B) of the Code to the Internal
      Revenue Service, to any Person purporting to transfer a Residual Certificate
      to
      a Person other than a transferee permitted by Section 5.05(b), and to any
      regulated investment company, real estate investment trust, common trust fund,
      partnership, trust, estate, organization described in Section 1381 of the Code,
      or nominee holding an interest in a pass-through entity described in Section
      860E(e)(6) of the Code, any record holder of which is not a transferee permitted
      by Section 5.05(b) (or which is deemed by statute to be an entity with a
      disqualified member).

     

    (d)  The
      Trustee shall prepare and file or cause to be filed, and the Trustee shall
      sign
      any state income tax returns required under Applicable State Law with respect
      to
      each REMIC or the Trust Fund.

     

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

     

    (f)  The
      Trustee agree to indemnify the Trust Fund and the Depositor for any taxes and
      costs including, without limitation, any reasonable attorneys fees imposed
      on or
      incurred by the Trust Fund, the Depositor or the Master Servicer, as a result
      of
      a breach of the Trustee’s covenants and the Trustee’s covenants, respectively,
      set forth in this Section 9.12; provided, however, such liability and obligation
      to indemnify in this paragraph shall not be joint and several, and the Trustee
      shall not be liable or be obligated to indemnify the Trust Fund for the failure
      by the other to perform any duty under this Agreement or the breach by the
      other
      of any covenant in this Agreement. In the event that any liable party hereto
      fails to honor its obligations under the preceding sentences, or taxes imposed
      on the Trust Fund are not otherwise paid, such taxes shall be paid, first,
      with
      amounts otherwise to be distributed to the Class R Certificates, based on the
      REMIC to which the tax relates, and second, with amounts otherwise to be
      distributed to the Holders of the following other Certificates in the following
      order of priority: first,
to the Class B-6 Certificates,
      second, to the Class B-5 Certificates,
      third, to the Class B-4 Certificates, fourth, to the Class B-3 Certificates,
      fifth, to the Class B-2 Certificates, sixth, to the Class B-1 Certificates,
      and
      seventh, to the Senior Certificates (on a pro rata basis based on the amounts
      to
      be distributed). Notwithstanding anything to the contrary contained herein,
      to
      the extent that such tax is payable by the Holder of any such Certificates,
      the
      Trustee is hereby authorized to retain on any Distribution Date, from the
      Holders of the related Class R Certificates (and, if necessary, from the Holders
      of the other relevant Certificates in the priority specified in the preceding
      sentences), funds otherwise distributable to such Holders in an amount
      sufficient to pay such tax. The
Trustee
shall
      include in its monthly statement amounts
      allocated to
      the relevant Certificates, taking into account the
      priorities
      described in the second and
      third preceding
      sentences. The
      Trustee shall promptly
      notify in writing the party liable for any such tax of the amount thereof and
      the due date for the payment thereof.

     

    ARTICLE
      X

    TERMINATION

     

    Section
      10.01  Termination
      Upon Repurchase by the Depositor or its Designee or Liquidation of the Mortgage
      Loans.

     

    (a)  Subject
      to Section 10.02, the respective obligations and responsibilities of the
      Depositor, the Master Servicer and the Trustee created hereby, other than the
      obligation of the Trustee  to make payments to Certificateholders as
      hereinafter set forth shall terminate upon:

     

    (i)  the
      repurchase by or at the direction of the Depositor or its designee
      of  all of the Mortgage Loans in such Loan Group and all related REO
      Property remaining in the Trust at a price (in each case, the “Termination
      Purchase Price”) equal to the sum of (a) 100% of the Outstanding Principal
      Balance of each such Mortgage Loan (other than any such Mortgage Loan related
      to
      REO Property) as of the date of repurchase, net of the principal portion of
      any
      unreimbursed Monthly Advances on the Mortgage Loans made by the purchaser,
      together with interest at the applicable Mortgage Interest Rate accrued but
      unpaid to, but not including, the first day of the month of repurchase, (b)
      the
      appraised value of any related REO Property, less the good faith estimate of
      the
      Depositor of liquidation expenses to be incurred in connection with its disposal
      thereof (but not more than the Outstanding Principal Balance of the related
      Mortgage Loan, together with interest at the applicable Mortgage Interest Rate
      accrued on that balance but unpaid to, but not including, the first day of
      the
      month of repurchase), such appraisal to be calculated by an appraiser mutually
      agreed upon by the Depositor and the Trustee at the expense of the Depositor,
      (c) unreimbursed out-of pocket costs of the Master Servicer, including
      unreimbursed servicing advances and the principal portion of any unreimbursed
      Monthly Advances, made on the Mortgage Loans prior to the exercise of such
      repurchase right and (d) any unreimbursed costs and expenses of the Trustee
      payable pursuant to Section 9.05; or

     

    (ii)  the
      later
      of the making of the final payment or other liquidation, or any advance with
      respect thereto, of the last Mortgage Loan remaining in the Trust Fund related
      or the disposition of all property acquired with respect to any related Mortgage
      Loan; provided, however, that in the event that an advance has been made, but
      not yet recovered, at the time of such termination, the Person having made
      such
      advance shall be entitled to receive, notwithstanding such termination, any
      payments received subsequent thereto with respect to which such advance was
      made; or

     

    (iii)  the
      payment to the related Certificateholders of all amounts required to be paid
      to
      them pursuant to this Agreement.

     

    (b)  In
      no
      event, however, shall the Trust created hereby continue beyond the earlier
      of
      (i) the related latest possible maturity date specified in Section 5.01(c)
      and
      (ii) the expiration of 21 years from the death of the last survivor of the
      descendants of Joseph P. Kennedy, the late Ambassador of the United States
      to
      the Court of St. James’s, living on the date of this Agreement.

     

    (c)  The
      right
      of the Depositor or its designee to repurchase all the assets of the Trust
      Fund
      as described in Subsection 10.01(a)(i) above is conditioned upon (i) such
      purchase occurring after the Distribution Date on which the aggregate Scheduled
      Principal Balance of the related Mortgage Loans (including, in the case of
      Loan
      Group III, the Group III Subsequent Mortgage Loans) is less than 10% of the
      sum
      of  the aggregate Scheduled Principal Balance of the Mortgage Loans
      (plus the Group III Pre-Funded Amount, in the case of Loan Group III) as of
      the
      Cut-off Date, or (ii) the Depositor making a determination, based upon an
      Opinion of Counsel addressed to the Depositor and the Trustee, that the REMIC
      status of REMIC I, REMIC II or REMIC III has been lost or that a substantial
      risk exists that such REMIC status will be lost for the then-current taxable
      year. At any time thereafter, in the case of (i) or (ii) above, the Depositor
      may elect to terminate REMIC I, REMIC II or REMIC III at any time, and upon
      such
      election, the Depositor or its designee, shall repurchase all the assets of
      the
      Trust Fund described in Subsection 10.01(a)(i) above and in accordance with
      Section 10.02.

     

    (d)  The
      Trustee shall give notice of any termination to the Certificateholders, with
      a
      copy to the Master Servicer, the Trustee and the Rating Agencies, upon which
      the
      Certificateholders shall surrender their Certificates to the
      Trustee  for payment of the final distribution and cancellation. Such
      notice shall be given by letter, mailed not earlier than the l5th day and not
      later than the 25th day of the month next preceding the month of such final
      distribution, and shall specify (i) the Distribution Date upon which final
      payment of the Certificates will be made upon presentation and surrender of
      the
      Certificates at the office of the Trustee therein designated, (ii) the amount
      of
      any such final payment and (iii) that the Record Date otherwise applicable
      to
      such Distribution Date is not applicable, payments being made only upon
      presentation and surrender of the Certificates at the office of the Trustee
      therein specified.

     

    (e)  If
      the
      option of the Depositor to repurchase or cause the repurchase of all the assets
      in the Trust Fund as described in Subsection 10.01(a)(i) above, is exercised,
      the Depositor and/or its designee shall deliver to the Trustee for deposit
      in
      the Distribution Account, by the Business Day prior to the applicable
      Distribution Date, an amount equal to the Termination Purchase Price. Upon
      presentation and surrender of the related Certificates by the related
      Certificateholders, the Trustee shall distribute to such Certificateholders
      as
      directed by the Trustee in writing an amount determined as follows: with respect
      to each Certificate (other than the Class R Certificates), the outstanding
      Current Principal Amount, plus with respect to each Certificate (other than
      the
      Class R Certificates), one month’s interest thereon at the applicable
      Pass-Through Rate; and with respect to the related Class R Certificates, the
      percentage interest evidenced thereby multiplied by the difference, if any,
      between the above described repurchase price for the related Loan Group and
      the
      aggregate amount to be distributed to the Holders of the related Certificates
      (other than the Class R Certificates). If the proceeds with respect to the
      Mortgage Loans of a Loan Group are not sufficient to pay all of the related
      Senior Certificates of the related Certificate Group in full, any such
      deficiency shall be allocated first, to the related Subordinate Certificates,
      in
      inverse order of their numerical designation and then to the related Senior
      Certificates of the related Certificate Group on a pro rata basis. Upon deposit
      of the Termination Purchase Price and following such final Distribution Date,
      the Trustee or the related Custodian, on its behalf, shall release promptly
      to
      the Depositor and/or its designee the related Mortgage Files for the remaining
      related Mortgage Loans, and the related portions of the Accounts with respect
      thereto shall terminate, subject to the Trustee’s obligation to hold any amounts
      payable to the Certificateholders in trust without interest pending final
      distributions pursuant to Subsection 10.01(g). Any other amounts remaining
      in
      the Accounts will belong to the Depositor.

     

    (f)  Upon
      the
      presentation and surrender of the Certificates, the Trustee shall distribute
      to
      the remaining Certificateholders, pursuant to the written direction of the
      Trustee and in accordance with their respective interests, all distributable
      amounts remaining in the Distribution Account. Upon deposit by the Master
      Servicer of such distributable amounts, and following such final Distribution
      Date, the Trustee shall release promptly to the Depositor or its designee the
      Mortgage Files for the remaining Mortgage Loans, and the Distribution Account
      shall terminate, subject to the Trustee’s obligation to hold any amounts payable
      to the Certificateholders in trust without interest pending final distributions
      pursuant to this Subsection 10.01(f).

     

    (g)  If
      not
      all of the Certificateholders shall surrender their Certificates for
      cancellation within six months after the time specified in the above-mentioned
      written notice, the Trustee shall give a second written notice to the remaining
      Certificateholders to surrender their Certificates for cancellation and receive
      the final distribution with respect thereto. If within six months after the
      second notice, not all the Certificates shall have been surrendered for
      cancellation, the Trustee may take appropriate steps, or appoint any agent
      to
      take appropriate steps, to contact the remaining Certificateholders concerning
      surrender of their Certificates, and the cost thereof shall be paid out of
      the
      funds and other assets which remain subject to this Agreement.

     

    Section
      10.02  Additional
      Termination Requirements.

     

    (a)  If
      the
      option of the Depositor to repurchase all of the Mortgage Loans under Subsection
      10.01(a)(i) above is exercised, the Trust Fund and each REMIC shall be
      terminated in accordance with the following additional requirements, unless
      the
      Trustee has been furnished with an Opinion of Counsel addressed to the Trustee
      to the effect that the failure of the Trust to comply with the requirements of
      this Section 10.02 will not (i) result in the imposition of taxes on “prohibited
      transactions” as defined in Section 860F of the Code on any REMIC or (ii) cause
      any REMIC to fail to qualify as a REMIC at any time that any Certificates are
      outstanding:

     

    (i)  within
      90
      days prior to the final Distribution Date, at the written direction of the
      Depositor, the Trustee, as agent for the respective Tax Matters Persons, shall
      adopt a plan of complete liquidation of each related REMIC provided to it by
      the
      Depositor and shall satisfy all of the requirements of a “qualified liquidation”
under Section 860F of the Code and any regulations thereunder, as evidenced
      by
      an Opinion of Counsel obtained at the expense of such Holder; and

     

    (ii)  the
      Depositor shall notify the Trustee at the commencement of such 90-day
      liquidation period and, at or prior to the time of making of the final payment
      on the Certificates, the Trustee shall sell or otherwise dispose of all of
      the
      related remaining assets of the Trust Fund in accordance with the terms
      hereof.

     

    (b)  By
      their
      acceptance of the Residual Certificates, the Holders thereof hereby (i) agree
      to
      adopt such a plan of complete liquidation of the related REMIC upon the written
      request of the Depositor, and to take such action in connection therewith as
      may
      be reasonably requested by the Depositor, and (ii) appoint the Depositor as
      their attorney-in-fact, with full power of substitution, for purposes of
      adopting such a plan of complete liquidation. The Trustee shall adopt such
      plan
      of liquidation by filing the appropriate statement on the final tax return
      of
      each REMIC. Upon complete liquidation or final distribution of all of the assets
      of the Trust Fund, the Trust Fund and each REMIC shall terminate.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ARTICLE
      XI

    [RESERVED]

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ARTICLE
      XII

    MISCELLANEOUS
      PROVISIONS

     

    Section
      12.01  Intent
      of
      Parties.

     

    The
      parties intend that each of REMIC I, REMIC II and REMIC III shall be treated
      as
      a REMIC for federal income tax purposes and that the provisions of this
      Agreement should be construed in furtherance of this intent.

     

    Section
      12.02  Amendment.

     

    
      (a)  This
        Agreement may be amended from time to time by the Depositor, the Master Servicer
        and the Trustee, without notice to or the consent of any of the
        Certificateholders, to cure any ambiguity, to correct or supplement any
        provisions herein or therein that may be defective or inconsistent with any
        other provisions herein or therein, to comply with any changes in the Code,
        to
        revise any provisions to reflect the obligations of the parties to this
        agreement as they relate to Regulation AB to change the manner in which the
        Distribution Account or any Protected account is maintained or to make such
        other provisions with respect to matters or questions arising under this
        Agreement shall not be inconsistent with any other provisions of this Agreement
        if such action shall not, as evidenced by an Opinion of Independent Counsel,
        addressed to the Trustee adversely affect in any material respect the interests
        of any Certificateholder provided that, any such amendment shall be deemed
        not
        to adversely affect in any material respect the interests of the
        Certificateholders and no such Opinion of Counsel shall be required if the
        Person requesting such amendment obtains a letter from each Rating Agency
        stating that such amendment would not result in the downgrading or withdrawal
        of
        the respective ratings then assigned to the Certificates or if the purpose
        of
        such amendment is to conform to the language in the Prospectus
        Supplement.

       

      
        Notwithstanding
          the foregoing, without the consent of the Certificateholders, the parties
          hereto
          may at any time and from time to time amend this Agreement to modify, eliminate
          or add to any of its provisions to such extent as shall be necessary or
          appropriate to maintain the qualification of the Trust Fund as REMIC I,
          REMIC II
          and REMIC III for federal income tax purposes or to avoid or minimize the
          risk
          of the imposition of any tax on REMIC I, REMIC II or REMIC III pursuant
          to the
          Code that would be a claim against any such REMIC at any time prior to
          the final
          redemption of the Certificates, provided that the Trustee has been provided
          an
          Opinion of Counsel addressed to the Trustee, which opinion shall be an
          expense
          of the party requesting such opinion but in any case shall not be an expense
          of
          the Trustee or the Trust Fund, to the effect that such action is necessary
          or
          appropriate to maintain such qualification or to avoid or minimize the
          risk of
          the imposition of such a tax. Notwithstanding the foregoing, no amendment
          under
          this paragraph (a) shall cause any REMIC to fail to qualify as a REMIC
          for
          federal income tax purposes, as evidenced by an Opinion of Independent
          Counsel
          addressed to the Trustee which shall be provided to the Trustee other than
          at
          the Trustee’s expense. 

      

       

    

    (b)  This
      Agreement may also be amended from time to time by the Master Servicer, the
      Depositor and the Trustee, with the consent of the Holders of Certificates
      evidencing Fractional Undivided Interests aggregating not less than 51% of
      the
      Trust Fund or of the applicable Class or Classes, if such amendment affects
      only
      such Class or Classes, for the purpose of adding any provisions to or changing
      in any manner or eliminating any of the provisions of this Agreement or of
      modifying in any manner the rights of the Certificateholders; provided, however,
      that no such amendment shall (i) reduce in any manner the amount of, or delay
      the timing of, payments received on Mortgage Loans which are required to be
      distributed on any Certificate without the consent of the Holder of such
      Certificate, (ii) reduce the aforesaid percentage of Certificates the Holders
      of
      which are required to consent to any such amendment, without the consent of
      the
      Holders of all Certificates then outstanding, or (iii) cause any REMIC to fail
      to qualify as a REMIC for federal income tax purposes, as evidenced by an
      Opinion of Independent Counsel addressed to the Trustee which shall be provided
      to the Trustee other than at the Trustee’s expense. Notwithstanding any other
      provision of this Agreement, for purposes of the giving or withholding of
      consents pursuant to this Section 12.02(b), Certificates registered in the
      name
      of or held for the benefit of the Depositor, the Master Servicer, or the Trustee
      or any Affiliate thereof shall be entitled to vote their Fractional Undivided
      Interests with respect to matters affecting such Certificates.

     

    (c)  Promptly
      after the execution of any such amendment, the Trustee shall furnish a copy
      of
      such amendment or written notification of the substance of such amendment to
      each Certificateholder, with a copy to the Rating Agencies and the
      Custodians.

     

    (d)  In
      the
      case of an amendment under Subsection 12.02(b) above, it shall not be necessary
      for the Certificateholders to approve the particular form of such an amendment.
      Rather, it shall be sufficient if the Certificateholders approve the substance
      of the amendment. The manner of obtaining such consents and of evidencing the
      authorization of the execution thereof by Certificateholders shall be subject
      to
      such reasonable regulations as the Trustee may prescribe.

     

    (e)  Prior
      to
      the execution of any amendment to this Agreement, the Trustee shall be entitled
      to receive and rely upon an Opinion of Counsel addressed to the Trustee stating
      that the execution of such amendment is authorized or permitted by this
      Agreement and that all conditions precedent to such amendment have been
      satisfied. The Trustee may, but shall not be obligated to, enter into any such
      amendment which affects the Trustee’s or the Trustee’s own respective rights,
      duties or immunities under this Agreement.

     

    Section
      12.03  Recordation
      of Agreement.

     

    To
      the
      extent permitted by applicable law, this Agreement is subject to recordation
      in
      all appropriate public offices for real property records in all the counties
      or
      other comparable jurisdictions in which any or all of the Mortgaged Properties
      are situated, and in any other appropriate public recording office or elsewhere.
      The Depositor shall effect such recordation, at the expense of the Trust upon
      the request in writing of a Certificateholder, but only if such direction is
      accompanied by an Opinion of Counsel (provided at the expense of the
      Certificateholder requesting recordation) to the effect that such recordation
      would materially and beneficially affect the interests of the Certificateholders
      or is required by law.

     

    Section
      12.04  Limitation
      on Rights of Certificateholders.

     

    (a)  The
      death
      or incapacity of any Certificateholder shall not terminate this Agreement or
      the
      Trust, nor entitle such Certificateholder’s legal representatives or heirs to
      claim an accounting or to take any action or proceeding in any court for a
      partition or winding up of the Trust, nor otherwise affect the rights,
      obligations and liabilities of the parties hereto or any of them.

     

    (b)  Except
      as
      expressly provided in this Agreement, no Certificateholders shall have any
      right
      to vote or in any manner otherwise control the operation and management of
      the
      Trust, or the obligations of the parties hereto, nor shall anything herein
      set
      forth, or contained in the terms of the Certificates, be construed so as to
      establish the Certificateholders from time to time as partners or members of
      an
      association; nor shall any Certificateholders be under any liability to any
      third Person by reason of any action taken by the parties to this Agreement
      pursuant to any provision hereof.

     

    (c)  No
      Certificateholder shall have any right by virtue of any provision of this
      Agreement to institute any suit, action or proceeding in equity or at law upon,
      under or with respect to this Agreement against the Depositor, the Trustee,
      the
      Master Servicer or any successor to any such parties unless (i) such
      Certificateholder previously shall have given to the Trustee a written notice
      of
      a continuing default, as herein provided, (ii) the Holders of Certificates
      evidencing Fractional Undivided Interests aggregating not less than 51% of
      the
      Trust Fund shall have made written request upon the Trustee to institute such
      action, suit or proceeding in its own name as Trustee hereunder and shall have
      offered to the Trustee such reasonable indemnity as it may require against
      the
      costs and expenses and liabilities to be incurred therein or thereby, and (iii)
      the Trustee, for 60 days after its receipt of such notice, request and offer
      of
      indemnity, shall have neglected or refused to institute any such action, suit
      or
      proceeding.

     

    (d)  No
      one or
      more Certificateholders shall have any right by virtue of any provision of
      this
      Agreement to affect the rights of any other Certificateholders or to obtain
      or
      seek to obtain priority or preference over any other such Certificateholder,
      or
      to enforce any right under this Agreement, except in the manner herein provided
      and for the equal, ratable and common benefit of all Certificateholders. For
      the
      protection and enforcement of the provisions of this Section 12.04, each and
      every Certificateholder and the Trustee shall be entitled to such relief as
      can
      be given either at law or in equity.

     

    Section
      12.05  Acts
      of
      Certificateholders.

     

    (a)  Any
      request, demand, authorization, direction, notice, consent, waiver or other
      action provided by this Agreement to be given or taken by Certificateholders
      may
      be embodied in and evidenced by one or more instruments of substantially similar
      tenor signed by such Certificateholders in person or by an agent duly appointed
      in writing. Except as herein otherwise expressly provided, such action shall
      become effective when such instrument or instruments are delivered to the
      Trustee and, where it is expressly required, to the Depositor. Proof of
      execution of any such instrument or of a writing appointing any such agent
      shall
      be sufficient for any purpose of this Agreement and conclusive in favor of
      the
      Trustee and the Depositor, if made in the manner provided in this Section
      12.05.

     

    (b)  The
      fact
      and date of the execution by any Person of any such instrument or writing may
      be
      proved by the affidavit of a witness of such execution or by a certificate
      of a
      notary public or other officer authorized by law to take acknowledgments of
      deeds, certifying that the individual signing such instrument or writing
      acknowledged to him the execution thereof. Where such execution is by a signer
      acting in a capacity other than his or her individual capacity, such certificate
      or affidavit shall also constitute sufficient proof of his or her authority.
      The
      fact and date of the execution of any such instrument or writing, or the
      authority of the individual executing the same, may also be proved in any other
      manner which the Trustee deems sufficient.

     

    (c)  The
      ownership of Certificates (notwithstanding any notation of ownership or other
      writing on such Certificates, except an endorsement in accordance with Section
      5.02 made on a Certificate presented in accordance with Section 5.04) shall
      be
      proved by the Certificate Register, and neither the Trustee, the Depositor,
      the
      Master Servicer nor any successor to any such parties shall be affected by
      any
      notice to the contrary.

     

    (d)  Any
      request, demand, authorization, direction, notice, consent, waiver or other
      action of the holder of any Certificate shall bind every future holder of the
      same Certificate and the holder of every Certificate issued upon the
      registration of transfer or exchange thereof, if applicable, or in lieu thereof
      with respect to anything done, omitted or suffered to be done by the Trustee,
      the Depositor, the Master Servicer or any successor to any such party in
      reliance thereon, whether or not notation of such action is made upon such
      Certificates.

     

    (e)  In
      determining whether the Holders of the requisite percentage of Certificates
      evidencing Fractional Undivided Interests have given any request, demand,
      authorization, direction, notice, consent or waiver hereunder, Certificates
      owned by the Trustee, the Depositor, the Master Servicer or any Affiliate
      thereof shall be disregarded, except as otherwise provided in Section 12.02(b)
      and except that, in determining whether the Trustee shall be protected in
      relying upon any such request, demand, authorization, direction, notice, consent
      or waiver, only Certificates which a Responsible Officer of the Trustee actually
      knows to be so owned shall be so disregarded. Certificates which have been
      pledged in good faith to the Trustee, the Depositor, the Master Servicer or
      any
      Affiliate thereof may be regarded as outstanding if the pledgor establishes
      to
      the satisfaction of the Trustee the pledgor’s right to act with respect to such
      Certificates and that the pledgor is not an Affiliate of the Trustee, the
      Depositor, or the Master Servicer, as the case may be.

     

    Section
      12.06  Governing
      Law.

     

    THIS
      AGREEMENT AND THE CERTIFICATES SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS
      OF
      THE STATE OF NEW YORK WITHOUT REFERENCE TO ITS CONFLICT OF LAWS RULES (OTHER
      THAN SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW, WHICH THE PARTIES HERETO
      EXPRESSLY RELY UPON IN THE CHOICE OF SUCH LAW AS THE GOVERNING LAW HEREUNDER)
      AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE
      DETERMINED IN ACCORDANCE WITH SUCH LAWS.

     

    Section
      12.07  Notices.

     

    All
      demands and notices hereunder shall be in writing and shall be deemed given
      when
      delivered at (including delivery by facsimile) or mailed by registered mail,
      return receipt requested, postage prepaid, or by recognized overnight courier,
      to (i) in the case of the Depositor, 383 Madison Avenue, New York, New York
      10179, Attention: Vice President-Servicing, telecopier number: (212) 272-5591,
      or to such other address as may hereafter be furnished to the other parties
      hereto in writing; (ii) in the case of the Trustee, at its Corporate Trust
      Office, or such other address as may hereafter be furnished to the other parties
      hereto in writing; (iii) in the case of the Seller, EMC Mortgage Corporation,
      2780 Lake Vista Drive, Lewisville, Texas 75067 (Facsimile: (469-759-4714),
      attention: President or General Counsel, (iii) in the case of the Master
      Servicer, EMC Mortgage Corporation, 2780 Lake Vista Drive, Lewisville, Texas
      75067 (Facsimile: (214) 626-4889), attention: Michelle Viner or such other
      address as may be hereafter furnished to the other parties hereto by the Master
      Servicer in writing; or (iv) in the case of the Rating Agencies, Fitch, Inc.,
      One State Street Plaza, New York, NY 10004 and Standard & Poor’s, a division
      of The McGraw-Hill Companies, Inc., 55 Water Street, New York, New York 10041,
      or such other address as may hereafter be furnished to the other parties hereto
      in writing. Any notice delivered to the Depositor, the Master Servicer or the
      Trustee under this Agreement shall be effective only upon receipt. Any notice
      required or permitted to be mailed to a Certificateholder, unless otherwise
      provided herein, shall be given by first-class mail, postage prepaid, at the
      address of such Certificateholder as shown in the Certificate Register. Any
      notice so mailed within the time prescribed in this Agreement shall be
      conclusively presumed to have been duly given when mailed, whether or not the
      Certificateholder receives such notice.

     

    Section
      12.08  Severability
      of Provisions.

     

    If
      any
      one or more of the covenants, agreements, provisions or terms of this Agreement
      shall be for any reason whatsoever held invalid, then such covenants,
      agreements, provisions or terms shall be deemed severed from the remaining
      covenants, agreements, provisions or terms of this Agreement and shall in no
      way
      affect the validity or enforceability of the other provisions of this Agreement
      or of the Certificates or the rights of the holders thereof.

     

    Section
      12.09  Successors
      and Assigns.

     

    The
      provisions of this Agreement shall be binding upon and inure to the benefit
      of
      the respective successors and assigns of the parties hereto.

     

    Section
      12.10  Article
      and Section Headings.

     

    The
      article and section headings herein are for convenience of reference only,
      and
      shall not limit or otherwise affect the meaning hereof.

     

    Section
      12.11  Counterparts.

     

    This
      Agreement may be executed in two or more counterparts each of which when so
      executed and delivered shall be an original but all of which together shall
      constitute one and the same instrument.

     

    Section
      12.12  Notice
      to
      Rating Agencies.

     

    The
      article and section headings herein are for convenience of reference only,
      and
      shall not limited or otherwise affect the meaning hereof. The Trustee shall
      promptly provide notice to each Rating Agency with respect to each of the
      following of which a Responsible Officer of the Trustee has actual
      knowledge:

     

    1.           Any
      material change or amendment to this Agreement or the Servicing
      Agreements;

     

    2.           The
      occurrence of any Event of Default that has not been cured;

     

    3.           The
      resignation or termination of the Master Servicer or the Trustee;

     

    4.           The
      repurchase or substitution of Mortgage Loans;

     

    5.           The
      final payment to Certificateholders; and

     

    6.           Any
      change in the location of the Distribution Account.

     

    IN
      WITNESS WHEREOF, the Depositor, the Trustee and the Master Servicer have caused
      their names to be signed hereto by their respective officers thereunto duly
      authorized as of the day and year first above written.

     

    
      	 	 	 	 	 	 	 	
              STRUCTURED
                ASSET MORTGAGE INVESTMENTS II INC., as Depositor

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 /s/
              Joseph
              T. Jurkowski
	 	 	 	 	 	 	 	 	
              Name:
                Joseph T. Jurkowski

            
	 	 	 	 	 	 	 	 	
              Title:
                Vice President

               

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              WELLS
                FARGO BANK, N.A., as Trustee

               

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 /s/
              Benjamin F. Jordan
	 	 	 	 	 	 	 	 	
              Name:Benjamin
                F. Jordan

            
	 	 	 	 	 	 	 	 	
              Title:
                Assistant Vice President

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              EMC
                MORTGAGE CORPORATION,

              as
                Master Servicer and Seller

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 /s/
              Debbie Pratt
	 	 	 	 	 	 	 	 	
              Name:
                Debbie Pratt

            
	 	 	 	 	 	 	 	 	
              Title:
                Executive Vice President

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 

    

    

    
      	
               

            	
              Accepted
                and Agreed as to

            

    

    
      	
               

            	
              Sections
                2.01, 2.02, 2.03, 2.04 and 9.09(c)

            

      	 	 

      	 	 
              
              in
                its capacity as Seller

            

    

     

    
      	 	
              EMC
                MORTGAGE CORPORATION,

               

            
	 	 	      
	 	
              By:

            	 /s/
              Jenna Kemp
	 	 	
              Name:
                Jenna Kemp

            
	 	 	
              Title:
                Executive Vice President

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    STATE
      OF
      NEW
      YORK                     )

    )
      ss.:

    
      	
              COUNTY
                OF NEW YORK

            	
              )

            

    

     

    On
      the
      31st day of August 2007 before me, a notary public in and for said State,
      personally appeared ___________________________, known to me to be a Vice
      President of Structured Asset Mortgage Investments II Inc., the corporation
      that
      executed the within instrument, and also known to me to be the person who
      executed it on behalf of said corporation, and acknowledged to me that such
      corporation executed the within instrument.

     

    IN
      WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the
      day and year in this certificate first above written.

     

    
      	 	 
	 	
              Notary
                Public

            

    

    

    

    [Notarial
      Seal]

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      	
              STATE
                OF MARYLAND

            	
              )

            

      	 	)
              ss.: 

      	 COUNTY
              OF HOWARD	)

    

     

    On
      the
      31st day of August 2007 before me, a notary public in and for said State,
      personally appeared ________________________, known to me to be a Vice President
      of Wells Fargo Bank, N.A., the entity that executed the within instrument,
      and
      also known to me to be the person who executed it on behalf of said entity,
      and
      acknowledged to me that such entity executed the within instrument.

     

    IN
      WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the
      day

     

    and
      year
      in this certificate first above written.

     

    
      	 	 
	 	
              Notary
                Public

            

    

    

    

    

    [Notarial
      Seal]

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      	
              STATE
                OF TEXAS

            	
              )

            
	 	
              )
                ss.:

            
	
              COUNTY
                OF DALLAS

               

            	
              )

               

            

    

    On
      the
      31st day of August 2007 before me, a notary public in and for said State,
      personally appeared ______________________, known to me to be a
      _____________________________ of EMC Mortgage Corporation, the corporation
      that
      executed the within instrument, and also known to me to be the person who
      executed it on behalf of said corporation, and acknowledged to me that such
      corporation executed the within instrument.

     

    IN
      WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the
      day and year in this certificate first above written.

     

    
      	 	 
	 	
              Notary
                Public

            

    

    

    

    [Notarial
      Seal]

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      	
              STATE
                OF TEXAS

            	
              )

            
	 	
              )
                ss.:

            
	
              COUNTY
                OF DALLAS

               

            	
              )

               

            

    

    On
      the
      31st day of August 2007 before me, a notary public in and for said State,
      personally appeared ________________________, known to me to be a
      __________________________ of EMC Mortgage Corporation, the corporation that
      executed the within instrument, and also known to me to be the person who
      executed it on behalf of said corporation, and acknowledged to me that such
      corporation executed the within instrument.

     

    IN
      WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the
      day and year in this certificate first above written.

     

    
      	 	 
	 	
              Notary
                Public

            

    

    

    

    [Notarial
      Seal]

     

    

    

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      A-1

     

    FORM
      OF CLASS A CERTIFICATES AND CLASS X CERTIFICATES

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986
      (THE “CODE”).

     

    [FOR
      THE CLASS [_-A-_] CERTIFICATES] [THE CURRENT PRINCIPAL AMOUNT OF THIS
      CERTIFICATE WILL BE DECREASED BY THE PRINCIPAL PAYMENTS HEREON AND REALIZED
      LOSSES ALLOCABLE HERETO. ACCORDINGLY, FOLLOWING THE INITIAL ISSUANCE OF THE
      CERTIFICATES, THE CURRENT PRINCIPAL AMOUNT OF THIS CERTIFICATE WILL BE DIFFERENT
      FROM THE DENOMINATION SHOWN BELOW. ANYONE ACQUIRING THIS CERTIFICATE MAY
      ASCERTAIN ITS CURRENT PRINCIPAL AMOUNT BY INQUIRY OF THE TRUSTEE NAMED
      HEREIN.]

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY TO THE TRUSTEE OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE
      OR PAYMENT, AND ANY CERTIFICATE ISSUED WILL BE REGISTERED IN THE NAME OF CEDE
      & CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE
      DEPOSITORY TRUST COMPANY AND ANY PAYMENT WILL BE MADE TO CEDE & CO., ANY
      TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
      IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
      HEREIN.

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

     

    
      	
              Certificate
                No. 1

            	
              [Variable]
                [Pass-Through Rate:%]

            
	 	 
	
              Class
                [_-A-_] [III-X-1] Senior

            	 
	 	 
	
              Date
                of Pooling and Servicing Agreement

              and
                Cut-off Date: August 1, 2007

            	
              Aggregate
                Initial [Current Principal] [Notional] Amount of this Senior Certificate
                as of the Cut-off Date: $[_____________]

            
	 	 
	
              First
                Distribution Date:

              September
                25, 2007

            	
              Initial
                [Current Principal] [Notional] Amount of this Senior Certificate
                as of the
                Cut-off Date: $[_____________]

            
	 	 
	
              Master
                Servicer:

              EMC
                Mortgage Corporation

            	
              CUSIP:
                [____________]

            
	 	 
	
              Assumed
                Final Distribution Date:

              August
                25, 2047

            	 
	 	 

    

    BEAR
      STEARNS ARM TRUST 2007-5

    MORTGAGE
      PASS-THROUGH CERTIFICATE

    SERIES
      2007-5

     

    evidencing
      a fractional undivided interest in the distributions allocable to the Class
      [_-[A]-_] [III-X-1] Certificates with respect to a Trust Fund consisting
      primarily of a pool of adjustable rate mortgage loans secured by first liens
      on
      one-to-four family residential properties sold by STRUCTURED ASSET MORTGAGE
      INVESTMENTS II INC.

     

    This
      Certificate is payable solely from the assets of the Trust Fund, and does not
      represent an obligation of or interest in Structured Asset Mortgage Investments
      II Inc., the Master Servicer or the Trustee referred to below or any of their
      affiliates or any other person. Neither this Certificate nor the underlying
      Mortgage Loans are guaranteed or insured by any governmental entity or by
      Structured Asset Mortgage Investments II Inc., the Master Servicer or the
      Trustee or any of their affiliates or any other person. None of Structured
      Asset
      Mortgage Investments II Inc., the Master Servicer or any of their affiliates
      will have any obligation with respect to any certificate or other obligation
      secured by or payable from payments on the Certificates.

     

    This
      certifies that Cede & Co. is the registered owner of the Fractional
      Undivided Interest evidenced hereby in the beneficial ownership interest of
      Certificates of the same Class as this Certificate in a trust (the “Trust Fund”)
      primarily consisting of adjustable rate mortgage loans secured by first liens
      on
      one- to four- family residential properties (collectively, the “Mortgage Loans”)
      sold by Structured Asset Mortgage Investments II Inc. (“SAMI II”). The Mortgage
      Loans were sold by EMC Mortgage Corporation (“EMC”) to SAMI II. EMC will act as
      master servicer of the Mortgage Loans (the “Master Servicer,” which term
      includes any successors thereto under the Agreement referred to below). The
      Trust Fund was created pursuant to the Pooling and Servicing Agreement dated
      as
      of the Cut-off Date specified above (the “Agreement”), among SAMI II, as
      depositor (the “Depositor”), EMC, as Master Servicer and seller, and Wells Fargo
      Bank, N.A., as trustee (the “Trustee”), a summary of certain of the pertinent
      provisions of which is set forth hereafter. To the extent not defined herein,
      capitalized terms used herein shall have the meaning ascribed to them 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 its acceptance hereof assents and by which such
      Holder is bound.

     

    Interest
      on this Certificate will accrue during the month prior to the month in which
      a
      Distribution Date (as hereinafter defined) occurs on the [Current Principal]
      [Notional] Amount hereof at a per annum rate equal to the Pass-Through Rate
      as
      described in the Agreement. The Trustee will distribute on the 25th day of
      each
      month, or, if such 25th day is not a Business Day, the immediately following
      Business Day (each, a “Distribution Date”), commencing on the First Distribution
      Date specified above, to the Person in whose name this Certificate is registered
      at the close of business on the last Business Day of the calendar month
      preceding the month of such Distribution Date, an amount equal to the product
      of
      the Fractional Undivided Interest evidenced by this Certificate and the amount
      (of interest [and principal], if any) required to be distributed to the Holders
      of Certificates of the same Class as this Certificate. The Assumed Final
      Distribution Date is the Distribution Date in the month immediately following
      the month of the latest scheduled maturity date of any Mortgage Loan and is
      not
      likely to be the date on which the [Current Principal] [Notional] Amount of
      this
      Class of Certificates will be reduced to zero.  [For the Class X
      Certificates: [The Class III-X-1 Certificates have no Current Principal
      Amount.]

     

    Distributions
      on this Certificate will be made by the Trustee by check mailed to the address
      of the Person entitled thereto as such name and address shall appear on the
      Certificate Register or, if such Person so requests by notifying the Trustee
      in
      writing as specified in the Agreement 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 and designated in such notice. The Initial [Current
      Principal] [Notional] Amount of this Certificate is set forth above. [For the
      Class A Certificates: [The Current Principal Amount hereof will be reduced
      to
      the extent of distributions allocable to principal hereon and any Realized
      Losses allocable hereto.]

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      set
      forth on the face hereof (the “Certificates”), issued in sixteen Classes. The
      Certificates, in the aggregate, evidence the entire beneficial ownership
      interest in the Trust Fund formed pursuant to the Agreement.

     

    The
      Certificateholder, by its acceptance of this Certificate, agrees that it will
      look solely to the Trust Fund for payment hereunder and that the Trustee is
      not
      liable to the Certificateholders for any amount payable under this Certificate
      or the Agreement or, except as expressly provided in the Agreement, subject
      to
      any liability under the Agreement.

     

    This
      Certificate does not purport to summarize the Agreement and reference is made
      to
      the Agreement for the interests, rights and limitations of rights, benefits,
      obligations and duties evidenced hereby, and the rights, duties and immunities
      of the Trustee.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Depositor,
      the
      Master Servicer and the Trustee and the rights of the Certificateholders under
      the Agreement from time to time by the parties thereto with the consent of
      the
      Holders of Certificates, evidencing Fractional Undivided Interests aggregating
      not less than 51% of the Trust Fund (or in certain cases, Holders of
      Certificates of affected Classes evidencing such percentage of the Fractional
      Undivided Interests thereof). 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
      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 with the Trustee upon surrender
      of this Certificate for registration of transfer at the offices or agencies
      maintained by the Trustee for such purposes, duly endorsed by, or accompanied
      by
      a written instrument of transfer in form satisfactory to the Trustee duly
      executed by the Holder hereof or such Holder’s attorney duly authorized in
      writing, and thereupon one or more new Certificates in authorized denominations
      representing a like aggregate Fractional Undivided Interest will be issued
      to
      the designated transferee.

     

    The
      Certificates are issuable only as registered Certificates without coupons in
      the
      Classes and denominations specified in the Agreement. As provided in the
      Agreement and subject to certain limitations therein set forth, this Certificate
      is exchangeable for one or more new Certificates evidencing the same Class
      and
      in the same aggregate Fractional Undivided Interest, as requested by the Holder
      surrendering the same.

     

    No
      service charge will be made to the Certificateholders for any such registration
      of transfer, but the Trustee may require payment of a sum sufficient to cover
      any tax or other governmental charge payable in connection therewith. The
      Depositor, the Master Servicer, the Trustee and any agent of any of them may
      treat the Person in whose name this Certificate is registered as the owner
      hereof for all purposes, and none of the Depositor, the Master Servicer, the
      Trustee or any such agent shall be affected by notice to the
      contrary.

     

    The
      obligations created by the Agreement and the Trust Fund created thereby (other
      than the obligations to make payments to related Certificateholders with respect
      to the termination of the Agreement) shall terminate upon the earlier of (i)
      the
      later of the (A) final payment or other liquidation (or Advance with respect
      thereto) of the last Mortgage Loan remaining in the Trust Fund and (B)
      disposition of all property acquired upon foreclosure or deed in lieu of
      foreclosure of any Mortgage Loan and the remittance of all funds due under
      the
      Agreement, or (ii) the optional repurchase by the party named in the Agreement
      of all the Mortgage Loans and other assets of the Trust Fund in accordance
      with
      the terms of the Agreement. Such optional repurchase may be made only on or
      after the Distribution Date on which the aggregate unpaid principal balance
      of
      the Mortgage Loans is less than the percentage of the aggregate Outstanding
      Principal Balance specified in the Agreement of the Mortgage Loans at the
      Cut-off Date as set forth in the Agreement. The exercise of such right will
      effect the early retirement of the Certificates. In no event, however, will
      the
      Trust Fund created by the Agreement continue beyond the earlier of (i) the
      expiration of 21 years after the death of certain persons identified in the
      Agreement and (ii) the “latest possible maturity date” for the Certificates
      (other than the Class R Certificates) specified in Section 5.01(d) of the
      Agreement.

     

    Unless
      this Certificate has been countersigned by an authorized signatory of the
      Trustee by manual signature, this Certificate shall not be entitled to any
      benefit under the Agreement, or be valid for any purpose.

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

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

     

    
      	
              Dated:
                August 31, 2007

            	 	
              WELLS
                FARGO BANK, N.A.

              Not
                in its individual capacity but solely as Trustee

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	 	
              Authorized
                Signatory

            

    

    

    

    

    CERTIFICATE
      OF AUTHENTICATION

     

    This
      is
      one of the Class [_-A-_] [III-X-1]  Certificates referred to in the
      within-mentioned Agreement.

     

    
      	 	 	 	 	 	 	 	
              WELLS
                FARGO BANK, N.A.

              Authorized
                signatory of Wells Fargo Bank N.A., not in its individual capacity
                but
                solely as Trustee

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	 	
              Authorized
                Signatory

            

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    ASSIGNMENT

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
      __________________________________ (Please print or typewrite name and address
      including postal zip code of assignee) a Fractional Undivided Interest evidenced
      by the within Mortgage Pass-Through Certificate and hereby authorizes the
      transfer of registration of such interest to assignee on the Certificate
      Register of the Trust Fund.

     

    I
      (We)
      further direct the Trustee to issue a new Certificate of a like denomination
      and
      Class, to the above named assignee and deliver such Certificate to the following
      address:

     

    
      	 
	 
	 

    

    

     

    
      	
              Dated:

            	 
	 	
              Signature
                by or on behalf of assignor

            
	 	 
	 	 
	 	
              Signature
                Guaranteed

            

    

    

    

    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

            	 
	
              assignee
                named above, or

            	 
	
              its
                agent.

            	 

    

     

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    EXHIBIT
      A-2

     

    FORM
      OF CLASS  B CERTIFICATES

     

    THIS
      CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE SENIOR CERTIFICATES
      [AND]
      [THE CLASS B-1 CERTIFICATES][,] [AND] [THE CLASS B-2 CERTIFICATES][,] [AND]
      [THE
      CLASS B-3 CERTIFICATES][,] [AND] [THE CLASS B-4 CERTIFICATES][,] [AND] [THE
      CLASS B-5 CERTIFICATES] AS DESCRIBED IN THE AGREEMENT (AS DEFINED
      BELOW).

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986
      (THE “CODE”).

     

    THE
      CURRENT PRINCIPAL AMOUNT OF THIS CERTIFICATE WILL BE DECREASED BY THE PRINCIPAL
      PAYMENTS HEREON AND ANY REALIZED LOSSES ALLOCABLE HERETO. ACCORDINGLY, FOLLOWING
      THE INITIAL ISSUANCE OF THE CERTIFICATES, THE CURRENT PRINCIPAL AMOUNT OF THIS
      CERTIFICATE WILL BE DIFFERENT FROM THE DENOMINATION SHOWN BELOW. ANYONE
      ACQUIRING THIS CERTIFICATE MAY ASCERTAIN ITS CURRENT PRINCIPAL AMOUNT BY INQUIRY
      OF THE TRUSTEE NAMED HEREIN.

     

    [FOR
      CLASS B-1, CLASS B-2 AND CLASS B-3] [UNLESS THIS CERTIFICATE IS PRESENTED BY
      AN
      AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY TO THE TRUSTEE OR
      ITS
      AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, ANY CERTIFICATE ISSUED
      WILL BE REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS REQUESTED
      BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY AND ANY PAYMENT
      WILL BE MADE TO CEDE & CO. ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR
      VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER
      HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]

     

    [FOR
      CLASS B-1, CLASS B-2 AND CLASS B-3] [EACH BENEFICIAL OWNER OF THIS CERTIFICATE
      OR ANY INTEREST HEREIN SHALL BE DEEMED TO HAVE MADE THE REPRESENTATIONS SET
      FORTH IN SECTION 5.07 OF THE  AGREEMENT.]

     

    [FOR
      CLASS B-4, CLASS B-5 AND CLASS B-6] [THIS CERTIFICATE HAS NOT BEEN AND WILL
      NOT
      BE REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
      ACT”), OR UNDER ANY STATE SECURITIES LAWS. THE HOLDER HEREOF, BY PURCHASING THIS
      CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE REOFFERED, RESOLD, PLEDGED
      OR
      OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER
      APPLICABLE LAWS AND ONLY (1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT
      (“RULE 144A”) TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A QUALIFIED
      INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A (A “QIB”), PURCHASING FOR
      ITS OWN ACCOUNT OR A QIB PURCHASING FOR THE ACCOUNT OF A QIB, WHOM THE HOLDER
      HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER
      IS BEING MADE IN RELIANCE ON RULE 144A, (2) PURSUANT TO AN EXEMPTION FROM
      REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT (IF AVAILABLE) OR
      (3)
      IN CERTIFICATED FORM TO AN “INSTITUTIONAL ACCREDITED INVESTOR” WITHIN THE
      MEANING THEREOF IN RULE 501(A)(1), (2), (3) OR (7) OF REGULATION D UNDER THE
      ACT
      OR ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS COME WITHIN SUCH PARAGRAPHS
      PURCHASING NOT FOR DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT, SUBJECT
      TO
      (A) THE RECEIPT BY THE TRUSTEE OF A LETTER SUBSTANTIALLY IN THE FORM PROVIDED
      IN
      THE AGREEMENT AND (B) THE RECEIPT BY THE TRUSTEE OF SUCH OTHER EVIDENCE
      ACCEPTABLE TO THE TRUSTEE THAT SUCH REOFFER, RESALE, PLEDGE OR TRANSFER IS
      IN
      COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS OR IN EACH CASE
      IN
      ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF THE UNITED STATES AND ANY
      OTHER APPLICABLE JURISDICTION.]

     

    [FOR
      CLASS B-4, CLASS B-5 AND CLASS B-6] [THIS CERTIFICATE MAY NOT BE ACQUIRED
      DIRECTLY OR INDIRECTLY BY, OR ON BEHALF OF, AN EMPLOYEE BENEFIT PLAN OR OTHER
      RETIREMENT ARRANGEMENT WHICH IS SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT
      INCOME SECURITY ACT OF 1974, AS AMENDED, OR SECTION 4975 OF THE INTERNAL REVENUE
      CODE OF 1986, AS AMENDED, UNLESS THE TRANSFEREE CERTIFIES OR REPRESENTS THAT
      THE
      PROPOSED TRANSFER AND HOLDING OF A CERTIFICATE AND THE SERVICING, MANAGEMENT
      AND
      OPERATION OF THE TRUST AND ITS ASSETS: (I) WILL NOT RESULT IN ANY PROHIBITED
      TRANSACTION WHICH IS NOT COVERED UNDER AN INDIVIDUAL OR CLASS PROHIBITED
      TRANSACTION EXEMPTION, INCLUDING, BUT NOT LIMITED TO, PROHIBITED TRANSACTION
      CLASS EXEMPTION (“PTCE”) 84-14, PTCE 91-38, PTCE 90-1, PTCE 95-60 OR PTCE 96-23
      AND (II) WILL NOT GIVE RISE TO ANY ADDITIONAL OBLIGATIONS ON THE PART OF THE
      DEPOSITOR, THE TRUSTEE, THE MASTER SERVICER OR THE TRUSTEE, WHICH WILL BE DEEMED
      REPRESENTED BY AN OWNER OF A BOOK-ENTRY CERTIFICATE OR A GLOBAL CERTIFICATE
      OR
      UNLESS THE OPINION SPECIFIED IN SECTION 5.07 OF THE AGREEMENT IS
      PROVIDED.]

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    

    
      	
              Certificate
                No. 1

            	
              Variable
                Pass-Through Rate

            
	 	 
	
              Class
                B-[_] Subordinate

            	 
	 	 
	
              Date
                of Pooling and Servicing Agreement

              and
                Cut-off Date:

              August
                1, 2007

            	
              Aggregate
                Initial Current Principal Amount of this Subordinate Certificate
                as of the
                Cut-off Date: $[_________]

            
	 	 
	
              First
                Distribution Date:

              September
                25, 2007

            	
              Initial
                Current Principal Amount of this Subordinate Certificate as of the
                Cut-off
                Date: $[_________]

            
	 	 
	
              Master
                Servicer:

              EMC
                Mortgage Corporation

            	
              CUSIP:
                [____________]

            
	 	 
	
              Assumed
                Final Distribution Date:

              August
                25, 2047

            	 
	 	 

    

    BEAR
      STEARNS ARM TRUST 2007-5

    MORTGAGE
      PASS-THROUGH CERTIFICATE

    SERIES
      2007-5

     

    evidencing
      a fractional undivided interest in the distributions allocable to the Class
      B-[_] Certificates with respect to a Trust Fund consisting primarily of a pool
      of adjustable rate mortgage loans secured by first liens on one-to-four family
      residential properties sold by STRUCTURED ASSET MORTGAGE INVESTMENTS II
      INC.

     

    This
      Certificate is payable solely from the assets of the Trust Fund, and does not
      represent an obligation of or interest in Structured Asset Mortgage Investments
      II Inc., the Master Servicer or the Trustee referred to below or any of their
      affiliates or any other person. Neither this Certificate nor the underlying
      Mortgage Loans are guaranteed or insured by any governmental entity or by
      Structured Asset Mortgage Investments II Inc., the Master Servicer or the
      Trustee or any of their affiliates or any other person. None of Structured
      Asset
      Mortgage Investments II Inc., the Master Servicer or any of their affiliates
      will have any obligation with respect to any certificate or other obligation
      secured by or payable from payments on the Certificates.

     

    This
      certifies that [Cede & Co.][ Bear, Stearns Securities Corp.] is the
      registered owner of the Fractional Undivided Interest evidenced hereby in the
      beneficial ownership interest of Certificates of the same Class as this
      Certificate in a trust (the “Trust Fund”) primarily consisting of adjustable
      rate mortgage loans secured by first liens on one- to four- family residential
      properties (collectively, the “Mortgage Loans”) sold by Structured Asset
      Mortgage Investments II Inc. (“SAMI II”). The Mortgage Loans were sold by EMC
      Mortgage Corporation (“EMC”) to SAMI II. EMC will act as master servicer of the
      Mortgage Loans (the “Master Servicer,” which term includes any successors
      thereto under the Agreement referred to below). The Trust Fund was created
      pursuant to the Pooling and Servicing Agreement dated as of the Cut-off Date
      specified above (the “Agreement”), among SAMI II, as depositor (the
“Depositor”), EMC, as Master Servicer and seller, and Wells Fargo Bank, N.A., as
      trustee (the “Trustee”), a summary of certain of the pertinent provisions of
      which is set forth hereafter. To the extent not defined herein, capitalized
      terms used herein shall have the meaning ascribed to them 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 its acceptance hereof assents and by which such Holder is
      bound.

     

    Interest
      on this Certificate will accrue during the month prior to the month in which
      a
      Distribution Date (as hereinafter defined) occurs on the Current Principal
      Amount hereof at a per annum rate equal to the Pass-Through Rate as described
      in
      the Agreement. The Trustee will distribute on the 25th day of each month, or,
      if
      such 25th day is not a Business Day, the immediately following Business Day
      (each, a “Distribution Date”), commencing on the First Distribution Date
      specified above, to the Person in whose name this Certificate is registered
      at
      the close of business on the last Business Day of the calendar month preceding
      the month of such Distribution Date, an amount equal to the product of the
      Fractional Undivided Interest evidenced by this Certificate and the amount
      (of
      interest and principal, if any) required to be distributed to the Holders of
      Certificates of the same Class as this Certificate. The Assumed Final
      Distribution Date is the Distribution Date in the month immediately following
      the month of the latest scheduled maturity date of any Mortgage Loan and is
      not
      likely to be the date on which the Current Principal Amount of this Class of
      Certificates will be reduced to zero.

     

    Distributions
      on this Certificate will be made by the Trustee by check mailed to the address
      of the Person entitled thereto as such name and address shall appear on the
      Certificate Register or, if such Person so requests by notifying the Trustee
      in
      writing as specified in the Agreement 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 and designated in such notice. The Initial Current
      Principal Amount of this Certificate is set forth above. The Current Principal
      Amount hereof will be reduced to the extent of distributions allocable to
      principal hereon and any Realized Losses allocable hereto.

     

    [For
      Class B-4, Class B-5 and Class B-6] [No transfer of this Class B-[_] Certificate
      will be made unless such transfer is (i) exempt from the registration
      requirements of the Securities act of 1933, as amended, and any applicable
      state
      securities laws or is made in accordance with said Act and laws and (ii) made
      in
      accordance with Section 5.02 of the Agreement.  In the event that such
      transfer is to be made the Trustee shall register such transfer if, (i) made
      to
      a transferee who has provided the Trustee with evidence as to its QIB status;
      or
      (ii) (A) the transferor has advised the Trustee in writing that the Certificate
      is being transferred to an Institutional Accredited Investor and (B) prior
      to
      such transfer the transferee furnishes to the Trustee an Investment Letter;
      provided that if based upon an Opinion of Counsel to the effect that (A) and
      (B)
      above are not sufficient to confirm that such transfer is being made pursuant
      to
      an exemption from, or in a transaction not subject to, the registration
      requirements of the Securities Act and other applicable laws, the Trustee shall
      as a condition of the registration of any such transfer require the transferor
      to furnish such other certifications, legal opinions or other information prior
      to registering the transfer of this Certificate as shall be set forth in such
      Opinion of Counsel.]

     

    [For
      Class B-1, Class B-2 and Class B-3] [Each beneficial owner of this Certificate
      or any interest herein shall be deemed to have made the representations set
      forth in Section 5.07 of the Agreement.]

     

    [For
      Class B-4, Class B-5 and Class B-6] [This Certificate may not be acquired
      directly or indirectly by, or on behalf of, an employee benefit plan or other
      retirement arrangement which is subject to Title I of the Employee Retirement
      Income Security Act of 1974, as amended, or Section 4975 of the Internal Revenue
      Code of 1986, as amended, unless the transferee certifies or represents that
      the
      proposed transfer and holding of a Certificate and the servicing, management
      and
      operation of the trust and its assets: (i) will not result in any prohibited
      transaction which is not covered under an individual or class prohibited
      transaction exemption, including, but not limited to, Prohibited Transaction
      Class Exemption (“PTCE”) 84-14, PTCE 91-38, PTCE 90-1, PTCE 95-60 or PTCE 96-23
      and (ii) will not give rise to any additional obligations on the part of the
      Depositor, the Master Servicer or the Trustee, which will be deemed represented
      by an owner of a Book-Entry Certificate or a Global Certificate or unless the
      opinion specified in section 5.07 of the Agreement is provided.]

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      set
      forth on the face hereof (the “Certificates”), issued
      in sixteen Classes. The
      Certificates, in the aggregate, evidence the entire beneficial ownership
      interest in the Trust Fund formed pursuant to the Agreement.

     

    The
      Certificateholder, by its acceptance of this Certificate, agrees that it will
      look solely to the Trust Fund for payment hereunder and that the Trustee is
      not
      liable to the Certificateholders for any amount payable under this Certificate
      or the Agreement or, except as expressly provided in the Agreement, subject
      to
      any liability under the Agreement.

     

    This
      Certificate does not purport to summarize the Agreement and reference is made
      to
      the Agreement for the interests, rights and limitations of rights, benefits,
      obligations and duties evidenced hereby, and the rights, duties and immunities
      of the Trustee.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Depositor,
      the
      Master Servicer and the Trustee and the rights of the Certificateholders under
      the Agreement from time to time by the parties thereto with the consent of
      the
      Holders of Certificates, evidencing Fractional Undivided Interests aggregating
      not less than 51% of the Trust Fund (or in certain cases, Holders of
      Certificates of affected Classes evidencing such percentage of the Fractional
      Undivided Interests thereof). 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
      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 with the Trustee upon surrender
      of this Certificate for registration of transfer at the offices or agencies
      maintained by the Trustee for such purposes, duly endorsed by, or accompanied
      by
      a written instrument of transfer in form satisfactory to the Trustee duly
      executed by the Holder hereof or such Holder’s attorney duly authorized in
      writing, and thereupon one or more new Certificates in authorized denominations
      representing a like aggregate Fractional Undivided Interest will be issued
      to
      the designated transferee.

     

    The
      Certificates are issuable only as registered Certificates without coupons in
      the
      Classes and denominations specified in the Agreement. As provided in the
      Agreement and subject to certain limitations therein set forth, this Certificate
      is exchangeable for one or more new Certificates evidencing the same Class
      and
      in the same aggregate Fractional Undivided Interest, as requested by the Holder
      surrendering the same.

     

    No
      service charge will be made to the Certificateholders for any such registration
      of transfer, but the Trustee may require payment of a sum sufficient to cover
      any tax or other governmental charge payable in connection therewith. The
      Depositor, the Master Servicer, the Trustee and any agent of any of them may
      treat the Person in whose name this Certificate is registered as the owner
      hereof for all purposes, and none of the Depositor, the Master Servicer, the
      Trustee or any such agent shall be affected by notice to the
      contrary.

     

    The
      obligations created by the Agreement and the Trust Fund created thereby (other
      than the obligations to make payments to Certificateholders with respect to
      the
      termination of the Agreement) shall terminate upon the earlier of (i) the later
      of the (A) final payment or other liquidation (or Advance with respect thereto)
      of the last Mortgage Loan remaining in the Trust Fund and (B) disposition of
      all
      property acquired upon foreclosure or deed in lieu of foreclosure of any
      Mortgage Loan and the remittance of all funds due under the Agreement, or (ii)
      the optional repurchase by the party named in the Agreement of all the Mortgage
      Loans and other assets of the Trust Fund in accordance with the terms of the
      Agreement. Such optional repurchase may be made only on or after the
      Distribution Date on which the aggregate unpaid principal balance of the
      Mortgage Loans is less than the percentage of the aggregate Outstanding
      Principal Balance specified in the Agreement of the Mortgage Loans at the
      Cut-off. The exercise of such right will effect the early retirement of the
      Certificates. In no event, however, will the Trust Fund created by the Agreement
      continue beyond the earlier of (i) the expiration of 21 years after the death
      of
      certain persons identified in the Agreement and (ii) the “latest possible
      maturity date” for the Certificates (other than the Class R Certificates)
      specified in Section 5.01(d) of the Agreement).

     

    Unless
      this Certificate has been countersigned by an authorized signatory of the
      Trustee by manual signature, this Certificate shall not be entitled to any
      benefit under the Agreement, or be valid for any purpose.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

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

     

    
      	
              Dated:
                August 31, 2007

            	 	
              WELLS
                FARGO BANK, N.A.

              Not
                in its individual capacity but solely as Trustee

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	 	
              Authorized
                Signatory

            

    

     

    

    CERTIFICATE
      OF AUTHENTICATION

     

    This
      is
      one of the Class B-[_] Certificates referred to in the within-mentioned
      Agreement.

     

    
      	 	 	 	 	 	 	 	
              WELLS
                FARGO BANK, N.A.

              Authorized
                signatory of Wells Fargo Bank, N.A., not in its individual capacity
                but
                solely as Trustee

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	 	
              Authorized
                Signatory

            

    

     

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    ASSIGNMENT

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
      __________________________________ (Please print or typewrite name and address
      including postal zip code of assignee) a Fractional Undivided Interest evidenced
      by the within Mortgage Pass-Through Certificate and hereby authorizes the
      transfer of registration of such interest to assignee on the Certificate
      Register of the Trust Fund.

     

    I
      (We)
      further direct the Trustee to issue a new Certificate of a like denomination
      and
      Class, to the above named assignee and deliver such Certificate to the following
      address:

     

    
      	 
	 
	 

    

    

     

    
      	
              Dated:

            	 
	 	
              Signature
                by or on behalf of assignor

            
	 	 
	 	 
	 	 
	 	
              Signature
                Guaranteed

            

    

    

    

    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

            	 
	
              assignee
                named above, or

            	 
	
              its
                agent.

            	 

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    EXHIBIT
      A-3

     

    FORM
      OF CLASS R CERTIFICATES

     

    THIS
      CERTIFICATE MAY NOT BE HELD BY OR TRANSFERRED TO A NON-UNITED STATES PERSON,
      A
      PUBLICLY TRADED PARTNERSHIP OR A DISQUALIFIED ORGANIZATION (AS DEFINED
      BELOW).

     

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

     

    THIS
      CERTIFICATE MAY NOT BE ACQUIRED DIRECTLY OR INDIRECTLY BY, OR ON BEHALF OF,
      AN
      EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT WHICH IS SUBJECT TO TITLE
      I OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED, OR SECTION
      4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED, UNLESS THE PROPOSED
      TRANSFEREE PROVIDES THE TRUSTEE WITH AN OPINION OF COUNSEL FOR THE BENEFIT
      OF
      THE DEPOSITOR, THE TRUSTEE AND THE MASTER SERVICER AND ON WHICH THEY MAY RELY
      (WHICH SHALL NOT BE AT THE EXPENSE OF THE TRUSTEE) WHICH IS ACCEPTABLE TO THE
      TRUSTEE, THAT THE PURCHASE OF THIS CERTIFICATE WILL NOT RESULT IN OR CONSTITUTE
      A NONEXEMPT PROHIBITED TRANSACTION, IS PERMISSIBLE UNDER APPLICABLE LAW AND
      WILL
      NOT GIVE RISE TO ANY ADDITIONAL OBLIGATIONS ON THE PART OF THE SELLER, THE
      MASTER SERVICER, ANY SERVICER OR THE TRUSTEE.

     

    ANY
      RESALE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE MAY BE MADE ONLY
      IF
      THE PROPOSED TRANSFEREE PROVIDES A TRANSFER AFFIDAVIT TO THE DEPOSITOR AND
      THE
      TRUSTEE THAT (1) SUCH TRANSFEREE IS NOT (A) THE UNITED STATES, ANY STATE OR
      POLITICAL SUBDIVISION THEREOF, ANY POSSESSION OF THE UNITED STATES, OR ANY
      AGENCY OR INSTRUMENTALITY OF ANY OF THE FOREGOING (OTHER THAN AN INSTRUMENTALITY
      WHICH IS A CORPORATION IF ALL OF ITS ACTIVITIES ARE SUBJECT TO TAX AND EXCEPT
      FOR FREDDIE MAC, A MAJORITY OF ITS BOARD OF DIRECTORS IS NOT SELECTED BY SUCH
      GOVERNMENTAL UNIT), (B) A FOREIGN GOVERNMENT, ANY INTERNATIONAL ORGANIZATION,
      OR
      ANY AGENCY OR INSTRUMENTALITY OF EITHER OF THE FOREGOING, (C) ANY ORGANIZATION
      (OTHER THAN CERTAIN FARMERS’ COOPERATIVES DESCRIBED IN SECTION 521 OF THE CODE)
      WHICH IS EXEMPT FROM THE TAX IMPOSED BY CHAPTER 1 OF THE CODE UNLESS SUCH
      ORGANIZATION IS SUBJECT TO THE TAX IMPOSED BY SECTION 511 OF THE CODE (INCLUDING
      THE TAX IMPOSED BY SECTION 511 OF THE CODE ON UNRELATED BUSINESS TAXABLE
      INCOME), (D) RURAL ELECTRIC AND TELEPHONE COOPERATIVES DESCRIBED IN SECTION
      1381(a)(2)(C) OF THE CODE, (E) AN ELECTING LARGE PARTNERSHIP UNDER SECTION
      775(a) OF THE CODE (ANY SUCH PERSON DESCRIBED IN THE FOREGOING CLAUSES (A),
      (B),
      (C), (D) OR (E) BEING HEREIN REFERRED TO AS A “DISQUALIFIED ORGANIZATION”), OR
      (F) AN AGENT OF A DISQUALIFIED ORGANIZATION, (2) SUCH TRANSFEREE IS A UNITED
      STATES PERSON UNDER SECTION 7701 OF THE CODE, (3) NO PURPOSE OF SUCH TRANSFER
      IS
      TO IMPEDE THE ASSESSMENT OR COLLECTION OF TAX AND (4) 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
      CERTIFICATE TO A DISQUALIFIED ORGANIZATION OR A NON-UNITED STATES PERSON OR
      AN
      AGENT OF A DISQUALIFIED ORGANIZATION OR A NON-UNITED STATES PERSON, SUCH
      REGISTRATION SHALL BE DEEMED TO BE OF NO LEGAL FORCE OR EFFECT WHATSOEVER AND
      SUCH PERSON SHALL NOT BE DEEMED TO BE A CERTIFICATEHOLDER FOR ANY PURPOSE
      HEREUNDER, INCLUDING, BUT NOT LIMITED TO, THE RECEIPT OF DISTRIBUTIONS ON THIS
      CERTIFICATE.  EACH HOLDER OF THIS CERTIFICATE BY ACCEPTANCE OF THIS
      CERTIFICATE SHALL BE DEEMED TO HAVE CONSENTED TO THE PROVISIONS OF THIS
      PARAGRAPH.

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    

    
      	
              Certificate
                No. 1

            	 
	 	 
	
              Class
                R-[_]

            	 
	 	 
	
              Date
                of Pooling and Servicing Agreement

              and
                Cut-off Date:

              August
                1, 2007

            	
              Aggregate
                Initial Current Principal Amount of this Certificate as of the Cut-off
                Date:

              $[___________]

            
	 	 
	
              First
                Distribution Date:

              September
                25, 2007

            	
              Initial
                Current Principal Amount of this Certificate as of the Cut-off Date:
                $[_________]

            
	 	 
	
              Master
                Servicer:

              EMC
                Mortgage Corporation

            	
              CUSIP:
                [_____________]

            
	 	 
	
              Assumed
                Final Distribution Date:

              August
                25, 2047

            	 
	 	 

    

    BEAR
      STEARNS ARM TRUST 2007-5

    MORTGAGE
      PASS-THROUGH CERTIFICATE

    SERIES
      2007-5

     

    evidencing
      a fractional undivided interest in the distributions allocable to the Class
      R-[_] Certificates with respect to a Trust Fund consisting primarily of a pool
      of adjustable rate mortgage loans secured by first liens on one-to-four family
      residential properties sold by STRUCTURED ASSET MORTGAGE INVESTMENTS II
      INC.

     

    This
      Certificate is payable solely from the assets of the Trust Fund, and does not
      represent an obligation of or interest in Structured Asset Mortgage Investments
      II Inc., the Master Servicer or the Trustee referred to below or any of their
      affiliates or any other person. Neither this Certificate nor the underlying
      Mortgage Loans are guaranteed or insured by any governmental entity or by
      Structured Asset Mortgage Investments II Inc., the Master Servicer or the
      Trustee or any of their affiliates or any other person. None of Structured
      Asset
      Mortgage Investments II Inc., the Master Servicer or any of their affiliates
      will have any obligation with respect to any certificate or other obligation
      secured by or payable from payments on the Certificates.

     

    This
      certifies that Bear, Stearns Securities Corp. is the registered owner of the
      Fractional Undivided Interest evidenced hereby in the beneficial ownership
      interest of Certificates of the same Class as this Certificate in a trust (the
      “Trust Fund”) primarily consisting of adjustable rate mortgage loans secured by
      first liens on one- to four- family residential properties (collectively, the
      “Mortgage Loans”) sold by Structured Asset Mortgage Investments II Inc. (“SAMI
      II”). The Mortgage Loans were sold by EMC Mortgage Corporation (“EMC”) to SAMI
      II. EMC will act as master servicer of the Mortgage Loans (the “Master
      Servicer,” which term includes any successors thereto under the Agreement
      referred to below). The Trust Fund was created pursuant to the Pooling and
      Servicing Agreement dated as of the Cut-off Date specified above (the
“Agreement”), among SAMI II, as depositor (the “Depositor”), EMC, as Master
      Servicer and seller, and Wells Fargo Bank, N.A., as trustee (the “Trustee”), a
      summary of certain of the pertinent provisions of which is set forth hereafter.
      To the extent not defined herein, capitalized terms used herein shall have
      the
      meaning ascribed to them 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 its acceptance hereof
      assents and by which such Holder is bound.

     

    The
      Trustee will distribute on the 25th day of each month, or, if such 25th day
      is
      not a Business Day, the immediately following Business Day (each, a
“Distribution Date”), commencing on the First Distribution Date specified above,
      to the Person in whose name this Certificate is registered at the close of
      business on the last Business Day of the calendar month preceding the month
      of
      such Distribution Date, an amount equal to the product of the Fractional
      Undivided Interest evidenced by this Certificate and the amount (of principal,
      if any) required to be distributed to the Holders of Certificates of the same
      Class as this Certificate. The Assumed Final Distribution Date is the
      Distribution Date in the month immediately following the month of the latest
      scheduled maturity date of any Mortgage Loan and is not likely to be the date
      on
      which the Current Principal Amount of this Class of Certificates will be reduced
      to zero.

     

    Distributions
      on this Certificate will be made by the Trustee by check mailed to the address
      of the Person entitled thereto as such name and address shall appear on the
      Certificate Register or, if such Person so requests by notifying the Trustee
      in
      writing as specified in the Agreement 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 and designated in such notice. The Initial Current
      Principal Amount of this Certificate is set forth above. The Current Principal
      Amount hereof will be reduced to the extent of distributions allocable to
      principal hereon and any Realized Losses allocable hereto.

     

    Each
      Holder of this Certificate will be deemed to have agreed to be bound by the
      restrictions set forth in the Agreement to the effect that (i) each person
      holding or acquiring any Ownership Interest in this Certificate must be a United
      States Person and a Permitted Transferee, (ii) the transfer of any Ownership
      Interest in this Certificate will be conditioned upon the delivery to the
      Depositor and the Trustee of, among other things, an affidavit to the effect
      that it is a United States Person and Permitted Transferee, (iii) any attempted
      or purported transfer of any Ownership Interest in this Certificate in violation
      of such restrictions will be absolutely null and void and will vest no rights
      in
      the purported transferee, and (iv) if any person other than a United States
      Person and a Permitted Transferee acquires any Ownership Interest in this
      Certificate in violation of such restrictions, then the Depositor will have
      the
      right, in its sole discretion and without notice to the Holder of this
      Certificate, to sell this Certificate to a purchaser selected by the Depositor,
      which purchaser may be the Depositor, or any affiliate of the Depositor, on
      such
      terms and conditions as the Depositor may choose.

     

    This
      certificate may not be acquired directly or indirectly by, or on behalf of,
      an
      employee benefit plan or other retirement arrangement which is subject to Title
      I of the Employee Retirement Income Security Act of 1974, as amended, or Section
      4975 of the Internal Revenue Code of 1986, as amended, unless the proposed
      transferee provides the Trustee with an opinion of counsel for the benefit
      of
      the Depositor, Master Servicer and the Trustee and on which they may rely (which
      shall not be at the expense of the Trustee) which is acceptable to the Trustee,
      that the purchase of this Certificate will not result in or constitute a
      nonexempt prohibited transaction, is permissible under applicable law and will
      not give rise to any additional obligations on the part of the Seller, the
      Master Servicer, any Servicer or the Trustee.

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      set
      forth on the face hereof (the “Certificates”), issued in
      sixteen Classes. The Certificates, in the aggregate,
      evidence the entire beneficial ownership interest in the Trust Fund formed
      pursuant to the Agreement.

     

    The
      Certificateholder, by its acceptance of this Certificate, agrees that it will
      look solely to the Trust Fund for payment hereunder and that the Trustee is
      not
      liable to the Certificateholders for any amount payable under this Certificate
      or the Agreement or, except as expressly provided in the Agreement, subject
      to
      any liability under the Agreement.

     

    This
      Certificate does not purport to summarize the Agreement and reference is made
      to
      the Agreement for the interests, rights and limitations of rights, benefits,
      obligations and duties evidenced hereby, and the rights, duties and immunities
      of the Trustee.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Depositor,
      the
      Master Servicer and the Trustee and the rights of the Certificateholders under
      the Agreement from time to time by the parties thereto with the consent of
      the
      Holders of Certificates, evidencing Fractional Undivided Interests aggregating
      not less than 51% of the Trust Fund (or in certain cases, Holders of
      Certificates of affected Classes evidencing such percentage of the Fractional
      Undivided Interests thereof). 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
      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 with the Trustee upon surrender
      of this Certificate for registration of transfer at the offices or agencies
      maintained by the Trustee for such purposes, duly endorsed by, or accompanied
      by
      a written instrument of transfer in form satisfactory to the Trustee duly
      executed by the Holder hereof or such Holder’s attorney duly authorized in
      writing, and thereupon one or more new Certificates in authorized denominations
      representing a like aggregate Fractional Undivided Interest will be issued
      to
      the designated transferee.

     

    The
      Certificates are issuable only as registered Certificates without coupons in
      the
      Classes and denominations specified in the Agreement. As provided in the
      Agreement and subject to certain limitations therein set forth, this Certificate
      is exchangeable for one or more new Certificates evidencing the same Class
      and
      in the same aggregate Fractional Undivided Interest, as requested by the Holder
      surrendering the same.

     

    No
      service charge will be made to the Certificateholders for any such registration
      of transfer, but the Trustee may require payment of a sum sufficient to cover
      any tax or other governmental charge payable in connection therewith. The
      Depositor, the Master Servicer, the Trustee and any agent of any of them may
      treat the Person in whose name this Certificate is registered as the owner
      hereof for all purposes, and none of the Depositor, the Master Servicer, the
      Trustee or any such agent shall be affected by notice to the
      contrary.

     

    The
      obligations created by the Agreement and the Trust Fund created thereby (other
      than the obligations to make payments to Certificateholders with respect to
      the
      termination of the Agreement) shall terminate upon the earlier of (i) the later
      of the (A) final payment or other liquidation (or Advance with respect thereto)
      of the last Mortgage Loan remaining in the Trust Fund and (B) disposition of
      all
      property acquired upon foreclosure or deed in lieu of foreclosure of any
      Mortgage Loan and the remittance of all funds due under the Agreement, or (ii)
      the optional repurchase by the party named in the Agreement of all the Mortgage
      Loans and other assets of the Trust Fund in accordance with the terms of the
      Agreement. Such optional repurchase may be made only on or after the
      Distribution Date on which the aggregate unpaid principal balance of the
      Mortgage Loans is less than the percentage of the aggregate Outstanding
      Principal Balance specified in the Agreement of the Mortgage Loans at the
      Cut-off Date. The exercise of such right will effect the early retirement of
      the
      Certificates. In no event, however, will the Trust Fund created by the Agreement
      continue beyond the earlier of (i) the expiration of 21 years after the death
      of
      certain persons identified in the Agreement and (ii) the “latest possible
      maturity date” for the Certificates (other than the Class R Certificates)
      specified in Section 5.01(d) of the Agreement.

     

    Unless
      this Certificate has been countersigned by an authorized signatory of the
      Trustee by manual signature, this Certificate shall not be entitled to any
      benefit under the Agreement, or be valid for any purpose.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

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

     

    
      	
              Dated:
                August 31, 2007

            	 	
              WELLS
                FARGO BANK, N.A.

              Not
                in its individual capacity but solely as Trustee

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	 	
              Authorized
                Signatory

            

    

     

    

    CERTIFICATE
      OF AUTHENTICATION

     

    This
      is
      one of the Class R-[_] Certificates referred to in the within-mentioned
      Agreement.

     

    
      	 	 	 	 	 	 	 	
              WELLS
                FARGO BANK, N.A.

              Authorized
                signatory of Wells Fargo Bank, N.A., not in its individual capacity
                but
                solely as Trustee

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	 	
              Authorized
                Signatory

            

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    ASSIGNMENT

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
      __________________________________ (Please print or typewrite name and address
      including postal zip code of assignee) a Fractional Undivided Interest evidenced
      by the within Mortgage Pass-Through Certificate and hereby authorizes the
      transfer of registration of such interest to assignee on the Certificate
      Register of the Trust Fund.

     

    I
      (We)
      further direct the Trustee to issue a new Certificate of a like denomination
      and
      Class, to the above named assignee and deliver such Certificate to the following
      address:

     

    
      	 
	 
	 

    

    

     

    
      	
              Dated:

            	 
	 	
              Signature
                by or on behalf of assignor

            
	 	 
	 	 
	 	
              Signature
                Guaranteed

            

    

    

    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

            	 
	
              assignee
                named above, or

            	 
	
              its
                agent.

            	 

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    EXHIBIT
      B

     

    MORTGAGE
      LOAN SCHEDULE

     

     

                    LOAN_SEQ                        PREFUND_GROUP                                              MAIN_GROUP1                                          GROUPS                                     ORIGINATOR                                                      SERVICER_NAME                                                      CITY1                                                                                     ZIP_CODE                        STATE                                                  ISSUE_DATE                                        NOTE_DATE1                                           FIRST_PAY_DATE                                         STATED_MAT
                --------                        -------------                                              -----------                                          ------                                     ----------                                                      -------------                                                      -----                                                                                     --------                        -----                                                  ----------                                        ----------                                           --------------                                         ----------
                       1                        Prefund                                                    GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        WEST HILLS                                                                                   91307                        CA                                                       20070801                                          20070731                                                 20070901                                           20370801
                       2                        Prefund                                                    GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        VENTURA                                                                                      93004                        CA                                                       20070901                                          20070803                                                 20071001                                           20370901
                       3                        Prefund                                                    GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        THOUSAND OAKS                                                                                91362                        CA                                                       20070901                                          20070802                                                 20071001                                           20370901
                       4                        Prefund                                                    GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        ASHBURN                                                                                      20148                        VA                                                       20070801                                          20070712                                                 20070901                                           20370801
                       5                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        PALO ALTO                                                                                    94306                        CA                                                       20070601                                          20070524                                                 20070701                                           20370601
                       6                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        FREMONT                                                                                      94538                        CA                                                       20070701                                          20070607                                                 20070801                                           20370701
                       7                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        SANTA ANA                                                                                    92706                        CA                                                       20070701                                          20070608                                                 20070801                                           20370701
                       8                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        BRENTWOOD                                                                                    94513                        CA                                                       20070701                                          20070607                                                 20070801                                           20370701
                       9                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        BURSON                                                                                       95225                        CA                                                       20070701                                          20070601                                                 20070801                                           20370701
                      10                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        PLAYA DEL REY                                                                                90293                        CA                                                       20070701                                          20070614                                                 20070801                                           20370701
                      11                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        SAN JOSE                                                                                     95125                        CA                                                       20070601                                          20070514                                                 20070701                                           20370601
                      12                        Non-Prefund                                                GI. SS                                               G01                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        SAN DIEGO                                                                                    92114                        CA                                                       20070501                                          20070424                                                 20070601                                           20370501
                      13                        Non-Prefund                                                GI. SS                                               G01                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        RANCHO SANTA FE                                                                              92067                        CA                                                       20070501                                          20070423                                                 20070601                                           20370501
                      14                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        ARCADIA                                                                                      91006                        CA                                                       20070501                                          20070417                                                 20070601                                           20370501
                      15                        Non-Prefund                                                GI. SS                                               G01                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        CORONA                                                                                       92883                        CA                                                       20070601                                          20070427                                                 20070701                                           20370601
                      16                        Non-Prefund                                                GI. SS                                               G01                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        GLENDALE                                                                                     91208                        CA                                                       20070601                                          20070511                                                 20070701                                           20370601
                      17                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        ROSEVILLE                                                                                    95747                        CA                                                       20070601                                          20070518                                                 20070701                                           20370601
                      18                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        CHINO HILLS                                                                                  91709                        CA                                                       20070601                                          20070524                                                 20070701                                           20370601
                      19                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        CARLSBAD                                                                                     92009                        CA                                                       20070601                                          20070525                                                 20070701                                           20370601
                      20                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        FALLBROOK                                                                                    92028                        CA                                                       20070601                                          20070518                                                 20070701                                           20370601
                      21                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        DUBLIN                                                                                       94568                        CA                                                       20070601                                          20070525                                                 20070701                                           20370601
                      22                        Prefund                                                    GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        SEDONA                                                                                       86351                        AZ                                                       20070901                                          20070731                                                 20071001                                           20370901
                      23                        Prefund                                                    GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        NORWALK                                                                                      90650                        CA                                                       20070701                                          20070625                                                 20070801                                           20370701
                      24                        Prefund                                                    GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        WOODBRIDGE                                                                                   22192                        VA                                                       20070801                                          20070724                                                 20070901                                           20370801
                      25                        Prefund                                                    GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        OXNARD                                                                                       93030                        CA                                                       20070901                                          20070801                                                 20071001                                           20370901
                      26                        Prefund                                                    GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        TUCSON                                                                                       85745                        AZ                                                       20070801                                          20070709                                                 20070901                                           20370801
                      27                        Prefund                                                    GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        ANAHEIM                                                                                      92804                        CA                                                       20070801                                          20070725                                                 20070901                                           20370801
                      28                        Prefund                                                    GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        YORBA LINDA                                                                                  92887                        CA                                                       20070701                                          20070621                                                 20070801                                           20370701
                      29                        Prefund                                                    GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        CANYON COUNTRY                                                                               91387                        CA                                                       20070801                                          20070725                                                 20070901                                           20370801
                      30                        Prefund                                                    GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        SCOTTSDALE                                                                                   85259                        AZ                                                       20070701                                          20070625                                                 20070801                                           20370701
                      31                        Prefund                                                    GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        TEMECULA                                                                                     92592                        CA                                                       20070601                                          20070518                                                 20070701                                           20370601
                      32                        Prefund                                                    GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        LAS VEGAS                                                                                    89117                        NV                                                       20070701                                          20070611                                                 20070801                                           20370701
                      33                        Prefund                                                    GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        CHESTER                                                                                      21619                        MD                                                       20070801                                          20070705                                                 20070901                                           20370801
                      34                        Prefund                                                    GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        GREEN OAKS                                                                                   60048                        IL                                                       20070801                                          20070717                                                 20070901                                           20370801
                      35                        Prefund                                                    GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        LINCOLN                                                                                      95648                        CA                                                       20070701                                          20070612                                                 20070801                                           20370701
                      36                        Prefund                                                    GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        FRESNO                                                                                       93730                        CA                                                       20070801                                          20070702                                                 20070901                                           20370801
                      37                        Prefund                                                    GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        LAS VEGAS                                                                                    89135                        NV                                                       20070801                                          20070727                                                 20070901                                           20370801
                      38                        Prefund                                                    GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        DOWNEY                                                                                       90240                        CA                                                       20070801                                          20070726                                                 20070901                                           20370801
                      39                        Prefund                                                    GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        SAN CLEMENTE                                                                                 92673                        CA                                                       20070801                                          20070716                                                 20070901                                           20370801
                      40                        Prefund                                                    GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        LAKE FOREST                                                                                  92630                        CA                                                       20070801                                          20070724                                                 20070901                                           20370801
                      41                        Prefund                                                    GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        NORWALK                                                                                      90650                        CA                                                       20070801                                          20070724                                                 20070901                                           20370801
                      42                        Prefund                                                    GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        HAMILTON                                                                                      8690                        NJ                                                       20070801                                          20070717                                                 20070901                                           20370801
                      43                        Prefund                                                    GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        FREMONT                                                                                      94538                        CA                                                       20070801                                          20070726                                                 20070901                                           20370801
                      44                        Prefund                                                    GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        CARBONDALE                                                                                   81623                        CO                                                       20070801                                          20070726                                                 20070901                                           20370801
                      45                        Prefund                                                    GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        GOLDEN                                                                                       80401                        CO                                                       20070701                                          20070625                                                 20070801                                           20370701
                      46                        Prefund                                                    GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        LOS ANGELES                                                                                  91343                        CA                                                       20070601                                          20070604                                                 20070701                                           20370601
                      47                        Prefund                                                    GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        LOS ANGELES                                                                                  91607                        CA                                                       20070701                                          20070626                                                 20070801                                           20370701
                      48                        Prefund                                                    GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        NAPLES                                                                                       34113                        FL                                                       20070801                                          20070719                                                 20070901                                           20370801
                      49                        Prefund                                                    GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        LORTON                                                                                       22079                        VA                                                       20070701                                          20070629                                                 20070801                                           20370701
                      50                        Prefund                                                    GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        DANBURY                                                                                       6811                        CT                                                       20070801                                          20070724                                                 20070901                                           20370801
                      51                        Prefund                                                    GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        DOWNEY                                                                                       90241                        CA                                                       20070801                                          20070717                                                 20070901                                           20370801
                      52                        Prefund                                                    GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        MOUNT LAUREL                                                                                  8054                        NJ                                                       20070801                                          20070720                                                 20070901                                           20370801
                      53                        Prefund                                                    GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        SAINT HELENA                                                                                 94574                        CA                                                       20070801                                          20070710                                                 20070901                                           20370801
                      54                        Prefund                                                    GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        ORANGE                                                                                       92867                        CA                                                       20070801                                          20070705                                                 20070901                                           20370801
                      55                        Prefund                                                    GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        PASADENA                                                                                     91106                        CA                                                       20070801                                          20070724                                                 20070901                                           20370801
                      56                        Prefund                                                    GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        BIG SKY                                                                                      59716                        MT                                                       20070901                                          20070730                                                 20071001                                           20370901
                      57                        Non-Prefund                                                GI. SS                                               G01                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        DUBLIN                                                                                       94568                        CA                                                       20070401                                          20070322                                                 20070501                                           20370401
                      58                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        SIMI VALLEY                                                                                  93063                        CA                                                       20070601                                          20070518                                                 20070701                                           20370601
                      59                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        CORONA                                                                                       92880                        CA                                                       20070601                                          20070517                                                 20070701                                           20370601
                      60                        Prefund                                                    GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        CHANDLER                                                                                     85249                        AZ                                                       20070701                                          20070608                                                 20070801                                           20370701
                      61                        Prefund                                                    GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        HUNTINGTON BEACH                                                                             92648                        CA                                                       20070801                                          20070710                                                 20070901                                           20370801
                      62                        Prefund                                                    GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        SANTA CLARITA                                                                                91355                        CA                                                       20070801                                          20070726                                                 20070901                                           20370801
                      63                        Prefund                                                    GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        ROCKLIN                                                                                      95677                        CA                                                       20070801                                          20070709                                                 20070901                                           20370801
                      64                        Prefund                                                    GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        SANTA BARBARA                                                                                93101                        CA                                                       20070801                                          20070719                                                 20070901                                           20370801
                      65                        Prefund                                                    GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        ALISO VIEJO                                                                                  92656                        CA                                                       20070801                                          20070710                                                 20070901                                           20370801
                      66                        Prefund                                                    GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        ROSAMOND                                                                                     93560                        CA                                                       20070601                                          20060407                                                 20070701                                           20370601
                      67                        Prefund                                                    GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        KAILUA KONA                                                                                  96740                        HI                                                       20070801                                          20070711                                                 20070901                                           20370801
                      68                        Prefund                                                    GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        PHOENIX                                                                                      85016                        AZ                                                       20070801                                          20070718                                                 20070901                                           20370801
                      69                        Prefund                                                    GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        LOS ANGELES                                                                                  90049                        CA                                                       20070801                                          20070710                                                 20070901                                           20370801
                      70                        Prefund                                                    GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        FRANKLIN                                                                                     37064                        TN                                                       20070801                                          20070731                                                 20070901                                           20370801
                      71                        Prefund                                                    GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        HAYDEN LAKE                                                                                  83835                        ID                                                       20070701                                          20060726                                                 20070801                                           20370701
                      72                        Prefund                                                    GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        DENVER                                                                                       80207                        CO                                                       20070601                                          20061109                                                 20070701                                           20370601
                      73                        Prefund                                                    GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        MILPITAS                                                                                     95035                        CA                                                       20070801                                          20070712                                                 20070901                                           20370801
                      74                        Prefund                                                    GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        TRABUCO CANYON                                                                               92678                        CA                                                       20070801                                          20070712                                                 20070901                                           20370801
                      75                        Prefund                                                    GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        LOS ANGELES                                                                                  90042                        CA                                                       20070801                                          20070726                                                 20070901                                           20370801
                      76                        Prefund                                                    GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        LAWNDALE                                                                                     90260                        CA                                                       20070801                                          20070718                                                 20070901                                           20370801
                      77                        Prefund                                                    GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        SAN JOSE                                                                                     95148                        CA                                                       20070801                                          20070716                                                 20070901                                           20370801
                      78                        Prefund                                                    GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        OCEANSIDE                                                                                    92057                        CA                                                       20070801                                          20070725                                                 20070901                                           20370801
                      79                        Prefund                                                    GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        FORT LAUDERDALE                                                                              33301                        FL                                                       20070801                                          20070711                                                 20070901                                           20370801
                      80                        Prefund                                                    GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        STEVENSON RANCH                                                                              91381                        CA                                                       20070701                                          20070626                                                 20070801                                           20370701
                      81                        Prefund                                                    GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        ELK GROVE                                                                                    95757                        CA                                                       20070801                                          20070710                                                 20070901                                           20370801
                      82                        Prefund                                                    GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        GLEN ELLYN                                                                                   60137                        IL                                                       20070801                                          20070730                                                 20070901                                           20370801
                      83                        Prefund                                                    GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        SAN JOSE                                                                                     95132                        CA                                                       20070801                                          20070727                                                 20070901                                           20370801
                      84                        Prefund                                                    GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        LONG BEACH TOWNSHIP                                                                           8008                        NJ                                                       20070801                                          20070720                                                 20070901                                           20370801
                      85                        Prefund                                                    GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        NEW YORK                                                                                     10025                        NY                                                       20070901                                          20070802                                                 20071001                                           20370901
                      86                        Prefund                                                    GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        CHULA VISTA                                                                                  91915                        CA                                                       20070801                                          20070712                                                 20070901                                           20370801
                      87                        Prefund                                                    GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        SARATOGA                                                                                     95070                        CA                                                       20070801                                          20070727                                                 20070901                                           20370801
                      88                        Prefund                                                    GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        CITY OF PERRIS                                                                               92571                        CA                                                       20070601                                          20070518                                                 20070701                                           20370601
                      89                        Prefund                                                    GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        WOODBRIDGE                                                                                   22191                        VA                                                       20070801                                          20070717                                                 20070901                                           20370801
                      90                        Prefund                                                    GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        SAN DIEGO                                                                                    92107                        CA                                                       20070701                                          20070601                                                 20070801                                           20370701
                      91                        Prefund                                                    GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        CULVER CITY                                                                                  90230                        CA                                                       20070801                                          20070709                                                 20070901                                           20370801
                      92                        Prefund                                                    GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        COSTA MESA                                                                                   92627                        CA                                                       20070601                                          20070524                                                 20070701                                           20370601
                      93                        Prefund                                                    GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        LAGUNA BEACH                                                                                 92651                        CA                                                       20070801                                          20070714                                                 20070901                                           20370801
                      94                        Prefund                                                    GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        FOLSOM                                                                                       95630                        CA                                                       20070801                                          20070718                                                 20070901                                           20370801
                      95                        Prefund                                                    GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        FOLSOM                                                                                       95630                        CA                                                       20070801                                          20070713                                                 20070901                                           20370801
                      96                        Prefund                                                    GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        LAKE FOREST                                                                                  92630                        CA                                                       20070801                                          20070712                                                 20070901                                           20370801
                      97                        Prefund                                                    GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        FULLERTON                                                                                    92833                        CA                                                       20070801                                          20070726                                                 20070901                                           20370801
                      98                        Prefund                                                    GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        STUDIO CITY                                                                                  91602                        CA                                                       20070801                                          20070717                                                 20070901                                           20370801
                      99                        Prefund                                                    GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        MARLBORO TOWNSHIP                                                                             7746                        NJ                                                       20070801                                          20070724                                                 20070901                                           20370801
                     100                        Prefund                                                    GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        PEACHTREE CITY                                                                               30269                        GA                                                       20070901                                          20070802                                                 20071001                                           20370901
                     101                        Prefund                                                    GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        FALLBROOK                                                                                    92028                        CA                                                       20070701                                          20070611                                                 20070801                                           20370701
                     102                        Prefund                                                    GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        GREAT FALLS                                                                                  22066                        VA                                                       20070701                                          20070629                                                 20070801                                           20370701
                     103                        Prefund                                                    GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        ROSEVILLE                                                                                    95747                        CA                                                       20070701                                          20070613                                                 20070801                                           20370701
                     104                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        GLENN DALE                                                                                   20769                        MD                                                       20070801                                          20070706                                                 20070901                                           20370801
                     105                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        BOTHELL                                                                                      98021                        WA                                                       20070801                                          20070711                                                 20070901                                           20370801
                     106                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        HOMEWOOD                                                                                     60430                        IL                                                       20070801                                          20070724                                                 20070901                                           20370801
                     107                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        SOUTH JORDAN                                                                                 84095                        UT                                                       20070801                                          20070710                                                 20070901                                           20370801
                     108                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        FAIRFAX                                                                                      22032                        VA                                                       20070801                                          20070713                                                 20070901                                           20370801
                     109                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        LADERA RANCH                                                                                 92694                        CA                                                       20070801                                          20070712                                                 20070901                                           20370801
                     110                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        BIG BEAR LAKE                                                                                92315                        CA                                                       20070801                                          20070712                                                 20070901                                           20370801
                     111                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        REDWOOD CITY                                                                                 94065                        CA                                                       20070801                                          20070716                                                 20070901                                           20370801
                     112                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        MILFORD                                                                                      48381                        MI                                                       20070801                                          20070716                                                 20070901                                           20370801
                     113                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        WATSONVILLE                                                                                  95076                        CA                                                       20070801                                          20070716                                                 20070901                                           20370801
                     114                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        MIRAMAR                                                                                      33027                        FL                                                       20070801                                          20070720                                                 20070901                                           20370801
                     115                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        LEMONT                                                                                       60439                        IL                                                       20070801                                          20070724                                                 20070901                                           20370801
                     116                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        VACAVILLE                                                                                    95688                        CA                                                       20070701                                          20070619                                                 20070801                                           20370701
                     117                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        DANA POINT                                                                                   92629                        CA                                                       20070801                                          20070706                                                 20070901                                           20370801
                     118                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        CLAREMONT                                                                                    91711                        CA                                                       20070801                                          20070709                                                 20070901                                           20370801
                     119                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        COLLEYVILLE                                                                                  76034                        TX                                                       20070801                                          20070713                                                 20070901                                           20370801
                     120                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        BERMUDA DUNES                                                                                92203                        CA                                                       20070801                                          20070720                                                 20070901                                           20370801
                     121                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        SAN MARCOS                                                                                   92078                        CA                                                       20070801                                          20070628                                                 20070901                                           20370801
                     122                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        SAMMAMISH                                                                                    98075                        WA                                                       20070801                                          20070712                                                 20070901                                           20370801
                     123                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        SAN DIEGO                                                                                    92131                        CA                                                       20070801                                          20070711                                                 20070901                                           20370801
                     124                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        ATLANTA                                                                                      30317                        GA                                                       20070701                                          20070628                                                 20070801                                           20370701
                     125                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        BETHLEHEM                                                                                    18020                        PA                                                       20070801                                          20070713                                                 20070901                                           20370801
                     126                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        SAN JOSE                                                                                     95136                        CA                                                       20070801                                          20070716                                                 20070901                                           20370801
                     127                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        ISSAQUAH                                                                                     98029                        WA                                                       20070801                                          20070723                                                 20070901                                           20370801
                     128                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        SAN DIEGO                                                                                    92109                        CA                                                       20070701                                          20070622                                                 20070801                                           20370701
                     129                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        SANTA ANA                                                                                    92701                        CA                                                       20070801                                          20070718                                                 20070901                                           20370801
                     130                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        FULLERTON                                                                                    92835                        CA                                                       20070801                                          20070705                                                 20070901                                           20370801
                     131                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        SAN RAMON                                                                                    94583                        CA                                                       20070801                                          20070701                                                 20070901                                           20370801
                     132                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        NAMPA                                                                                        83687                        ID                                                       20070701                                          20070628                                                 20070801                                           20370701
                     133                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        OAKLEY                                                                                       94561                        CA                                                       20070701                                          20070611                                                 20070801                                           20370701
                     134                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        BREA                                                                                         92821                        CA                                                       20070701                                          20070620                                                 20070801                                           20370701
                     135                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        BERMUDA DUNES                                                                                92203                        CA                                                       20070801                                          20070706                                                 20070901                                           20370801
                     136                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        CHICAGO                                                                                      60615                        IL                                                       20070801                                          20070727                                                 20070901                                           20370801
                     137                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        COLORADO SPRINGS                                                                             80921                        CO                                                       20070801                                          20070706                                                 20070901                                           20370801
                     138                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        SAMMAMISH                                                                                    98074                        WA                                                       20070701                                          20070702                                                 20070801                                           20370701
                     139                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        WELLESLEY                                                                                     2481                        MA                                                       20070701                                          20070706                                                 20070801                                           20370701
                     140                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        DRAPER                                                                                       84020                        UT                                                       20070801                                          20070727                                                 20070901                                           20370801
                     141                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        SANTA CLARITA                                                                                91350                        CA                                                       20070701                                          20070706                                                 20070801                                           20370701
                     142                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        CORONA                                                                                       92879                        CA                                                       20070701                                          20070611                                                 20070801                                           20370701
                     143                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        SANTA BARBARA                                                                                93101                        CA                                                       20070701                                          20070620                                                 20070801                                           20370701
                     144                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        SUNNYVALE                                                                                    94086                        CA                                                       20070801                                          20070725                                                 20070901                                           20370801
                     145                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        FREMONT                                                                                      94538                        CA                                                       20070801                                          20070705                                                 20070901                                           20370801
                     146                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        SAN LEANDRO                                                                                  94578                        CA                                                       20070801                                          20070702                                                 20070901                                           20370801
                     147                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        MANALAPAN                                                                                     7726                        NJ                                                       20070701                                          20070620                                                 20070801                                           20370701
                     148                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        SANTA ROSA BEACH                                                                             32459                        FL                                                       20070801                                          20070712                                                 20070901                                           20370801
                     149                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        FAIRFIELD                                                                                     6824                        CT                                                       20070701                                          20070628                                                 20070801                                           20370701
                     150                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        GLEN ELLYN                                                                                   60137                        IL                                                       20070801                                          20070727                                                 20070901                                           20370801
                     151                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        EUGENE                                                                                       97404                        OR                                                       20070801                                          20070711                                                 20070901                                           20370801
                     152                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        IRVINE                                                                                       92603                        CA                                                       20070801                                          20070702                                                 20070901                                           20370801
                     153                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        CHARLESTOWN                                                                                   2129                        MA                                                       20070701                                          20070627                                                 20070801                                           20370701
                     154                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        WESTON                                                                                       33327                        FL                                                       20070801                                          20070710                                                 20070901                                           20370801
                     155                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        BOISE                                                                                        83703                        ID                                                       20070801                                          20070709                                                 20070901                                           20370801
                     156                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        INDIAN ROCKS BEACH                                                                           33785                        FL                                                       20070801                                          20070726                                                 20070901                                           20370801
                     157                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        NEWARK                                                                                       94560                        CA                                                       20070801                                          20070629                                                 20070901                                           20370801
                     158                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        HERNDON                                                                                      20171                        VA                                                       20070701                                          20070703                                                 20070801                                           20370701
                     159                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        NAPA                                                                                         94558                        CA                                                       20070801                                          20070716                                                 20070901                                           20370801
                     160                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        SHERMAN OAKS                                                                                 91403                        CA                                                       20070901                                          20070724                                                 20071001                                           20370901
                     161                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        BIG BEAR CITY                                                                                92314                        CA                                                       20070801                                          20070703                                                 20070901                                           20370801
                     162                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        PENRYN                                                                                       95663                        CA                                                       20070801                                          20070711                                                 20070901                                           20370801
                     163                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        PORTLAND                                                                                     97221                        OR                                                       20070801                                          20070726                                                 20070901                                           20370801
                     164                        Non-Prefund                                                GI. SS                                               G01                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        SACRAMENTO                                                                                   95833                        CA                                                       20070501                                          20070423                                                 20070601                                           20370501
                     165                        Non-Prefund                                                GI. SS                                               G01                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        PATTERSON                                                                                    95363                        CA                                                       20070401                                          20070327                                                 20070501                                           20370401
                     166                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        INGLEWOOD                                                                                    90305                        CA                                                       20070601                                          20070601                                                 20070701                                           20370601
                     167                        Non-Prefund                                                GI. SS                                               G01                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        CALABASAS                                                                                    91302                        CA                                                       20070401                                          20070316                                                 20070501                                           20370401
                     168                        Non-Prefund                                                GI. SS                                               G01                                        BSRM                                                            EMCMORTGAGE                                                        Chatham                                                                                       7928                        NJ                                                       20070801                                          20070716                                                 20070901                                           20370801
                     169                        Non-Prefund                                                GI. SS                                               G01                                        BSRM                                                            EMCMORTGAGE                                                        Sparks                                                                                       89436                        NV                                                       20070801                                          20070711                                                 20070901                                           20370801
                     170                        Prefund                                                    GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        STUDIO CITY                                                                                  91604                        CA                                                       20070901                                          20070809                                                 20071001                                           20370901
                     171                        Prefund                                                    GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        PAUMA VALLEY                                                                                 92061                        CA                                                       20070801                                          20070709                                                 20070901                                           20370801
                     172                        Prefund                                                    GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        ORLANDO                                                                                      32819                        FL                                                       20070701                                          20050822                                                 20070801                                           20370701
                     173                        Prefund                                                    GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        DANBURY                                                                                       6811                        CT                                                       20070701                                          20070126                                                 20070801                                           20370701
                     174                        Prefund                                                    GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        LEWISVILLE                                                                                   75056                        TX                                                       20070801                                          20070725                                                 20070901                                           20370801
                     175                        Prefund                                                    GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        MADISON                                                                                      35758                        AL                                                       20070701                                          20070625                                                 20070801                                           20370701
                     176                        Prefund                                                    GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        SANTA ROSA VALLEY                                                                            93012                        CA                                                       20070901                                          20070802                                                 20071001                                           20370901
                     177                        Prefund                                                    GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        WEST HILLS                                                                                   91307                        CA                                                       20070801                                          20070726                                                 20070901                                           20370801
                     178                        Prefund                                                    GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        CHULA VISTA                                                                                  91914                        CA                                                       20070901                                          20070808                                                 20071001                                           20370901
                     179                        Prefund                                                    GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        VENTURA                                                                                      93003                        CA                                                       20070801                                          20070709                                                 20070901                                           20370801
                     180                        Prefund                                                    GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        SAN CARLOS                                                                                   94070                        CA                                                       20070801                                          20070712                                                 20070901                                           20370801
                     181                        Prefund                                                    GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        AUSTIN                                                                                       78735                        TX                                                       20070901                                          20070811                                                 20071001                                           20370901
                     182                        Prefund                                                    GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        LAKE ARROWHEAD                                                                               92352                        CA                                                       20070901                                          20070808                                                 20071001                                           20370901
                     183                        Prefund                                                    GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        ALTADENA                                                                                     91001                        CA                                                       20070701                                          20070612                                                 20070801                                           20470701
                     184                        Prefund                                                    GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        GLENDALE                                                                                     91206                        CA                                                       20070801                                          20070716                                                 20070901                                           20370801
                     185                        Prefund                                                    GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        MARGATE                                                                                       8402                        NJ                                                       20070801                                          20070706                                                 20070901                                           20370801
                     186                        Prefund                                                    GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        ALPHARETTA                                                                                   30004                        GA                                                       20070901                                          20070814                                                 20071001                                           20370901
                     187                        Prefund                                                    GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        CAMINO                                                                                       95709                        CA                                                       20070701                                          20070605                                                 20070801                                           20370701
                     188                        Prefund                                                    GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        FALLBROOK                                                                                    92028                        CA                                                       20070801                                          20070718                                                 20070901                                           20370801
                     189                        Prefund                                                    GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        STEAMBOAT SPRINGS                                                                            80487                        CO                                                       20070801                                          20070703                                                 20070901                                           20370801
                     190                        Prefund                                                    GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        SANTA FE                                                                                     87506                        NM                                                       20070801                                          20070705                                                 20070901                                           20370801
                     191                        Prefund                                                    GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        NEWPORT BEACH                                                                                92663                        CA                                                       20070901                                          20070803                                                 20071001                                           20370901
                     192                        Prefund                                                    GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        SAN DIEGO                                                                                    92117                        CA                                                       20070701                                          20070614                                                 20070801                                           20370701
                     193                        Prefund                                                    GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        CAMBRIA                                                                                      93428                        CA                                                       20070701                                          20070619                                                 20070801                                           20370701
                     194                        Prefund                                                    GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        PINECREST                                                                                    33156                        FL                                                       20070701                                          20070627                                                 20070801                                           20370701
                     195                        Prefund                                                    GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        FAIR LAWN                                                                                     7410                        NJ                                                       20070801                                          20070710                                                 20070901                                           20370801
                     196                        Prefund                                                    GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        SCOTTSDALE                                                                                   85255                        AZ                                                       20070801                                          20070701                                                 20070901                                           20370801
                     197                        Prefund                                                    GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        SPRINGFIELD                                                                                  22153                        VA                                                       20070701                                          20070705                                                 20070801                                           20370701
                     198                        Non-Prefund                                                GI. SS                                               G01                                        BSRM                                                            EMCMORTGAGE                                                        Plano                                                                                        75025                        TX                                                       20070901                                          20070810                                                 20071001                                           20370901
                     199                        Prefund                                                    GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        SANTA CLARITA CANYON COUN                                                                    91351                        CA                                                       20070801                                          20070723                                                 20070901                                           20370801
                     200                        Prefund                                                    GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        WOODLAND HILLS                                                                               91364                        CA                                                       20070901                                          20070808                                                 20071001                                           20370901
                     201                        Prefund                                                    GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        WEST LAKELAND                                                                                55082                        MN                                                       20070801                                          20070719                                                 20070901                                           20370801
                     202                        Prefund                                                    GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        CULVER CITY                                                                                  90232                        CA                                                       20070901                                          20070806                                                 20071001                                           20370901
                     203                        Prefund                                                    GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        NEWARK                                                                                       94560                        CA                                                       20070901                                          20070802                                                 20071001                                           20370901
                     204                        Prefund                                                    GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        NEW YORK                                                                                     10028                        NY                                                       20070801                                          20070726                                                 20070901                                           20370801
                     205                        Prefund                                                    GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        CHULA VISTA                                                                                  91914                        CA                                                       20070901                                          20070807                                                 20071001                                           20370901
                     206                        Prefund                                                    GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        LOS ANGELES                                                                                  90013                        CA                                                       20070801                                          20070727                                                 20070901                                           20370801
                     207                        Prefund                                                    GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        LOS ANGELES                                                                                  90025                        CA                                                       20070801                                          20070725                                                 20070901                                           20370801
                     208                        Prefund                                                    GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        LAFAYETTE                                                                                    80026                        CO                                                       20070901                                          20070810                                                 20071001                                           20370901
                     209                        Non-Prefund                                                GI. SS                                               G01                                        TAYLOR BEAN                                                     EMCMORTGAGE                                                        PARKER                                                                                       80134                        CO                                                       20070601                                          20070511                                                 20070701                                           20370601
                     210                        Non-Prefund                                                GI. SS                                               G01                                        TAYLOR BEAN                                                     EMCMORTGAGE                                                        EL CAJON                                                                                     92021                        CA                                                       20070601                                          20070502                                                 20070701                                           20370601
                     211                        Non-Prefund                                                GI. SS                                               G01                                        TAYLOR BEAN                                                     EMCMORTGAGE                                                        LOS ANGELES                                                                                  90045                        CA                                                       20070601                                          20070504                                                 20070701                                           20370601
                     212                        Non-Prefund                                                GI. SS                                               G01                                        TAYLOR BEAN                                                     EMCMORTGAGE                                                        RESEDA                                                                                       91335                        CA                                                       20070601                                          20070509                                                 20070701                                           20370601
                     213                        Non-Prefund                                                GI. SS                                               G01                                        TAYLOR BEAN                                                     EMCMORTGAGE                                                        CENTENNIAL                                                                                   80112                        CO                                                       20070601                                          20070509                                                 20070701                                           20370601
                     214                        Non-Prefund                                                GI. SS                                               G01                                        TAYLOR BEAN                                                     EMCMORTGAGE                                                        VISTA                                                                                        92084                        CA                                                       20070601                                          20070511                                                 20070701                                           20370601
                     215                        Non-Prefund                                                GI. SS                                               G01                                        TAYLOR BEAN                                                     EMCMORTGAGE                                                        FRESNO                                                                                       93727                        CA                                                       20070601                                          20070509                                                 20070701                                           20370601
                     216                        Non-Prefund                                                GI. SS                                               G01                                        TAYLOR BEAN                                                     EMCMORTGAGE                                                        ESCONDIDO                                                                                    92029                        CA                                                       20070601                                          20070508                                                 20070701                                           20370601
                     217                        Non-Prefund                                                GI. SS                                               G01                                        TAYLOR BEAN                                                     EMCMORTGAGE                                                        LUTZ                                                                                         33549                        FL                                                       20070601                                          20070510                                                 20070701                                           20370601
                     218                        Non-Prefund                                                GI. SS                                               G01                                        TAYLOR BEAN                                                     EMCMORTGAGE                                                        OCEANSIDE                                                                                    92056                        CA                                                       20070601                                          20070507                                                 20070701                                           20370601
                     219                        Non-Prefund                                                GI. SS                                               G01                                        TAYLOR BEAN                                                     EMCMORTGAGE                                                        BOULDER                                                                                      80302                        CO                                                       20070601                                          20070510                                                 20070701                                           20370601
                     220                        Non-Prefund                                                GI. SS                                               G01                                        EMCFLOW                                                         EMCMORTGAGE                                                        MONTEREY PARK                                                                                91754                        CA                                                       20070701                                          20070618                                                 20070801                                           20370701
                     221                        Non-Prefund                                                GI. SS                                               G01                                        EMCFLOW                                                         EMCMORTGAGE                                                        LOS ANGELES                                                                                  90019                        CA                                                       20070701                                          20070615                                                 20070801                                           20370701
                     222                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        SAN DIEGO                                                                                    92126                        CA                                                       20070701                                          20070613                                                 20070801                                           20370701
                     223                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        ARLINGTON                                                                                    22205                        VA                                                       20070701                                          20070627                                                 20070801                                           20370701
                     224                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        REDWOOD CITY                                                                                 94062                        CA                                                       20070701                                          20070531                                                 20070801                                           20370701
                     225                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        SUNNYVALE                                                                                    94086                        CA                                                       20070701                                          20070606                                                 20070801                                           20370701
                     226                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        CHANTILLY                                                                                    20151                        VA                                                       20070701                                          20070625                                                 20070801                                           20370701
                     227                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        BURBANK                                                                                      91506                        CA                                                       20070801                                          20070712                                                 20070901                                           20370801
                     228                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        NAPA                                                                                         94559                        CA                                                       20070701                                          20070615                                                 20070801                                           20370701
                     229                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        SEATTLE                                                                                      98136                        WA                                                       20070701                                          20070614                                                 20070801                                           20370701
                     230                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        ARNOLD                                                                                       21012                        MD                                                       20070701                                          20070629                                                 20070801                                           20370701
                     231                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        SEATTLE                                                                                      98199                        WA                                                       20070701                                          20070608                                                 20070801                                           20370701
                     232                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        GLENDALE                                                                                     91214                        CA                                                       20070701                                          20070611                                                 20070801                                           20370701
                     233                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        MOUNTAIN VIEW                                                                                94040                        CA                                                       20070701                                          20070621                                                 20070801                                           20370701
                     234                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        LA PALMA                                                                                     90623                        CA                                                       20070701                                          20070618                                                 20070801                                           20370701
                     235                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        MEDINA                                                                                       55340                        MN                                                       20070701                                          20070622                                                 20070801                                           20370701
                     236                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        SAN CLEMENTE                                                                                 92673                        CA                                                       20070701                                          20070626                                                 20070801                                           20370701
                     237                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        CARLSBAD                                                                                     92008                        CA                                                       20070301                                          20070208                                                 20070401                                           20370301
                     238                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        FRANKFORT                                                                                    60423                        IL                                                       20070701                                          20060420                                                 20070801                                           20370701
                     239                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        SEATTLE                                                                                      98118                        WA                                                       20070701                                          20060731                                                 20070801                                           20370701
                     240                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        BEND                                                                                         97701                        OR                                                       20070701                                          20060914                                                 20070801                                           20370701
                     241                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        CHESTER                                                                                      96020                        CA                                                       20070801                                          20070720                                                 20070901                                           20370801
                     242                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        CORONA                                                                                       92880                        CA                                                       20070801                                          20070716                                                 20070901                                           20370801
                     243                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        RENO                                                                                         89502                        NV                                                       20070801                                          20070717                                                 20070901                                           20370801
                     244                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        COLORADO SPRINGS                                                                             80919                        CO                                                       20070501                                          20070501                                                 20070601                                           20370501
                     245                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        BOULDER                                                                                      80301                        CO                                                       20070701                                          20070629                                                 20070801                                           20370701
                     246                        Non-Prefund                                                GI. SS                                               G01                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        SALINAS                                                                                      93908                        CA                                                       20070601                                          20070502                                                 20070701                                           20370601
                     247                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        HONOLULU                                                                                     96821                        HI                                                       20070601                                          20070525                                                 20070701                                           20370601
                     248                        Non-Prefund                                                GI. SS                                               G01                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        CHANDLER                                                                                     85248                        AZ                                                       20070601                                          20070503                                                 20070701                                           20370601
                     249                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        HERNDON                                                                                      20171                        VA                                                       20070601                                          20070525                                                 20070701                                           20370601
                     250                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        NEW CANAAN                                                                                    6840                        CT                                                       20070601                                          20070511                                                 20070701                                           20370601
                     251                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        BELMONT                                                                                       2478                        MA                                                       20070601                                          20070529                                                 20070701                                           20370601
                     252                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        DALY CITY                                                                                    94015                        CA                                                       20070601                                          20070508                                                 20070701                                           20370601
                     253                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        CHULA VISTA                                                                                  91914                        CA                                                       20070601                                          20070502                                                 20070701                                           20370601
                     254                        Non-Prefund                                                GI. SS                                               G01                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        ANNAPOLIS                                                                                    21403                        MD                                                       20070601                                          20070516                                                 20070701                                           20370601
                     255                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        GAITHERSBURG                                                                                 20878                        MD                                                       20070601                                          20070511                                                 20070701                                           20370601
                     256                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        LADY LAKE                                                                                    32162                        FL                                                       20070601                                          20070516                                                 20070701                                           20370601
                     257                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        WOODLAND HILLS                                                                               91367                        CA                                                       20070601                                          20070522                                                 20070701                                           20370601
                     258                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        HENDERSON                                                                                    89012                        NV                                                       20070601                                          20070508                                                 20070701                                           20370601
                     259                        Non-Prefund                                                GI. SS                                               G01                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        MIAMI                                                                                        33193                        FL                                                       20070601                                          20070503                                                 20070701                                           20370601
                     260                        Non-Prefund                                                GI. SS                                               G01                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        GILROY                                                                                       95020                        CA                                                       20070601                                          20070504                                                 20070701                                           20370601
                     261                        Non-Prefund                                                GI. SS                                               G01                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        BRISTOW                                                                                      20136                        VA                                                       20070601                                          20070518                                                 20070701                                           20370601
                     262                        Non-Prefund                                                GI. SS                                               G01                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        LAKE LOTAWANA                                                                                64086                        MO                                                       20070601                                          20070503                                                 20070701                                           20370601
                     263                        Non-Prefund                                                GI. SS                                               G01                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        TORRANCE                                                                                     90505                        CA                                                       20070601                                          20070517                                                 20070701                                           20370601
                     264                        Non-Prefund                                                GI. SS                                               G01                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        SANTA FE                                                                                     87501                        NM                                                       20070601                                          20070515                                                 20070701                                           20470601
                     265                        Non-Prefund                                                GI. SS                                               G01                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        CHANDLER                                                                                     85248                        AZ                                                       20070601                                          20070517                                                 20070701                                           20370601
                     266                        Non-Prefund                                                GI. SS                                               G01                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        AMESBURY                                                                                      1913                        MA                                                       20070601                                          20070525                                                 20070701                                           20370601
                     267                        Non-Prefund                                                GI. SS                                               G01                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        LEAWOOD                                                                                      66211                        KS                                                       20070601                                          20070519                                                 20070701                                           20370601
                     268                        Non-Prefund                                                GI. SS                                               G01                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        MANTECA                                                                                      95336                        CA                                                       20070601                                          20070516                                                 20070701                                           20370601
                     269                        Non-Prefund                                                GI. SS                                               G01                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        BELLINGHAM                                                                                   98225                        WA                                                       20070701                                          20070601                                                 20070801                                           20370701
                     270                        Non-Prefund                                                GI. SS                                               G01                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        RENO                                                                                         89509                        NV                                                       20070601                                          20070522                                                 20070701                                           20370601
                     271                        Non-Prefund                                                GI. SS                                               G01                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        LONG BEACH                                                                                   90807                        CA                                                       20070601                                          20070518                                                 20070701                                           20370601
                     272                        Non-Prefund                                                GI. SS                                               G01                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        CARLSBAD                                                                                     92011                        CA                                                       20070601                                          20070525                                                 20070701                                           20370601
                     273                        Non-Prefund                                                GI. SS                                               G01                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        SAN LUIS OBISPO                                                                              93401                        CA                                                       20070701                                          20070607                                                 20070801                                           20370701
                     274                        Non-Prefund                                                GI. SS                                               G01                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        AURORA                                                                                       80016                        CO                                                       20070701                                          20070606                                                 20070801                                           20370701
                     275                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        ALPHARETTA                                                                                   30004                        GA                                                       20070501                                          20070410                                                 20070601                                           20370501
                     276                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        OXNARD AREA                                                                                  93035                        CA                                                       20070601                                          20070501                                                 20070701                                           20370601
                     277                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        VALENCIA AREA                                                                                91381                        CA                                                       20070501                                          20070501                                                 20070601                                           20370501
                     278                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        PORT ST JOE                                                                                  32456                        FL                                                       20070501                                          20070425                                                 20070601                                           20370501
                     279                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        FAIR OAKS                                                                                    95628                        CA                                                       20070601                                          20070514                                                 20070701                                           20370601
                     280                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        LAKE FOREST                                                                                  92630                        CA                                                       20070601                                          20070521                                                 20070701                                           20370601
                     281                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        ROLLING HILLS ESTATES                                                                        90274                        CA                                                       20070601                                          20070518                                                 20070701                                           20370601
                     282                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        BUCKINGHAM                                                                                   18934                        PA                                                       20070701                                          20070607                                                 20070801                                           20370701
                     283                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        SPRINGBORO                                                                                   45066                        OH                                                       20070601                                          20070601                                                 20070701                                           20370601
                     284                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        SOUTH PASADENA                                                                               91030                        CA                                                       20070601                                          20070522                                                 20070701                                           20370601
                     285                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        LOS ANGELES                                                                                  90065                        CA                                                       20070601                                          20070525                                                 20070701                                           20370601
                     286                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        BIG SKY                                                                                      59716                        MT                                                       20070601                                          20070606                                                 20070701                                           20370601
                     287                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        AZUSA                                                                                        91702                        CA                                                       20070701                                          20070604                                                 20070801                                           20370701
                     288                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        SAN JOSE                                                                                     95136                        CA                                                       20070601                                          20070514                                                 20070701                                           20370601
                     289                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        SCITUATE                                                                                      2066                        MA                                                       20070701                                          20070601                                                 20070801                                           20370701
                     290                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        AMENIA                                                                                       12501                        NY                                                       20070601                                          20070525                                                 20070701                                           20370601
                     291                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        LONG BEACH                                                                                   90803                        CA                                                       20070701                                          20070601                                                 20070801                                           20370701
                     292                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        LOS ANGELES                                                                                  90047                        CA                                                       20070701                                          20070531                                                 20070801                                           20370701
                     293                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        REDONDO BEACH                                                                                90278                        CA                                                       20070601                                          20070531                                                 20070701                                           20370601
                     294                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        HARTSDALE                                                                                    10530                        NY                                                       20070601                                          20070530                                                 20070701                                           20370601
                     295                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        ROHNERT PARK                                                                                 94928                        CA                                                       20070601                                          20070522                                                 20070701                                           20370601
                     296                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        MURRIETA                                                                                     92562                        CA                                                       20070701                                          20070531                                                 20070801                                           20370701
                     297                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        NORTH CALDWELL                                                                                7006                        NJ                                                       20070601                                          20070531                                                 20070701                                           20370601
                     298                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        MCLEAN                                                                                       22101                        VA                                                       20070701                                          20070607                                                 20070801                                           20370701
                     299                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        SEASIDE                                                                                      93955                        CA                                                       20070701                                          20070530                                                 20070801                                           20370701
                     300                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        CLAREMONT                                                                                    91711                        CA                                                       20070701                                          20070601                                                 20070801                                           20370701
                     301                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        LAYTON                                                                                       84040                        UT                                                       20070601                                          20070605                                                 20070701                                           20370601
                     302                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        SAN JOSE                                                                                     95124                        CA                                                       20070601                                          20070529                                                 20070701                                           20370601
                     303                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        ACAMPO                                                                                       95220                        CA                                                       20070601                                          20070501                                                 20070701                                           20370601
                     304                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        NAPA                                                                                         94558                        CA                                                       20070601                                          20070516                                                 20070701                                           20370601
                     305                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        SEDONA                                                                                       86336                        AZ                                                       20070601                                          20070524                                                 20070701                                           20370601
                     306                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        CARLSBAD                                                                                     92011                        CA                                                       20070601                                          20070521                                                 20070701                                           20370601
                     307                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        LANGLEY                                                                                      98260                        WA                                                       20070601                                          20070510                                                 20070701                                           20370601
                     308                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        CHANDLER                                                                                     85226                        AZ                                                       20070601                                          20070509                                                 20070701                                           20370601
                     309                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        TORRANCE                                                                                     90505                        CA                                                       20070601                                          20070511                                                 20070701                                           20370601
                     310                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        PARAMOUNT                                                                                    90723                        CA                                                       20070601                                          20070503                                                 20070701                                           20370601
                     311                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        SEATTLE                                                                                      98109                        WA                                                       20070601                                          20070516                                                 20070701                                           20370601
                     312                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        CAMPTON                                                                                       3223                        NH                                                       20070701                                          20070608                                                 20070801                                           20370701
                     313                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        IRVINE                                                                                       92620                        CA                                                       20070601                                          20070517                                                 20070701                                           20370601
                     314                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        LAKE WORTH                                                                                   33467                        FL                                                       20070701                                          20070604                                                 20070801                                           20370701
                     315                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        PORTLAND                                                                                     97219                        OR                                                       20070701                                          20070524                                                 20070801                                           20370701
                     316                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        SALINAS                                                                                      93901                        CA                                                       20070601                                          20070529                                                 20070701                                           20370601
                     317                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        SAN JOSE                                                                                     95126                        CA                                                       20070701                                          20070604                                                 20070801                                           20370701
                     318                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        CHICAGO                                                                                      60605                        IL                                                       20070601                                          20070529                                                 20070701                                           20370601
                     319                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        LOS ANGELES                                                                                  91342                        CA                                                       20070601                                          20070518                                                 20070701                                           20370601
                     320                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        DALLAS                                                                                       75244                        TX                                                       20070701                                          20070607                                                 20070801                                           20370701
                     321                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        HALEIWA                                                                                      96712                        HI                                                       20070701                                          20070606                                                 20070801                                           20370701
                     322                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        SARATOGA                                                                                     95070                        CA                                                       20070701                                          20070604                                                 20070801                                           20370701
                     323                        Non-Prefund                                                GI. SS                                               G01                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        CHICAGO                                                                                      60641                        IL                                                       20070601                                          20070515                                                 20070701                                           20370601
                     324                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        WATSONVILLE                                                                                  95076                        CA                                                       20070601                                          20070518                                                 20070701                                           20370601
                     325                        Non-Prefund                                                GI. SS                                               G01                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        CHULA VISTA                                                                                  91915                        CA                                                       20070601                                          20070427                                                 20070701                                           20370601
                     326                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        QUEEN CREEK                                                                                  85242                        AZ                                                       20070601                                          20070518                                                 20070701                                           20370601
                     327                        Non-Prefund                                                GI. SS                                               G01                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        BRENTWOOD                                                                                    94513                        CA                                                       20070601                                          20070525                                                 20070701                                           20370601
                     328                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        BETHESDA                                                                                     20817                        MD                                                       20070601                                          20070518                                                 20070701                                           20370601
                     329                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        EL DORADO HILLS                                                                              95762                        CA                                                       20070601                                          20070510                                                 20070701                                           20370601
                     330                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        LEESBURG                                                                                     20176                        VA                                                       20070601                                          20070516                                                 20070701                                           20370601
                     331                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        EL SOBRANTE                                                                                  94803                        CA                                                       20070601                                          20070524                                                 20070701                                           20370601
                     332                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        TUCSON                                                                                       85749                        AZ                                                       20070601                                          20070518                                                 20070701                                           20370601
                     333                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        PAWLEYS ISLAND                                                                               29585                        SC                                                       20070601                                          20070518                                                 20070701                                           20370601
                     334                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        EDISON                                                                                        8820                        NJ                                                       20070601                                          20070517                                                 20070701                                           20370601
                     335                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        MISSION VIEJO                                                                                92691                        CA                                                       20070601                                          20070502                                                 20070701                                           20370601
                     336                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        LA CANADA FLINTRIDGE                                                                         91011                        CA                                                       20070601                                          20070525                                                 20070701                                           20370601
                     337                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        RANCHO SANTA MARGARITA                                                                       92688                        CA                                                       20070601                                          20070518                                                 20070701                                           20370601
                     338                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        CANTON                                                                                       30115                        GA                                                       20070601                                          20070511                                                 20070701                                           20370601
                     339                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        COLLEYVILLE                                                                                  76034                        TX                                                       20070601                                          20070517                                                 20070701                                           20370601
                     340                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        PLANTATION                                                                                   33325                        FL                                                       20070601                                          20070515                                                 20070701                                           20370601
                     341                        Non-Prefund                                                GI. SS                                               G01                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        OXNARD                                                                                       93030                        CA                                                       20070601                                          20070522                                                 20070701                                           20370601
                     342                        Non-Prefund                                                GI. SS                                               G01                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        STERLING                                                                                     20164                        VA                                                       20070601                                          20070514                                                 20070701                                           20370601
                     343                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        NEWPORT BEACH                                                                                92625                        CA                                                       20070601                                          20070514                                                 20070701                                           20370601
                     344                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        MOORESVILLE                                                                                  28117                        NC                                                       20070501                                          20070504                                                 20070601                                           20370501
                     345                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        SIMI VALLEY                                                                                  93065                        CA                                                       20070601                                          20070501                                                 20070701                                           20370601
                     346                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        PARAMUS                                                                                       7652                        NJ                                                       20070601                                          20070511                                                 20070701                                           20370601
                     347                        Non-Prefund                                                GI. SS                                               G01                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        VALLEJO                                                                                      94591                        CA                                                       20070601                                          20070517                                                 20070701                                           20370601
                     348                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        PARK CITY                                                                                    84060                        UT                                                       20070601                                          20070525                                                 20070701                                           20370601
                     349                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        CORONA                                                                                       92879                        CA                                                       20070601                                          20070514                                                 20070701                                           20370601
                     350                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        MIAMI                                                                                        33133                        FL                                                       20070601                                          20070511                                                 20070701                                           20370601
                     351                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        SAN DIEGO                                                                                    92131                        CA                                                       20070601                                          20070504                                                 20070701                                           20370601
                     352                        Non-Prefund                                                GI. SS                                               G01                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        LAKE BARRINGTON                                                                              60010                        IL                                                       20070501                                          20070430                                                 20070601                                           20370501
                     353                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        CHESAPEAKE                                                                                   23322                        VA                                                       20070601                                          20070530                                                 20070701                                           20370601
                     354                        Non-Prefund                                                GI. SS                                               G01                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        DIAMOND BAR                                                                                  91765                        CA                                                       20070501                                          20070426                                                 20070601                                           20370501
                     355                        Non-Prefund                                                GI. SS                                               G01                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        FREMONT                                                                                      94536                        CA                                                       20070601                                          20070511                                                 20070701                                           20370601
                     356                        Non-Prefund                                                GI. SS                                               G01                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        DOWNEY                                                                                       90242                        CA                                                       20070601                                          20070510                                                 20070701                                           20370601
                     357                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        AUBURN                                                                                       95602                        CA                                                       20070601                                          20070516                                                 20070701                                           20370601
                     358                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        ANGWIN                                                                                       94508                        CA                                                       20070601                                          20070426                                                 20070701                                           20370601
                     359                        Non-Prefund                                                GI. SS                                               G01                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        RANCHO SANTA FE                                                                              92067                        CA                                                       20070601                                          20070521                                                 20070701                                           20370601
                     360                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        CARLSBAD                                                                                     92009                        CA                                                       20070601                                          20070516                                                 20070701                                           20370601
                     361                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        ISSAQUAH                                                                                     98029                        WA                                                       20070601                                          20070516                                                 20070701                                           20370601
                     362                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        SAN DIEGO                                                                                    92101                        CA                                                       20070601                                          20070427                                                 20070701                                           20370601
                     363                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        CAMBRIA                                                                                      93428                        CA                                                       20070601                                          20070514                                                 20070701                                           20370601
                     364                        Non-Prefund                                                GI. SS                                               G01                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        SANTA MONICA                                                                                 90403                        CA                                                       20070601                                          20070427                                                 20070701                                           20370601
                     365                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        ALPINE                                                                                       91901                        CA                                                       20070601                                          20070525                                                 20070701                                           20370601
                     366                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        ROCKVILLE                                                                                    20850                        MD                                                       20070601                                          20070529                                                 20070701                                           20370601
                     367                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        BEDFORD                                                                                       3110                        NH                                                       20070601                                          20070511                                                 20070701                                           20370601
                     368                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        MISSION VIEJO                                                                                92692                        CA                                                       20070601                                          20070510                                                 20070701                                           20370601
                     369                        Non-Prefund                                                GI. SS                                               G01                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        DENVER                                                                                       80209                        CO                                                       20070501                                          20070424                                                 20070601                                           20370501
                     370                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        SANTA BARBARA                                                                                93110                        CA                                                       20070601                                          20070517                                                 20070701                                           20370601
                     371                        Non-Prefund                                                GI. SS                                               G01                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        PLAYA VISTA                                                                                  90094                        CA                                                       20070601                                          20070523                                                 20070701                                           20370601
                     372                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        ENGLEWOOD                                                                                    80112                        CO                                                       20070601                                          20070510                                                 20070701                                           20370601
                     373                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        SAN DIEGO                                                                                    92130                        CA                                                       20070601                                          20070509                                                 20070701                                           20370601
                     374                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        WALNUT CREEK                                                                                 94598                        CA                                                       20070601                                          20070522                                                 20070701                                           20370601
                     375                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        UNIVERSITY PLACE                                                                             98467                        WA                                                       20070601                                          20070523                                                 20070701                                           20370601
                     376                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        SAN CLEMENTE                                                                                 92673                        CA                                                       20070601                                          20070514                                                 20070701                                           20370601
                     377                        Non-Prefund                                                GI. SS                                               G01                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        MINNEAPOLIS                                                                                  55408                        MN                                                       20070501                                          20070427                                                 20070601                                           20370501
                     378                        Non-Prefund                                                GI. SS                                               G01                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        CHULA VISTA                                                                                  91913                        CA                                                       20070601                                          20070517                                                 20070701                                           20370601
                     379                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        PASADENA                                                                                     91103                        CA                                                       20070601                                          20070518                                                 20070701                                           20370601
                     380                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        COLORADO SPRINGS                                                                             80907                        CO                                                       20070601                                          20070502                                                 20070701                                           20370601
                     381                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        DANVILLE                                                                                     94506                        CA                                                       20070601                                          20070426                                                 20070701                                           20370601
                     382                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        SALEM                                                                                        97306                        OR                                                       20070501                                          20070420                                                 20070601                                           20370501
                     383                        Non-Prefund                                                GI. SS                                               G01                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        BRASELTON                                                                                    30517                        GA                                                       20070401                                          20070315                                                 20070501                                           20370401
                     384                        Non-Prefund                                                GI. SS                                               G01                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        SILVERDALE                                                                                   98383                        WA                                                       20070501                                          20070430                                                 20070601                                           20370501
                     385                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        SNOHOMISH                                                                                    98290                        WA                                                       20070501                                          20070426                                                 20070601                                           20370501
                     386                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        CARLSBAD                                                                                     92011                        CA                                                       20070501                                          20070417                                                 20070601                                           20370501
                     387                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        SAN CLEMENTE                                                                                 92673                        CA                                                       20070601                                          20070507                                                 20070701                                           20370601
                     388                        Non-Prefund                                                GI. SS                                               G01                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        ORANGE                                                                                       92865                        CA                                                       20070501                                          20070426                                                 20070601                                           20370501
                     389                        Non-Prefund                                                GI. SS                                               G01                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        CHICAGO                                                                                      60614                        IL                                                       20070601                                          20070508                                                 20070701                                           20370601
                     390                        Non-Prefund                                                GI. SS                                               G01                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        PICO RIVERA                                                                                  90660                        CA                                                       20070601                                          20070427                                                 20070701                                           20370601
                     391                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        LA HABRA                                                                                     90631                        CA                                                       20070501                                          20070405                                                 20070601                                           20370501
                     392                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        DUBLIN AREA                                                                                  94568                        CA                                                       20070601                                          20070510                                                 20070701                                           20370601
                     393                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        ALPINE                                                                                       84004                        UT                                                       20070601                                          20070515                                                 20070701                                           20370601
                     394                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        ALDIE                                                                                        20105                        VA                                                       20070501                                          20070412                                                 20070601                                           20370501
                     395                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        KINGWOOD                                                                                     77345                        TX                                                       20070601                                          20070509                                                 20070701                                           20370601
                     396                        Non-Prefund                                                GI. SS                                               G01                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        CORONA                                                                                       92880                        CA                                                       20070401                                          20070319                                                 20070501                                           20370401
                     397                        Non-Prefund                                                GI. SS                                               G01                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        CLARKSBURG                                                                                   20871                        MD                                                       20070401                                          20070318                                                 20070501                                           20370401
                     398                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        LOS ANGELES                                                                                  90026                        CA                                                       20070501                                          20070426                                                 20070601                                           20370501
                     399                        Non-Prefund                                                GI. SS                                               G01                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        SANTA CLARITA                                                                                91355                        CA                                                       20070601                                          20070426                                                 20070701                                           20370601
                     400                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        SANTA MONICA                                                                                 90403                        CA                                                       20070501                                          20070419                                                 20070601                                           20370501
                     401                        Non-Prefund                                                GI. SS                                               G01                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        LAS VEGAS                                                                                    89131                        NV                                                       20070501                                          20070418                                                 20070601                                           20370501
                     402                        Non-Prefund                                                GI. SS                                               G01                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        EVERETT                                                                                      98205                        WA                                                       20070501                                          20070424                                                 20070601                                           20370501
                     403                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        BOTHELL                                                                                      98021                        WA                                                       20070601                                          20070529                                                 20070701                                           20370601
                     404                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        GRAHAM                                                                                       98338                        WA                                                       20070601                                          20070522                                                 20070701                                           20370601
                     405                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        HUNTINGTON BEACH                                                                             92649                        CA                                                       20070601                                          20070507                                                 20070701                                           20370601
                     406                        Non-Prefund                                                GI. SS                                               G01                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        CALABASAS                                                                                    91302                        CA                                                       20070501                                          20070406                                                 20070601                                           20370501
                     407                        Non-Prefund                                                GI. SS                                               G01                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        SOUTH YARMOUTH                                                                                2664                        MA                                                       20070601                                          20070511                                                 20070701                                           20370601
                     408                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        GATLINBURG                                                                                   37738                        TN                                                       20070601                                          20070525                                                 20070701                                           20370601
                     409                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        GATLINBURG                                                                                   37738                        TN                                                       20070601                                          20070530                                                 20070701                                           20370601
                     410                        Non-Prefund                                                GI. SS                                               G01                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        LAS VEGAS                                                                                    89183                        NV                                                       20070501                                          20070413                                                 20070601                                           20370501
                     411                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        LOS ANGELES                                                                                  90035                        CA                                                       20070601                                          20070525                                                 20070701                                           20370601
                     412                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        BIRMINGHAM                                                                                   48009                        MI                                                       20070601                                          20070530                                                 20070701                                           20370601
                     413                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        LA JOLLA                                                                                     92037                        CA                                                       20070501                                          20070420                                                 20070601                                           20370501
                     414                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        IRVINE                                                                                       92618                        CA                                                       20070501                                          20070424                                                 20070601                                           20370501
                     415                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        NEW YORK                                                                                     10021                        NY                                                       20070601                                          20070529                                                 20070701                                           20370601
                     416                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        WINTER GARDEN                                                                                34787                        FL                                                       20070601                                          20070531                                                 20070701                                           20370601
                     417                        Non-Prefund                                                GI. SS                                               G01                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        PASADENA                                                                                     91105                        CA                                                       20070501                                          20070417                                                 20070601                                           20370501
                     418                        Non-Prefund                                                GI. SS                                               G01                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        NAPERVILLE                                                                                   60540                        IL                                                       20070501                                          20070427                                                 20070601                                           20370501
                     419                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        BURBANK                                                                                      91504                        CA                                                       20070601                                          20070503                                                 20070701                                           20370601
                     420                        Non-Prefund                                                GI. SS                                               G01                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        LAS VEGAS                                                                                    89178                        NV                                                       20070501                                          20070413                                                 20070601                                           20370501
                     421                        Non-Prefund                                                GI. SS                                               G02                                        EMCFLOW                                                         EMCMORTGAGE                                                        MOUNT PLEASANT                                                                               29466                        SC                                                       20070501                                          20070413                                                 20070601                                           20370501
                     422                        Non-Prefund                                                GI. SS                                               G02                                        BSRM                                                            EMCMORTGAGE                                                        West Jordan                                                                                  84088                        UT                                                       20070801                                          20070702                                                 20070901                                           20370801
                     423                        Non-Prefund                                                GI. SS                                               G01                                        BSRM                                                            EMCMORTGAGE                                                        Treasure Island                                                                              33706                        FL                                                       20070701                                          20070629                                                 20070801                                           20370701
                     424                        Non-Prefund                                                GI. SS                                               G03                                        BSRM                                                            EMCMORTGAGE                                                        Corona                                                                                       92882                        CA                                                       20070701                                          20070627                                                 20070801                                           20370701
                     425                        Non-Prefund                                                GI. SS                                               G01                                        BSRM                                                            EMCMORTGAGE                                                        Minden                                                                                       89423                        NV                                                       20070701                                          20070613                                                 20070801                                           20370701
                     426                        Non-Prefund                                                GI. SS                                               G01                                        BSRM                                                            EMCMORTGAGE                                                        Long Valley                                                                                   7853                        NJ                                                       20070701                                          20070625                                                 20070801                                           20370701
                     427                        Non-Prefund                                                GI. SS                                               G01                                        BSRM                                                            EMCMORTGAGE                                                        TARZANA                                                                                      91335                        CA                                                       20070601                                          20070524                                                 20070701                                           20370601
                     428                        Non-Prefund                                                GI. SS                                               G01                                        BSRM                                                            EMCMORTGAGE                                                        Oxnard                                                                                       93035                        CA                                                       20070701                                          20070612                                                 20070801                                           20370701
                     429                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        CHINO HILLS                                                                                  91709                        CA                                                       20070701                                          20070604                                                 20070801                                           20370701
                     430                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        SAN CARLOS                                                                                   94070                        CA                                                       20070701                                          20070613                                                 20070801                                           20370701
                     431                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        MIAMI                                                                                        33138                        FL                                                       20070701                                          20070613                                                 20070801                                           20370701
                     432                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        CORSICANA                                                                                    75109                        TX                                                       20070701                                          20070613                                                 20070801                                           20370701
                     433                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        RANCHO CUCAMONGA                                                                             91739                        CA                                                       20070701                                          20070611                                                 20070801                                           20370701
                     434                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        WESTON                                                                                       33327                        FL                                                       20070701                                          20070614                                                 20070801                                           20370701
                     435                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        REDMOND                                                                                      98053                        WA                                                       20070701                                          20070612                                                 20070801                                           20370701
                     436                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        OAKLAND                                                                                      94611                        CA                                                       20070701                                          20070604                                                 20070801                                           20370701
                     437                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        CAMARILLO                                                                                    93012                        CA                                                       20070701                                          20070613                                                 20070801                                           20370701
                     438                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        PARAMUS                                                                                       7652                        NJ                                                       20070701                                          20070613                                                 20070801                                           20370701
                     439                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        ANTIOCH                                                                                      94531                        CA                                                       20070701                                          20070611                                                 20070801                                           20370701
                     440                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        SANTA BARBARA                                                                                93105                        CA                                                       20070701                                          20070613                                                 20070801                                           20370701
                     441                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        SAN RAFAEL                                                                                   94903                        CA                                                       20070701                                          20070608                                                 20070801                                           20370701
                     442                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        LOS ANGELES                                                                                  90065                        CA                                                       20070701                                          20070608                                                 20070801                                           20370701
                     443                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        COOS BAY                                                                                     97420                        OR                                                       20070601                                          20070523                                                 20070701                                           20370601
                     444                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        CAPE CORAL                                                                                   33914                        FL                                                       20070701                                          20070613                                                 20070801                                           20370701
                     445                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        MILLBRAE                                                                                     94030                        CA                                                       20070701                                          20070613                                                 20070801                                           20370701
                     446                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        ELMWOOD PARK                                                                                  7407                        NJ                                                       20070701                                          20070611                                                 20070801                                           20370701
                     447                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        LEESBURG                                                                                     20175                        VA                                                       20070701                                          20070612                                                 20070801                                           20370701
                     448                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        PALM DESERT                                                                                  92260                        CA                                                       20070701                                          20070614                                                 20070801                                           20370701
                     449                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        SANTA CLARA                                                                                  95051                        CA                                                       20070701                                          20070611                                                 20070801                                           20370701
                     450                        Non-Prefund                                                GI. SS                                               G02                                        BSRM                                                            EMCMORTGAGE                                                        Citrus Heights                                                                               95610                        CA                                                       20070901                                          20070807                                                 20071001                                           20370901
                     451                        Non-Prefund                                                GI. SS                                               G01                                        BSRM                                                            EMCMORTGAGE                                                        Cottage Grove                                                                                55016                        MN                                                       20070801                                          20070725                                                 20070901                                           20370801
                     452                        Non-Prefund                                                GI. SS                                               G01                                        BSRM                                                            EMCMORTGAGE                                                        Anaheim                                                                                      92806                        CA                                                       20070901                                          20070801                                                 20071001                                           20370901
                     453                        Non-Prefund                                                GI. SS                                               G02                                        BSRM                                                            EMCMORTGAGE                                                        Oceanside                                                                                    92056                        CA                                                       20070801                                          20070726                                                 20070901                                           20370801
                     454                        Non-Prefund                                                GI. SS                                               G01                                        BSRM                                                            EMCMORTGAGE                                                        ASHBURN                                                                                      20147                        VA                                                       20070801                                          20070726                                                 20070901                                           20370801
                     455                        Non-Prefund                                                GI. SS                                               G01                                        BSRM                                                            EMCMORTGAGE                                                        IRVING                                                                                       75038                        TX                                                       20070801                                          20070731                                                 20070901                                           20370801
                     456                        Non-Prefund                                                GI. SS                                               G03                                        BSRM                                                            EMCMORTGAGE                                                        Sherman Oaks                                                                                 91403                        CA                                                       20070801                                          20070726                                                 20070901                                           20370801
                     457                        Non-Prefund                                                GI. SS                                               G02                                        BSRM                                                            EMCMORTGAGE                                                        Placerville                                                                                  95667                        CA                                                       20070801                                          20070720                                                 20070901                                           20370801
                     458                        Non-Prefund                                                GI. SS                                               G01                                        TAYLOR BEAN                                                     EMCMORTGAGE                                                        NEWBURYPORT                                                                                   1950                        MA                                                       20061101                                          20061013                                                 20061201                                           20361101
                     459                        Non-Prefund                                                GI. SS                                               G01                                        TAYLOR BEAN                                                     EMCMORTGAGE                                                        BELLEVUE                                                                                     98008                        WA                                                       20070601                                          20070507                                                 20070701                                           20370601
                     460                        Non-Prefund                                                GI. SS                                               G01                                        TAYLOR BEAN                                                     EMCMORTGAGE                                                        SAMMAMISH                                                                                    98074                        WA                                                       20070601                                          20070503                                                 20070701                                           20370601
                     461                        Non-Prefund                                                GI. SS                                               G01                                        TAYLOR BEAN                                                     EMCMORTGAGE                                                        HIGHAND                                                                                      84003                        UT                                                       20070601                                          20070509                                                 20070701                                           20370601
                     462                        Non-Prefund                                                GI. SS                                               G01                                        TAYLOR BEAN                                                     EMCMORTGAGE                                                        CHEVY CHASE                                                                                  20815                        MD                                                       20070601                                          20070510                                                 20070701                                           20370601
                     463                        Non-Prefund                                                GI. SS                                               G01                                        TAYLOR BEAN                                                     EMCMORTGAGE                                                        BELLEVUE                                                                                     98006                        WA                                                       20070601                                          20070508                                                 20070701                                           20370601
                     464                        Non-Prefund                                                GI. SS                                               G01                                        TAYLOR BEAN                                                     EMCMORTGAGE                                                        RIVERSIDE                                                                                    92507                        CA                                                       20070501                                          20070426                                                 20070601                                           20370501
                     465                        Non-Prefund                                                GI. SS                                               G01                                        BSRM                                                            EMCMORTGAGE                                                        Upland                                                                                       91786                        CA                                                       20070801                                          20070720                                                 20070901                                           20370801
                     466                        Non-Prefund                                                GI. SS                                               G01                                        BSRM                                                            EMCMORTGAGE                                                        Windsor Mill                                                                                 21244                        MD                                                       20070801                                          20070720                                                 20070901                                           20370801
                     467                        Non-Prefund                                                GI. SS                                               G01                                        BSRM                                                            EMCMORTGAGE                                                        La Mirada                                                                                    90638                        CA                                                       20070801                                          20070723                                                 20070901                                           20370801
                     468                        Non-Prefund                                                GI. SS                                               G01                                        BSRM                                                            EMCMORTGAGE                                                        Baltimore                                                                                    21231                        MD                                                       20070801                                          20070720                                                 20070901                                           20370801
                     469                        Non-Prefund                                                GI. SS                                               G01                                        BSRM                                                            EMCMORTGAGE                                                        Santa Rosa                                                                                   95401                        CA                                                       20070801                                          20070713                                                 20070901                                           20370801
                     470                        Non-Prefund                                                GI. SS                                               G02                                        BSRM                                                            EMCMORTGAGE                                                        Fountain Hills                                                                               85268                        AZ                                                       20070901                                          20070807                                                 20071001                                           20370901
                     471                        Non-Prefund                                                GI. SS                                               G01                                        BSRM                                                            EMCMORTGAGE                                                        Minden                                                                                       89423                        NV                                                       20070801                                          20070713                                                 20070901                                           20370801
                     472                        Non-Prefund                                                GI. SS                                               G01                                        BSRM                                                            EMCMORTGAGE                                                        Fairfax                                                                                      22030                        VA                                                       20070801                                          20070710                                                 20070901                                           20370801
                     473                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        YUCAIPA                                                                                      92399                        CA                                                       20070601                                          20070509                                                 20070701                                           20370601
                     474                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        RANCHO SANTA MARGARITA                                                                       92688                        CA                                                       20070601                                          20070514                                                 20070701                                           20370601
                     475                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        BOYNE CITY                                                                                   49712                        MI                                                       20070601                                          20070525                                                 20070701                                           20370601
                     476                        Non-Prefund                                                GI. SS                                               G01                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        SPRING VALLEY                                                                                91977                        CA                                                       20070601                                          20070514                                                 20070701                                           20370601
                     477                        Non-Prefund                                                GI. SS                                               G01                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        FOSTER CITY                                                                                  94404                        CA                                                       20070601                                          20070522                                                 20070701                                           20370601
                     478                        Non-Prefund                                                GI. SS                                               G01                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        SAN FRANCISCO                                                                                94112                        CA                                                       20070601                                          20070524                                                 20070701                                           20370601
                     479                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        LOS ALAMITOS AREA                                                                            90720                        CA                                                       20070701                                          20070514                                                 20070801                                           20370701
                     480                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        TIERRA VERDE                                                                                 33715                        FL                                                       20070601                                          20070524                                                 20070701                                           20370601
                     481                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        TUCSON                                                                                       85730                        AZ                                                       20070601                                          20070523                                                 20070701                                           20370601
                     482                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        LA HABRA HEIGHTS                                                                             90631                        CA                                                       20070601                                          20070523                                                 20070701                                           20370601
                     483                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        ARLINGTON                                                                                    22207                        VA                                                       20070601                                          20070525                                                 20070701                                           20370601
                     484                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        SONOMA                                                                                       95476                        CA                                                       20070601                                          20070523                                                 20070701                                           20370601
                     485                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        FONTANA                                                                                      92336                        CA                                                       20070601                                          20070524                                                 20070701                                           20370601
                     486                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        SANTA MONICA                                                                                 90405                        CA                                                       20070601                                          20070522                                                 20070701                                           20370601
                     487                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        SAN FRANCISCO                                                                                94123                        CA                                                       20070601                                          20070524                                                 20070701                                           20370601
                     488                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        WESTON                                                                                       33327                        FL                                                       20070601                                          20070525                                                 20070701                                           20370601
                     489                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        SEATTLE                                                                                      98119                        WA                                                       20070601                                          20070521                                                 20070701                                           20370601
                     490                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        ALPHARETTA                                                                                   30022                        GA                                                       20070601                                          20070525                                                 20070701                                           20370601
                     491                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        CARLSBAD                                                                                     92008                        CA                                                       20070601                                          20070530                                                 20070701                                           20370601
                     492                        Non-Prefund                                                GI. SS                                               G01                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        GOLD CANYON                                                                                  85218                        AZ                                                       20070601                                          20070523                                                 20070701                                           20370601
                     493                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        LOS GATOS                                                                                    95030                        CA                                                       20070601                                          20070522                                                 20070701                                           20370601
                     494                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        SAN JOSE                                                                                     95120                        CA                                                       20070601                                          20070525                                                 20070701                                           20370601
                     495                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        UNIVERSITY PARK                                                                              75225                        TX                                                       20070601                                          20070525                                                 20070701                                           20370601
                     496                        Non-Prefund                                                GI. SS                                               G01                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        ENCINITAS                                                                                    92024                        CA                                                       20070601                                          20070524                                                 20070701                                           20370601
                     497                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        SAN DIEGO                                                                                    92127                        CA                                                       20070601                                          20070518                                                 20070701                                           20370601
                     498                        Non-Prefund                                                GI. SS                                               G01                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        ORANGE                                                                                       92869                        CA                                                       20070601                                          20070525                                                 20070701                                           20370601
                     499                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        IRVINE                                                                                       92603                        CA                                                       20070601                                          20070523                                                 20070701                                           20370601
                     500                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        MILPITAS                                                                                     95035                        CA                                                       20070601                                          20070524                                                 20070701                                           20370601
                     501                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        AUBURN                                                                                       95602                        CA                                                       20070601                                          20070524                                                 20070701                                           20370601
                     502                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        CARMEL                                                                                       93923                        CA                                                       20070601                                          20070530                                                 20070701                                           20370601
                     503                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        LADERA RANCH                                                                                 92694                        CA                                                       20070601                                          20070509                                                 20070701                                           20370601
                     504                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        HIGHLAND PARK                                                                                60035                        IL                                                       20070201                                          20070131                                                 20070301                                           20370201
                     505                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        SAN JOSE                                                                                     95124                        CA                                                       20070401                                          20070321                                                 20070501                                           20370401
                     506                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        MOORESVILLE                                                                                  28117                        NC                                                       20070501                                          20070504                                                 20070601                                           20370501
                     507                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        SCOTTSDALE                                                                                   85262                        AZ                                                       20070201                                          20070116                                                 20070301                                           20370201
                     508                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        MIAMI                                                                                        33176                        FL                                                       20070601                                          20070515                                                 20070701                                           20370601
                     509                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        MARTINEZ                                                                                     94553                        CA                                                       20070501                                          20070424                                                 20070601                                           20370501
                     510                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        SAN JOSE                                                                                     95133                        CA                                                       20070601                                          20070508                                                 20070701                                           20370601
                     511                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        CORONA                                                                                       92882                        CA                                                       20070601                                          20070509                                                 20070701                                           20370601
                     512                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        CLOSTER                                                                                       7624                        NJ                                                       20070601                                          20070521                                                 20070701                                           20370601
                     513                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        LA CANADA FLINTRIDGE                                                                         91011                        CA                                                       20070601                                          20070508                                                 20070701                                           20370601
                     514                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        SAMMAMISH                                                                                    98074                        WA                                                       20070601                                          20070521                                                 20070701                                           20370601
                     515                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        LEMONT                                                                                       60439                        IL                                                       20070601                                          20070518                                                 20070701                                           20370601
                     516                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        DUBLIN                                                                                       94568                        CA                                                       20070401                                          20070326                                                 20070501                                           20370401
                     517                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        MEDFORD                                                                                       2155                        MA                                                       20070601                                          20070524                                                 20070701                                           20370601
                     518                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        CORONA                                                                                       92883                        CA                                                       20070601                                          20070430                                                 20070701                                           20370601
                     519                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        NEWTOWN                                                                                       6482                        CT                                                       20070601                                          20070501                                                 20070701                                           20370601
                     520                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        JACKSON                                                                                      38305                        TN                                                       20070501                                          20070426                                                 20070601                                           20370501
                     521                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        MERCER ISLAND                                                                                98040                        WA                                                       20070601                                          20070504                                                 20070701                                           20370601
                     522                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        CHICAGO                                                                                      60656                        IL                                                       20070601                                          20070524                                                 20070701                                           20370601
                     523                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        SAN DIEGO                                                                                    92129                        CA                                                       20070601                                          20070521                                                 20070701                                           20370601
                     524                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        SAVANNAH                                                                                     31401                        GA                                                       20070601                                          20070523                                                 20070701                                           20370601
                     525                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        PALM SPRINGS                                                                                 92264                        CA                                                       20070601                                          20070518                                                 20070701                                           20370601
                     526                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        FRISCO                                                                                       75034                        TX                                                       20070601                                          20070515                                                 20070701                                           20370601
                     527                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        SAN DIEGO                                                                                    92115                        CA                                                       20070601                                          20070509                                                 20070701                                           20370601
                     528                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        RIVERSIDE                                                                                    92506                        CA                                                       20070601                                          20070502                                                 20070701                                           20370601
                     529                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        SOUTH SAN FRANCISCO                                                                          94080                        CA                                                       20070601                                          20070510                                                 20070701                                           20370601
                     530                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        CARBONDALE                                                                                   81623                        CO                                                       20070601                                          20070509                                                 20070701                                           20370601
                     531                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        SAN RAMON                                                                                    94582                        CA                                                       20070601                                          20070510                                                 20070701                                           20370601
                     532                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        ANNA MARIA                                                                                   34216                        FL                                                       20070601                                          20070524                                                 20070701                                           20370601
                     533                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        IRVINE                                                                                       92618                        CA                                                       20070601                                          20070514                                                 20070701                                           20370601
                     534                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        EL SOBRANTE                                                                                  94803                        CA                                                       20070601                                          20070517                                                 20070701                                           20370601
                     535                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        TOWNSHIP OF MEDFORD                                                                           8055                        NJ                                                       20070601                                          20070519                                                 20070701                                           20370601
                     536                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        BEL AIR                                                                                      21015                        MD                                                       20070501                                          20070427                                                 20070601                                           20370501
                     537                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        CORONA                                                                                       92881                        CA                                                       20070601                                          20070510                                                 20070701                                           20370601
                     538                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        SARASOTA                                                                                     34239                        FL                                                       20070601                                          20070517                                                 20070701                                           20370601
                     539                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        PARRISH                                                                                      34219                        FL                                                       20070601                                          20070514                                                 20070701                                           20370601
                     540                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        FREMONT                                                                                      94536                        CA                                                       20070601                                          20070514                                                 20070701                                           20370601
                     541                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        LOS ANGELES                                                                                  91367                        CA                                                       20070601                                          20070509                                                 20070701                                           20370601
                     542                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        LOS ANGELES                                                                                  90018                        CA                                                       20070601                                          20070517                                                 20070701                                           20370601
                     543                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        GRANTS PASS                                                                                  97527                        OR                                                       20070601                                          20070507                                                 20070701                                           20370601
                     544                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        MIDLOTHIAN                                                                                   23112                        VA                                                       20070701                                          20070530                                                 20070801                                           20370701
                     545                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        RANCHO MIRAGE                                                                                92270                        CA                                                       20070601                                          20070529                                                 20070701                                           20370601
                     546                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        BALA CYNWYD                                                                                  19004                        PA                                                       20070601                                          20070525                                                 20070701                                           20370601
                     547                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        COVINA                                                                                       91724                        CA                                                       20070601                                          20070523                                                 20070701                                           20370601
                     548                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        LAS VEGAS                                                                                    89144                        NV                                                       20070601                                          20070524                                                 20070701                                           20370601
                     549                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        RANCHO CUCAMONGA                                                                             91739                        CA                                                       20070701                                          20070523                                                 20070801                                           20370701
                     550                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        DANA POINT                                                                                   92629                        CA                                                       20070601                                          20070517                                                 20070701                                           20370601
                     551                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        MARLBORO TOWNSHI                                                                              7746                        NJ                                                       20070601                                          20070530                                                 20070701                                           20370601
                     552                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        SAN LUIS OBISPO                                                                              93405                        CA                                                       20070701                                          20070531                                                 20070801                                           20370701
                     553                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        GIG HARBOR                                                                                   98335                        WA                                                       20070601                                          20070523                                                 20070701                                           20370601
                     554                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        HUNTINGTON BEACH                                                                             92648                        CA                                                       20070601                                          20070507                                                 20070701                                           20370601
                     555                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        ORLANDO                                                                                      32836                        FL                                                       20070601                                          20070523                                                 20070701                                           20370601
                     556                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        DANVILLE                                                                                     94526                        CA                                                       20070601                                          20070509                                                 20070701                                           20370601
                     557                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        PASADENA                                                                                     91105                        CA                                                       20070701                                          20070601                                                 20070801                                           20370701
                     558                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        CUTLER BAY                                                                                   33157                        FL                                                       20070601                                          20070523                                                 20070701                                           20370601
                     559                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        LA CANADA FLINTRIDGE                                                                         91011                        CA                                                       20070601                                          20070508                                                 20070701                                           20370601
                     560                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        MISSION VIEJO                                                                                92691                        CA                                                       20070601                                          20070510                                                 20070701                                           20370601
                     561                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        LA MESA                                                                                      91941                        CA                                                       20070601                                          20070508                                                 20070701                                           20370601
                     562                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        CONCORD                                                                                       1742                        MA                                                       20070601                                          20070601                                                 20070701                                           20370601
                     563                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        FREMONT                                                                                      94536                        CA                                                       20070701                                          20070529                                                 20070801                                           20370701
                     564                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        SANTA BARBARA                                                                                93103                        CA                                                       20070601                                          20070523                                                 20070701                                           20370601
                     565                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        WALNUT CREEK                                                                                 94597                        CA                                                       20070601                                          20070523                                                 20070701                                           20370601
                     566                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        WALNUT CREEK                                                                                 94597                        CA                                                       20070601                                          20070510                                                 20070701                                           20370601
                     567                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        SAN JOSE                                                                                     95148                        CA                                                       20070601                                          20070504                                                 20070701                                           20370601
                     568                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        EL DORADO HILLS                                                                              95762                        CA                                                       20070701                                          20070524                                                 20070801                                           20370701
                     569                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        BALTIMORE                                                                                    21219                        MD                                                       20070701                                          20070604                                                 20070801                                           20370701
                     570                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        DALY CITY                                                                                    94014                        CA                                                       20070601                                          20070529                                                 20070701                                           20370601
                     571                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        LOS ANGELES                                                                                  90043                        CA                                                       20070601                                          20070529                                                 20070701                                           20370601
                     572                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        LOS ANGELES (                                                                                91306                        CA                                                       20070601                                          20070529                                                 20070701                                           20370601
                     573                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        SAN DIEGO                                                                                    92124                        CA                                                       20070601                                          20070531                                                 20070701                                           20370601
                     574                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        HERMOSA BEACH                                                                                90254                        CA                                                       20070601                                          20070531                                                 20070701                                           20370601
                     575                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        SAN RAMON                                                                                    94582                        CA                                                       20070601                                          20070524                                                 20070701                                           20370601
                     576                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        LAKE STEVENS                                                                                 98258                        WA                                                       20070601                                          20070525                                                 20070701                                           20370601
                     577                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        LOS ANGELES                                                                                  90025                        CA                                                       20070701                                          20070531                                                 20070801                                           20370701
                     578                        Non-Prefund                                                GI. SS                                               G01                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        BANNER ELK                                                                                   28604                        NC                                                       20070501                                          20070418                                                 20070601                                           20370501
                     579                        Non-Prefund                                                GI. SS                                               G01                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        LINCOLN                                                                                      95648                        CA                                                       20070501                                          20070409                                                 20070601                                           20370501
                     580                        Non-Prefund                                                GI. SS                                               G01                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        NEWTON                                                                                        2468                        MA                                                       20070601                                          20070529                                                 20070701                                           20370601
                     581                        Non-Prefund                                                GI. SS                                               G01                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        AREA OF HARBOR CITY                                                                          90710                        CA                                                       20070501                                          20070413                                                 20070601                                           20370501
                     582                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        WASHINGTON                                                                                   20002                        DC                                                       20070301                                          20070228                                                 20070401                                           20370301
                     583                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        LAGUNA NIGEL                                                                                 92677                        CA                                                       20070601                                          20070509                                                 20070701                                           20370601
                     584                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        JACKSON                                                                                      83001                        WY                                                       20070601                                          20070512                                                 20070701                                           20370601
                     585                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        CHANDLER                                                                                     85249                        AZ                                                       20070601                                          20070525                                                 20070701                                           20370601
                     586                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        CHATHAM                                                                                       2633                        MA                                                       20070701                                          20070604                                                 20070801                                           20370701
                     587                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        SAN DIEGO                                                                                    92103                        CA                                                       20070701                                          20070607                                                 20070801                                           20370701
                     588                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        MAHOPAC                                                                                      10541                        NY                                                       20070701                                          20070601                                                 20070801                                           20370701
                     589                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        HOLLISTER                                                                                    95023                        CA                                                       20070701                                          20070605                                                 20070801                                           20470701
                     590                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        MINOCQUA                                                                                     54548                        WI                                                       20070701                                          20070605                                                 20070801                                           20370701
                     591                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        SAN FRANCISCO                                                                                94117                        CA                                                       20070701                                          20070604                                                 20070801                                           20370701
                     592                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        SEATTLE                                                                                      98115                        WA                                                       20070701                                          20070607                                                 20070801                                           20370701
                     593                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        LAS VEGAS                                                                                    89144                        NV                                                       20070701                                          20070615                                                 20070801                                           20370701
                     594                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        ATLANTA                                                                                      30342                        GA                                                       20070701                                          20070615                                                 20070801                                           20370701
                     595                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        WOODINVILLE                                                                                  98072                        WA                                                       20070701                                          20070611                                                 20070801                                           20370701
                     596                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        CAMPBELL                                                                                     95008                        CA                                                       20070701                                          20070611                                                 20070801                                           20370701
                     597                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        RANCHO CUCAMONGA                                                                             91739                        CA                                                       20070701                                          20070601                                                 20070801                                           20370701
                     598                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        NORTH WILDWOOD                                                                                8260                        NJ                                                       20070601                                          20070530                                                 20070701                                           20370601
                     599                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        ENCINITAS                                                                                    92024                        CA                                                       20070601                                          20070511                                                 20070701                                           20370601
                     600                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        ESCONDIDO                                                                                    92026                        CA                                                       20070601                                          20070530                                                 20070701                                           20370601
                     601                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        LAKE ELSINORE                                                                                92532                        CA                                                       20070601                                          20070504                                                 20070701                                           20370601
                     602                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        HALF MOON BAY                                                                                94019                        CA                                                       20070701                                          20070601                                                 20070801                                           20370701
                     603                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        ROSWELL                                                                                      30075                        GA                                                       20070601                                          20070524                                                 20070701                                           20370601
                     604                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        SEATTLE                                                                                      98144                        WA                                                       20070701                                          20070607                                                 20070801                                           20370701
                     605                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        LAWRENCEVILLE                                                                                 8648                        NJ                                                       20070701                                          20070611                                                 20070801                                           20370701
                     606                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        LOS ANGELES                                                                                  90049                        CA                                                       20070701                                          20070606                                                 20070801                                           20470701
                     607                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        MIAMI                                                                                        33133                        FL                                                       20070701                                          20070611                                                 20070801                                           20370701
                     608                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        LA JOLLA                                                                                     92037                        CA                                                       20070701                                          20070607                                                 20070801                                           20370701
                     609                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        PALOS VERDES ESTATES                                                                         90274                        CA                                                       20070701                                          20070612                                                 20070801                                           20370701
                     610                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        LOS ANGELES                                                                                  90042                        CA                                                       20070701                                          20070608                                                 20070801                                           20370701
                     611                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        NORTH HOLLYWOOD                                                                              91606                        CA                                                       20070701                                          20070611                                                 20070801                                           20370701
                     612                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        CARLSBAD                                                                                     92009                        CA                                                       20070701                                          20070611                                                 20070801                                           20370701
                     613                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        SAN DIEGO                                                                                    92126                        CA                                                       20070701                                          20070606                                                 20070801                                           20370701
                     614                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        ALPINE                                                                                       91901                        CA                                                       20070701                                          20070609                                                 20070801                                           20370701
                     615                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        IRVINE                                                                                       92620                        CA                                                       20070701                                          20070604                                                 20070801                                           20370701
                     616                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        WESTMINSTER                                                                                  92683                        CA                                                       20070601                                          20070522                                                 20070701                                           20370601
                     617                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        KULA                                                                                         96790                        HI                                                       20070601                                          20070522                                                 20070701                                           20370601
                     618                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        MISSION VIEJO                                                                                92692                        CA                                                       20070601                                          20070525                                                 20070701                                           20370601
                     619                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        HINSDALE                                                                                     60521                        IL                                                       20070701                                          20070615                                                 20070801                                           20370701
                     620                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        CARMEL                                                                                       46032                        IN                                                       20070701                                          20070614                                                 20070801                                           20370701
                     621                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        ENUMCLAW                                                                                     98022                        WA                                                       20070701                                          20070615                                                 20070801                                           20370701
                     622                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        SEATTLE                                                                                      98136                        WA                                                       20070701                                          20070611                                                 20070801                                           20370701
                     623                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        NORWALK                                                                                      90650                        CA                                                       20070701                                          20070608                                                 20070801                                           20370701
                     624                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        SANTA BARBARA                                                                                93103                        CA                                                       20070701                                          20070611                                                 20070801                                           20370701
                     625                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        OAKLAND                                                                                      94611                        CA                                                       20070701                                          20070608                                                 20070801                                           20370701
                     626                        Non-Prefund                                                GI. SS                                               G03                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        SAN JOSE                                                                                     95127                        CA                                                       20070701                                          20070606                                                 20070801                                           20370701
                     627                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        LEWES                                                                                        19958                        DE                                                       20070601                                          20070518                                                 20070701                                           20370601
                     628                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        LOS ANGELES                                                                                  91367                        CA                                                       20070601                                          20070523                                                 20070701                                           20370601
                     629                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        COSTA MESA                                                                                   92627                        CA                                                       20070601                                          20070529                                                 20070701                                           20370601
                     630                        Non-Prefund                                                GI. SS                                               G02                                        COUNTRYWIDE                                                     COUNTRYWIDE                                                        FRISCO                                                                                       75034                        TX                                                       20070701                                          20070614                                                 20070801                                           20370701

                LOAN_SEQ                                    PAID_TO                        AM_TYPE                                            BALLOON                                                                STATED_ORIGINAL_TERM                                          AMORT_TERM1                                                STATED_REM_TERM                                              ORIGINAL_BALANCE                                               CURRENT_BALANCE                        LIEN                                                             SR_LIEN_BALANCE                                            JR_LIEN_BALANCE                                         SALES_PRICE                                       APPRAISAL
                --------                                    -------                        -------                                            -------                                                                --------------------                                          -----------                                                ---------------                                              ----------------                                               ---------------                        ----                                                             ---------------                                            ---------------                                         -----------                                       ---------
                       1                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            360                                                     532500.00                                                     506468.29                        First Lien                                                                  0.00                                                       0.00                                                0.00                                       710000.00
                       2                                   20070901                        ARMS                                               No                                                                                      360                                                  360                                                            360                                                     648915.00                                                     617192.25                        First Lien                                                                  0.00                                                       0.00                                           811144.00                                       812000.00
                       3                                   20070901                        ARMS                                               No                                                                                      360                                                  360                                                            360                                                     652000.00                                                     620126.44                        First Lien                                                                  0.00                                                   81500.00                                           815000.00                                       815000.00
                       4                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            360                                                     508000.00                                                     483166.00                        First Lien                                                                  0.00                                                   95205.46                                           635975.00                                       689000.00
                       5                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     600000.00                                                     599999.13                        First Lien                                                                  0.00                                                  249900.00                                                0.00                                      1400000.00
                       6                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            359                                                     656000.00                                                     656000.00                        First Lien                                                                  0.00                                                   81918.00                                           820000.00                                       820000.00
                       7                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            359                                                     999000.00                                                     999000.00                        First Lien                                                                  0.00                                                       0.00                                                0.00                                      1275000.00
                       8                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            359                                                     493617.00                                                     493617.00                        First Lien                                                                  0.00                                                  123404.40                                           617022.00                                       617022.00
                       9                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            359                                                     637500.00                                                     637500.00                        First Lien                                                                  0.00                                                       0.00                                                0.00                                       850000.00
                      10                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            359                                                     431920.00                                                     431920.00                        First Lien                                                                  0.00                                                  107980.00                                           539900.00                                       539900.00
                      11                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     490000.00                                                     490000.00                        First Lien                                                                  0.00                                                       0.00                                                0.00                                       850000.00
                      12                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            357                                                     440000.00                                                     440000.00                        First Lien                                                                  0.00                                                       0.00                                           550000.00                                       550000.00
                      13                                   20070701                        ARMS                                               No                                                                                      360                                                  360                                                            357                                                    1000000.00                                                    1000000.00                        First Lien                                                                  0.00                                                       0.00                                          1700000.00                                      1750000.00
                      14                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            357                                                     650000.00                                                     650000.00                        First Lien                                                                  0.00                                                       0.00                                                0.00                                      2015000.00
                      15                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     440000.00                                                     440000.00                        First Lien                                                                  0.00                                                  110000.00                                                0.00                                       550000.00
                      16                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     888000.00                                                     888000.00                        First Lien                                                                  0.00                                                  222000.00                                          1110000.00                                      1110000.00
                      17                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     479992.00                                                     479992.00                        First Lien                                                                  0.00                                                  119998.00                                           599990.00                                       666000.00
                      18                                   20070701                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     657000.00                                                     657000.00                        First Lien                                                                  0.00                                                       0.00                                                0.00                                       875000.00
                      19                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     500000.00                                                     500000.00                        First Lien                                                                  0.00                                                   62500.00                                                0.00                                       625000.00
                      20                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     680000.00                                                     680000.00                        First Lien                                                                  0.00                                                       0.00                                           850000.00                                       860000.00
                      21                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     752000.00                                                     751900.00                        First Lien                                                                  0.00                                                  136018.00                                                0.00                                       940000.00
                      22                                   20070901                        ARMS                                               No                                                                                      360                                                  360                                                            360                                                     650000.00                                                     618224.21                        First Lien                                                                  0.00                                                       0.00                                           840000.00                                       845000.00
                      23                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            359                                                     497000.00                                                     472703.74                        First Lien                                                                  0.00                                                   62013.40                                                0.00                                       622000.00
                      24                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            360                                                     624000.00                                                     593495.24                        First Lien                                                                  0.00                                                  117000.00                                                0.00                                       780000.00
                      25                                   20070901                        ARMS                                               No                                                                                      360                                                  360                                                            360                                                     524000.00                                                     498383.82                        First Lien                                                                  0.00                                                   65500.00                                           655000.00                                       715000.00
                      26                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            360                                                     448000.00                                                     426099.15                        First Lien                                                                  0.00                                                       0.00                                                0.00                                       602000.00
                      27                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            360                                                     476000.00                                                     452730.34                        First Lien                                                                  0.00                                                   59500.00                                           595000.00                                       595000.00
                      28                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            359                                                     548000.00                                                     521210.56                        First Lien                                                                  0.00                                                   95009.50                                                0.00                                       685000.00
                      29                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            360                                                     528000.00                                                     502188.28                        First Lien                                                                  0.00                                                       0.00                                                0.00                                       660000.00
                      30                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            359                                                     613000.00                                                     583032.99                        First Lien                                                                  0.00                                                       0.00                                                0.00                                      1175000.00
                      31                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     807000.00                                                     767549.13                        First Lien                                                                  0.00                                                  200100.00                                                0.00                                      1150000.00
                      32                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            359                                                     920000.00                                                     875025.03                        First Lien                                                                  0.00                                                       0.00                                                0.00                                      1150000.00
                      33                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            360                                                     576000.00                                                     547841.76                        First Lien                                                                  0.00                                                  144000.00                                           720000.00                                       735000.00
                      34                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            360                                                     900000.00                                                     856002.75                        First Lien                                                                  0.00                                                       0.00                                          1330000.00                                      1350000.00
                      35                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            359                                                     650000.00                                                     618224.21                        First Lien                                                                  0.00                                                  200005.00                                           850000.00                                       850000.00
                      36                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            360                                                     550000.00                                                     523112.79                        First Lien                                                                  0.00                                                       0.00                                          1250000.00                                      1250000.00
                      37                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            360                                                     640000.00                                                     608713.07                        First Lien                                                                  0.00                                                  120000.00                                           800000.00                                       810000.00
                      38                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            360                                                     780000.00                                                     741869.05                        First Lien                                                                  0.00                                                   97500.00                                           975000.00                                      1075000.00
                      39                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            360                                                     728000.00                                                     692411.11                        First Lien                                                                  0.00                                                   91000.00                                           910000.00                                       910000.00
                      40                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            360                                                     455200.00                                                     432947.17                        First Lien                                                                  0.00                                                  113800.00                                           569000.00                                       605000.00
                      41                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            360                                                     480000.00                                                     456534.80                        First Lien                                                                  0.00                                                   46500.00                                                0.00                                       600000.00
                      42                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            360                                                     461600.00                                                     439034.30                        First Lien                                                                  0.00                                                       0.00                                                0.00                                       580000.00
                      43                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            360                                                     489600.00                                                     465665.50                        First Lien                                                                  0.00                                                   41983.20                                                0.00                                       612000.00
                      44                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            360                                                     680000.00                                                     646757.63                        First Lien                                                                  0.00                                                       0.00                                                0.00                                       850000.00
                      45                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            359                                                     600000.00                                                     570165.01                        First Lien                                                                  0.00                                                   75000.00                                                0.00                                       750000.00
                      46                                   20070701                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     584000.00                                                     555450.67                        First Lien                                                                  0.00                                                       0.00                                                0.00                                       730000.00
                      47                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            359                                                     632000.00                                                     601104.15                        First Lien                                                                  0.00                                                   79000.00                                           790000.00                                       790000.00
                      48                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            360                                                     773000.00                                                     735211.25                        First Lien                                                                  0.00                                                       0.00                                                0.00                                       975000.00
                      49                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            359                                                     447200.00                                                     425338.26                        First Lien                                                                  0.00                                                   83844.82                                           560460.00                                       561000.00
                      50                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            360                                                     670000.00                                                     637246.49                        First Lien                                                                  0.00                                                       0.00                                           890000.00                                       890000.00
                      51                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            360                                                     616000.00                                                     585886.33                        First Lien                                                                  0.00                                                  154000.00                                           770000.00                                       770000.00
                      52                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            360                                                     549464.00                                                     522603.00                        First Lien                                                                  0.00                                                   68683.00                                           686830.00                                       690000.00
                      53                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            360                                                     650000.00                                                     618224.21                        First Lien                                                                  0.00                                                       0.00                                                0.00                                      4200000.00
                      54                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            360                                                     852000.00                                                     810349.27                        First Lien                                                                  0.00                                                  106500.00                                                0.00                                      1065000.00
                      55                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            360                                                     520000.00                                                     494579.37                        First Lien                                                                  0.00                                                       0.00                                           650000.00                                       650000.00
                      56                                   20070901                        ARMS                                               No                                                                                      360                                                  360                                                            360                                                     780000.00                                                     741869.05                        First Lien                                                                  0.00                                                   97500.00                                           975000.00                                       980000.00
                      57                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            356                                                     436000.00                                                     436000.00                        First Lien                                                                  0.00                                                  109000.00                                           545000.00                                       545000.00
                      58                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     466000.00                                                     465838.78                        First Lien                                                                  0.00                                                   89176.00                                                0.00                                       710000.00
                      59                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     468280.00                                                     468214.08                        First Lien                                                                  0.00                                                   99509.50                                           585350.00                                       585500.00
                      60                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            359                                                     752000.00                                                     715237.85                        First Lien                                                                  0.00                                                       0.00                                                0.00                                       940000.00
                      61                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            360                                                    1500000.00                                                    1426671.25                        First Lien                                                                  0.00                                                  246000.00                                                0.00                                      2000000.00
                      62                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            360                                                     480000.00                                                     456534.80                        First Lien                                                                  0.00                                                       0.00                                                0.00                                       600000.00
                      63                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            360                                                     480000.00                                                     456534.80                        First Lien                                                                  0.00                                                   60000.00                                           600000.00                                       600000.00
                      64                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            360                                                     588500.00                                                     559730.69                        First Lien                                                                  0.00                                                       0.00                                           958500.00                                       979500.00
                      65                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            360                                                     431920.00                                                     410805.23                        First Lien                                                                  0.00                                                   53990.00                                           539900.00                                       540000.00
                      66                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     620000.00                                                     589690.78                        First Lien                                                                  0.00                                                       0.00                                                0.00                                       760000.00
                      67                                   20070901                        ARMS                                               No                                                                                      360                                                  360                                                            360                                                     800050.00                                                     760938.89                        First Lien                                                                  0.00                                                       0.00                                                0.00                                      1200000.00
                      68                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            360                                                     500000.00                                                     475557.08                        First Lien                                                                  0.00                                                  105633.75                                           637500.00                                       650000.00
                      69                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            360                                                     650000.00                                                     618224.21                        First Lien                                                                  0.00                                                  199985.00                                          1850000.00                                      1850000.00
                      70                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            360                                                     772000.00                                                     734260.14                        First Lien                                                                  0.00                                                       0.00                                           965000.00                                       965000.00
                      71                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            359                                                     994083.70                                                     945487.09                        First Lien                                                                  0.00                                                       0.00                                                0.00                                      1900000.00
                      72                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     500682.00                                                     476205.74                        First Lien                                                                  0.00                                                       0.00                                                0.00                                       635000.00
                      73                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            360                                                     559200.00                                                     531863.04                        First Lien                                                                  0.00                                                       0.00                                           699000.00                                       745000.00
                      74                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            360                                                     552000.00                                                     525015.02                        First Lien                                                                  0.00                                                   69000.00                                           690000.00                                       690000.00
                      75                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            360                                                     464000.00                                                     441316.97                        First Lien                                                                  0.00                                                   40020.00                                                0.00                                       580000.00
                      76                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            360                                                     452000.00                                                     429903.60                        First Lien                                                                  0.00                                                   56500.00                                                0.00                                       565000.00
                      77                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            360                                                    1000000.00                                                     951114.17                        First Lien                                                                  0.00                                                  215055.00                                          1350000.00                                      1350000.00
                      78                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            360                                                     608000.00                                                     578277.41                        First Lien                                                                  0.00                                                  150024.00                                                0.00                                       760000.00
                      79                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            360                                                     660000.00                                                     627735.35                        First Lien                                                                  0.00                                                       0.00                                           825000.00                                      1100000.00
                      80                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            359                                                     932000.00                                                     886438.40                        First Lien                                                                  0.00                                                  233000.00                                          1165000.00                                      1165000.00
                      81                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            360                                                     620000.00                                                     589690.78                        First Lien                                                                  0.00                                                   34022.50                                                0.00                                       775000.00
                      82                                   20070901                        ARMS                                               No                                                                                      360                                                  360                                                            360                                                     800000.00                                                     760891.33                        First Lien                                                                  0.00                                                       0.00                                          1065000.00                                      1080000.00
                      83                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            360                                                     656000.00                                                     623930.89                        First Lien                                                                  0.00                                                  164000.00                                           820000.00                                       850000.00
                      84                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            360                                                     460000.00                                                     437512.52                        First Lien                                                                  0.00                                                       0.00                                           658000.00                                       658000.00
                      85                                   20070901                        ARMS                                               No                                                                                      360                                                  360                                                            360                                                     688000.00                                                     654366.55                        First Lien                                                                  0.00                                                       0.00                                           860000.00                                       860000.00
                      86                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            360                                                     562368.00                                                     534876.17                        First Lien                                                                  0.00                                                   67554.46                                           702960.00                                       706000.00
                      87                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            360                                                     799600.00                                                     760510.89                        First Lien                                                                  0.00                                                       0.00                                           999500.00                                       999500.00
                      88                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     419500.00                                                     398992.39                        First Lien                                                                  0.00                                                       0.00                                                0.00                                       500000.00
                      89                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            360                                                     437500.00                                                     416112.45                        First Lien                                                                  0.00                                                       0.00                                                0.00                                       585000.00
                      90                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            359                                                     848000.00                                                     806544.81                        First Lien                                                                  0.00                                                  106000.00                                          1060000.00                                      1065000.00
                      91                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            360                                                     613600.00                                                     583603.65                        First Lien                                                                  0.00                                                       0.00                                           767000.00                                       767000.00
                      92                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     612000.00                                                     582081.87                        First Lien                                                                  0.00                                                   76423.50                                                0.00                                       765000.00
                      93                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            360                                                     685000.00                                                     651513.21                        First Lien                                                                  0.00                                                       0.00                                                0.00                                      1825000.00
                      94                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            360                                                     524400.00                                                     498764.27                        First Lien                                                                  0.00                                                       0.00                                           655500.00                                       656000.00
                      95                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            360                                                     500000.00                                                     475557.08                        First Lien                                                                  0.00                                                       0.00                                                0.00                                       900000.00
                      96                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            360                                                     570000.00                                                     542135.08                        First Lien                                                                  0.00                                                       0.00                                           770000.00                                       770000.00
                      97                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            360                                                     436000.00                                                     414685.78                        First Lien                                                                  0.00                                                   81750.00                                           545000.00                                       550000.00
                      98                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            360                                                     668304.00                                                     635633.40                        First Lien                                                                  0.00                                                       0.00                                           835380.00                                       875000.00
                      99                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            360                                                     704000.00                                                     669584.37                        First Lien                                                                  0.00                                                   88000.00                                           880000.00                                       880000.00
                     100                                   20070901                        ARMS                                               No                                                                                      360                                                  360                                                            360                                                     451920.00                                                     429827.51                        First Lien                                                                  0.00                                                   84735.00                                           564900.00                                       572000.00
                     101                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            359                                                     524000.00                                                     498383.82                        First Lien                                                                  0.00                                                   65500.00                                           655000.00                                       655000.00
                     102                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            359                                                     594000.00                                                     564961.82                        First Lien                                                                  0.00                                                       0.00                                           742500.00                                       750000.00
                     103                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            359                                                     452500.00                                                     430379.16                        First Lien                                                                  0.00                                                  113125.00                                           565625.00                                       596000.00
                     104                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            360                                                     456000.00                                                     456000.00                        First Lien                                                                  0.00                                                  114000.00                                                0.00                                       570000.00
                     105                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            360                                                     479960.00                                                     479960.00                        First Lien                                                                  0.00                                                  119990.00                                           599950.00                                       599950.00
                     106                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            360                                                     437500.00                                                     437500.00                        First Lien                                                                  0.00                                                       0.00                                                0.00                                       625000.00
                     107                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            360                                                     450300.00                                                     450300.00                        First Lien                                                                  0.00                                                   84378.71                                           562900.00                                       565000.00
                     108                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            360                                                     486000.00                                                     486000.00                        First Lien                                                                  0.00                                                       0.00                                           540000.00                                       555000.00
                     109                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            360                                                     460000.00                                                     460000.00                        First Lien                                                                  0.00                                                   86250.00                                           575000.00                                       575000.00
                     110                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            360                                                     950000.00                                                     950000.00                        First Lien                                                                  0.00                                                       0.00                                          1282050.00                                      1282050.00
                     111                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            360                                                     745750.00                                                     745750.00                        First Lien                                                                  0.00                                                       0.00                                           975000.00                                       975000.00
                     112                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            360                                                     756000.00                                                     756000.00                        First Lien                                                                  0.00                                                   94500.00                                           945000.00                                       945000.00
                     113                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            360                                                     447920.00                                                     447920.00                        First Lien                                                                  0.00                                                   55990.00                                           559900.00                                       559900.00
                     114                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            360                                                     650000.00                                                     650000.00                        First Lien                                                                  0.00                                                       0.00                                                0.00                                       920000.00
                     115                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            360                                                    1159650.00                                                    1159650.00                        First Lien                                                                  0.00                                                       0.00                                                0.00                                      1650000.00
                     116                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            359                                                     751920.00                                                     751920.00                        First Lien                                                                  0.00                                                       0.00                                           939900.00                                       939900.00
                     117                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            360                                                     650000.00                                                     650000.00                        First Lien                                                                  0.00                                                  142032.00                                           880000.00                                       880000.00
                     118                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            360                                                     540000.00                                                     540000.00                        First Lien                                                                  0.00                                                       0.00                                           675000.00                                       675000.00
                     119                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            360                                                     473000.00                                                     473000.00                        First Lien                                                                  0.00                                                       0.00                                           698000.00                                       700000.00
                     120                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            360                                                     600000.00                                                     600000.00                        First Lien                                                                  0.00                                                   40000.00                                           800000.00                                       835000.00
                     121                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            360                                                     520000.00                                                     520000.00                        First Lien                                                                  0.00                                                       0.00                                           670000.00                                       670000.00
                     122                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            360                                                     999999.00                                                     999999.00                        First Lien                                                                  0.00                                                  100134.50                                          1355000.00                                      1355000.00
                     123                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            360                                                     704000.00                                                     704000.00                        First Lien                                                                  0.00                                                       0.00                                           880000.00                                       880000.00
                     124                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            359                                                     499776.00                                                     499776.00                        First Lien                                                                  0.00                                                  124944.00                                           657600.00                                       670000.00
                     125                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            360                                                     450000.00                                                     450000.00                        First Lien                                                                  0.00                                                       0.00                                           585000.00                                       590000.00
                     126                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            360                                                     438400.00                                                     438400.00                        First Lien                                                                  0.00                                                  109600.00                                           548000.00                                       548000.00
                     127                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            360                                                     960000.00                                                     960000.00                        First Lien                                                                  0.00                                                       0.00                                                0.00                                      1200000.00
                     128                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            359                                                     648000.00                                                     648000.00                        First Lien                                                                  0.00                                                  121500.00                                           810000.00                                       810000.00
                     129                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            360                                                     455000.00                                                     455000.00                        First Lien                                                                  0.00                                                       0.00                                                0.00                                       650000.00
                     130                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            360                                                     795000.00                                                     795000.00                        First Lien                                                                  0.00                                                       0.00                                                0.00                                      1700000.00
                     131                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            360                                                     532000.00                                                     532000.00                        First Lien                                                                  0.00                                                       0.00                                           665000.00                                       665000.00
                     132                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            359                                                     795000.00                                                     794395.07                        First Lien                                                                  0.00                                                       0.00                                                0.00                                      1100000.00
                     133                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            359                                                     437576.00                                                     437576.00                        First Lien                                                                  0.00                                                   54587.61                                           546970.00                                       590000.00
                     134                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            359                                                     422100.00                                                     422100.00                        First Lien                                                                  0.00                                                       0.00                                                0.00                                       600000.00
                     135                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            360                                                     583573.00                                                     583573.00                        First Lien                                                                  0.00                                                       0.00                                           729467.00                                       730000.00
                     136                                   20070901                        ARMS                                               No                                                                                      360                                                  360                                                            360                                                     604000.00                                                     604000.00                        First Lien                                                                  0.00                                                       0.00                                           755000.00                                       755000.00
                     137                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            360                                                     510673.88                                                     510673.88                        First Lien                                                                  0.00                                                   63834.20                                           638342.00                                       670000.00
                     138                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            359                                                     500000.00                                                     500000.00                        First Lien                                                                  0.00                                                   62500.00                                           625000.00                                       625000.00
                     139                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            359                                                     910000.00                                                     910000.00                        First Lien                                                                  0.00                                                   85000.00                                          1137500.00                                      1150000.00
                     140                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            360                                                     592800.00                                                     592800.00                        First Lien                                                                  0.00                                                   74100.00                                           742558.00                                       741000.00
                     141                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            359                                                     431892.00                                                     431892.00                        First Lien                                                                  0.00                                                  107973.00                                           539865.00                                       550000.00
                     142                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            359                                                     479992.00                                                     479992.00                        First Lien                                                                  0.00                                                   59999.00                                           599990.00                                       620000.00
                     143                                   20070901                        ARMS                                               No                                                                                      360                                                  360                                                            359                                                    1100000.00                                                    1100000.00                        First Lien                                                                  0.00                                                       0.00                                          2125000.00                                      2200000.00
                     144                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            360                                                     608000.00                                                     608000.00                        First Lien                                                                  0.00                                                       0.00                                           760000.00                                       760000.00
                     145                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            360                                                     462188.00                                                     462188.00                        First Lien                                                                  0.00                                                   57773.50                                           577735.00                                       578000.00
                     146                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            360                                                     469730.00                                                     469730.00                        First Lien                                                                  0.00                                                  144988.00                                                0.00                                       670000.00
                     147                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            359                                                     508000.00                                                     508000.00                        First Lien                                                                  0.00                                                       0.00                                           635000.00                                       639000.00
                     148                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            360                                                     999999.00                                                     999999.00                        First Lien                                                                  0.00                                                       0.00                                                0.00                                      1558000.00
                     149                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            359                                                     712000.00                                                     712000.00                        First Lien                                                                  0.00                                                       0.00                                           890000.00                                       890000.00
                     150                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            360                                                     475000.00                                                     475000.00                        First Lien                                                                  0.00                                                       0.00                                           746250.00                                       747000.00
                     151                                   20070901                        ARMS                                               No                                                                                      360                                                  360                                                            360                                                     438000.00                                                     438000.00                        First Lien                                                                  0.00                                                       0.00                                           547500.00                                       548000.00
                     152                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            360                                                     444000.00                                                     444000.00                        First Lien                                                                  0.00                                                       0.00                                           555000.00                                       570000.00
                     153                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            359                                                     467200.00                                                     466745.91                        First Lien                                                                  0.00                                                   58400.00                                           584000.00                                       590000.00
                     154                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            360                                                     560000.00                                                     560000.00                        First Lien                                                                  0.00                                                       0.00                                           700000.00                                       714000.00
                     155                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            360                                                     600000.00                                                     600000.00                        First Lien                                                                  0.00                                                       0.00                                           850000.00                                       864000.00
                     156                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            360                                                     552000.00                                                     552000.00                        First Lien                                                                  0.00                                                  138000.00                                           690000.00                                       690000.00
                     157                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            360                                                     484000.00                                                     484000.00                        First Lien                                                                  0.00                                                   90750.00                                                0.00                                       605000.00
                     158                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            359                                                     500000.00                                                     500000.00                        First Lien                                                                  0.00                                                   93750.00                                                0.00                                       625000.00
                     159                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            360                                                     491200.00                                                     491200.00                        First Lien                                                                  0.00                                                   92100.00                                           614000.00                                       620000.00
                     160                                   20070901                        ARMS                                               No                                                                                      360                                                  360                                                            360                                                     616000.00                                                     616000.00                        First Lien                                                                  0.00                                                   77000.00                                           770000.00                                       770000.00
                     161                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            360                                                     497600.00                                                     497600.00                        First Lien                                                                  0.00                                                   62200.00                                           622000.00                                       622000.00
                     162                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            360                                                     480000.00                                                     480000.00                        First Lien                                                                  0.00                                                       0.00                                           600000.00                                       600000.00
                     163                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            360                                                     561600.00                                                     561600.00                        First Lien                                                                  0.00                                                   70200.00                                           702000.00                                       707000.00
                     164                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            357                                                     435000.00                                                     435000.00                        First Lien                                                                  0.00                                                       0.00                                                0.00                                       501000.00
                     165                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            356                                                     484372.00                                                     484371.99                        First Lien                                                                  0.00                                                  121093.20                                           605466.00                                       606000.00
                     166                                   20070701                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     629500.00                                                     629500.00                        First Lien                                                                  0.00                                                       0.00                                                0.00                                       810000.00
                     167                                   20070701                        ARMS                                               No                                                                                      360                                                  360                                                            356                                                    1605000.00                                                    1602900.00                        First Lien                                                                  0.00                                                       0.00                                                0.00                                      2800000.00
                     168                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            360                                                    1071000.00                                                    1071000.00                        First Lien                                                                  0.00                                                       0.00                                                0.00                                      1650000.00
                     169                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            360                                                     209900.00                                                     209900.00                        First Lien                                                                  0.00                                                       0.00                                           299900.00                                       306000.00
                     170                                   20070901                        ARMS                                               No                                                                                      360                                                  360                                                            360                                                    1024000.00                                                     973940.91                        First Lien                                                                  0.00                                                       0.00                                                0.00                                      1620000.00
                     171                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            360                                                     608000.00                                                     578277.41                        First Lien                                                                  0.00                                                       0.00                                                0.00                                       760000.00
                     172                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            359                                                     700497.57                                                     666253.16                        First Lien                                                                  0.00                                                       0.00                                                0.00                                       885000.00
                     173                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            359                                                     584131.14                                                     555575.40                        First Lien                                                                  0.00                                                       0.00                                                0.00                                       627500.00
                     174                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            360                                                     630819.00                                                     599980.89                        First Lien                                                                  0.00                                                  118278.60                                           788524.00                                       790000.00
                     175                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            359                                                     536000.00                                                     509797.19                        First Lien                                                                  0.00                                                       0.00                                                0.00                                       670000.00
                     176                                   20070901                        ARMS                                               No                                                                                      360                                                  360                                                            360                                                     972000.00                                                     924482.97                        First Lien                                                                  0.00                                                  121500.00                                          1215000.00                                      1215000.00
                     177                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            360                                                     464000.00                                                     441316.97                        First Lien                                                                  0.00                                                       0.00                                           580000.00                                       600000.00
                     178                                   20070901                        ARMS                                               No                                                                                      360                                                  360                                                            360                                                     508000.00                                                     483166.00                        First Lien                                                                  0.00                                                   32258.00                                                0.00                                       635000.00
                     179                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            360                                                     660000.00                                                     627735.35                        First Lien                                                                  0.00                                                       0.00                                                0.00                                       830000.00
                     180                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            360                                                     592000.00                                                     563059.59                        First Lien                                                                  0.00                                                       0.00                                                0.00                                       740000.00
                     181                                   20070901                        ARMS                                               No                                                                                      360                                                  360                                                            360                                                     656000.00                                                     623930.89                        First Lien                                                                  0.00                                                       0.00                                                0.00                                       820000.00
                     182                                   20070901                        ARMS                                               No                                                                                      360                                                  360                                                            360                                                     635000.00                                                     603957.50                        First Lien                                                                  0.00                                                  111930.00                                                0.00                                      1300000.00
                     183                                   20070801                        ARMS                                               No                                                                                      480                                                  480                                                            479                                                     436000.00                                                     414484.51                        First Lien                                                                  0.00                                                  109000.00                                           545000.00                                       600000.00
                     184                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            360                                                     620000.00                                                     589690.78                        First Lien                                                                  0.00                                                       0.00                                           775000.00                                       775000.00
                     185                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            360                                                     500000.00                                                     475557.08                        First Lien                                                                  0.00                                                  224940.00                                                0.00                                      1150000.00
                     186                                   20070901                        ARMS                                               No                                                                                      360                                                  360                                                            360                                                     495000.00                                                     470801.51                        First Lien                                                                  0.00                                                       0.00                                           645000.00                                       660000.00
                     187                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            359                                                     450000.00                                                     428001.38                        First Lien                                                                  0.00                                                       0.00                                                0.00                                       505000.00
                     188                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            360                                                     432000.00                                                     410881.32                        First Lien                                                                  0.00                                                   81000.00                                                0.00                                       540000.00
                     189                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            360                                                    1298000.00                                                    1234546.19                        First Lien                                                                  0.00                                                       0.00                                          1845000.00                                      2140000.00
                     190                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            360                                                    1224450.00                                                    1164591.74                        First Lien                                                                  0.00                                                       0.00                                                0.00                                      2200000.00
                     191                                   20070901                        ARMS                                               No                                                                                      360                                                  360                                                            360                                                     600000.00                                                     570668.50                        First Lien                                                                  0.00                                                       0.00                                          3762500.00                                      3765000.00
                     192                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            359                                                     520000.00                                                     494579.37                        First Lien                                                                  0.00                                                   97500.00                                                0.00                                       650000.00
                     193                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            359                                                     500000.00                                                     475557.08                        First Lien                                                                  0.00                                                       0.00                                                0.00                                      1725000.00
                     194                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            359                                                    1567000.00                                                    1490395.90                        First Lien                                                                  0.00                                                       0.00                                                0.00                                      2750000.00
                     195                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            360                                                     520000.00                                                     494579.37                        First Lien                                                                  0.00                                                       0.00                                                0.00                                       650000.00
                     196                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            360                                                     895050.00                                                     851294.74                        First Lien                                                                  0.00                                                       0.00                                          1118835.00                                      1125000.00
                     197                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            359                                                     465000.00                                                     442268.09                        First Lien                                                                  0.00                                                       0.00                                                0.00                                       600000.00
                     198                                   20070901                        ARMS                                               No                                                                                      360                                                  360                                                            360                                                     224750.00                                                     224750.00                        First Lien                                                                  0.00                                                       0.00                                                0.00                                       284000.00
                     199                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            360                                                     436000.00                                                     414685.78                        First Lien                                                                  0.00                                                       0.00                                           545000.00                                       545000.00
                     200                                   20070901                        ARMS                                               No                                                                                      360                                                  360                                                            360                                                     532500.00                                                     506468.29                        First Lien                                                                  0.00                                                       0.00                                                0.00                                       730000.00
                     201                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            360                                                     631500.00                                                     600628.60                        First Lien                                                                  0.00                                                   81035.00                                                0.00                                       950000.00
                     202                                   20070901                        ARMS                                               No                                                                                      360                                                  360                                                            360                                                     787500.00                                                     749002.41                        First Lien                                                                  0.00                                                  157500.00                                          1050000.00                                      1050000.00
                     203                                   20070901                        ARMS                                               No                                                                                      360                                                  360                                                            360                                                     596000.00                                                     566864.04                        First Lien                                                                  0.00                                                  115990.50                                                0.00                                       795000.00
                     204                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            360                                                     977550.00                                                     929761.66                        First Lien                                                                  0.00                                                       0.00                                          1330000.00                                      1450000.00
                     205                                   20070901                        ARMS                                               No                                                                                      360                                                  360                                                            360                                                     575000.00                                                     546890.65                        First Lien                                                                  0.00                                                       0.00                                                0.00                                       725000.00
                     206                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            360                                                     616000.00                                                     585886.33                        First Lien                                                                  0.00                                                       0.00                                           770000.00                                       770000.00
                     207                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            360                                                     535200.00                                                     509036.30                        First Lien                                                                  0.00                                                  133800.00                                           669000.00                                       675000.00
                     208                                   20070901                        ARMS                                               No                                                                                      360                                                  360                                                            360                                                     929000.00                                                     883585.06                        First Lien                                                                  0.00                                                       0.00                                                0.00                                      1350000.00
                     209                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     455700.00                                                     455200.00                        First Lien                                                                  0.00                                                       0.00                                                0.00                                       600000.00
                     210                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     608000.00                                                     608000.00                        First Lien                                                                  0.00                                                   76000.00                                                0.00                                       760000.00
                     211                                   20070701                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     650000.00                                                     650000.00                        First Lien                                                                  0.00                                                   60000.00                                                0.00                                       820000.00
                     212                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     528000.00                                                     528000.00                        First Lien                                                                  0.00                                                   99000.00                                                0.00                                       660000.00
                     213                                   20070701                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     381500.00                                                     380808.40                        First Lien                                                                  0.00                                                       0.00                                                0.00                                       545000.00
                     214                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     224000.00                                                     224000.00                        First Lien                                                                  0.00                                                   28000.00                                                0.00                                       280000.00
                     215                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     165000.00                                                     165000.00                        First Lien                                                                  0.00                                                       0.00                                                0.00                                       220000.00
                     216                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     686000.00                                                     686000.00                        First Lien                                                                  0.00                                                  100000.00                                                0.00                                       900000.00
                     217                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     455000.00                                                     454929.97                        First Lien                                                                  0.00                                                  110000.00                                                0.00                                       810000.00
                     218                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     342000.00                                                     342000.00                        First Lien                                                                  0.00                                                       0.00                                                0.00                                       440000.00
                     219                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     465000.00                                                     465000.00                        First Lien                                                                  0.00                                                       0.00                                           644500.00                                       645000.00
                     220                                   20070901                        ARMS                                               No                                                                                      360                                                  360                                                            359                                                     606400.00                                                     605915.07                        First Lien                                                                  0.00                                                   40000.00                                           758000.00                                       758000.00
                     221                                   20070701                        ARMS                                               No                                                                                      360                                                  360                                                            359                                                     492000.00                                                     492000.00                        First Lien                                                                  0.00                                                   61500.00                                           615000.00                                       625000.00
                     222                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            359                                                     526000.00                                                     525500.00                        First Lien                                                                  0.00                                                       0.00                                                0.00                                       715000.00
                     223                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            359                                                     615200.00                                                     615200.00                        First Lien                                                                  0.00                                                       0.00                                           769000.00                                       780000.00
                     224                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            359                                                     649350.00                                                     649256.07                        First Lien                                                                  0.00                                                  249050.70                                           999000.00                                       999000.00
                     225                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            359                                                     575900.00                                                     575900.00                        First Lien                                                                  0.00                                                       0.00                                           719934.00                                       729934.00
                     226                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            359                                                     500000.00                                                     500000.00                        First Lien                                                                  0.00                                                       0.00                                                0.00                                       705000.00
                     227                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            360                                                     521000.00                                                     521000.00                        First Lien                                                                  0.00                                                       0.00                                                0.00                                       760000.00
                     228                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            359                                                     445800.00                                                     445800.00                        First Lien                                                                  0.00                                                   55670.87                                           557266.00                                       570000.00
                     229                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            359                                                     700000.00                                                     700000.00                        First Lien                                                                  0.00                                                       0.00                                           940000.00                                       950000.00
                     230                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            359                                                    1060000.00                                                    1060000.00                        First Lien                                                                  0.00                                                       0.00                                                0.00                                      2675000.00
                     231                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            359                                                     440000.00                                                     440000.00                        First Lien                                                                  0.00                                                       0.00                                           550000.00                                       620000.00
                     232                                   20070901                        ARMS                                               No                                                                                      360                                                  360                                                            359                                                     660000.00                                                     660000.00                        First Lien                                                                  0.00                                                   65010.00                                           825000.00                                       825000.00
                     233                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            359                                                     440000.00                                                     439602.23                        First Lien                                                                  0.00                                                       0.00                                           690000.00                                       690000.00
                     234                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            359                                                     576000.00                                                     575479.29                        First Lien                                                                  0.00                                                   72000.00                                           720000.00                                       720000.00
                     235                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            359                                                     625000.00                                                     625000.00                        First Lien                                                                  0.00                                                       0.00                                          1125000.00                                      1190000.00
                     236                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            359                                                     642907.00                                                     642907.00                        First Lien                                                                  0.00                                                       0.00                                           857210.00                                       857500.00
                     237                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            355                                                     464800.00                                                     464750.96                        First Lien                                                                  0.00                                                   58100.00                                           581000.00                                       581000.00
                     238                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            359                                                     473573.22                                                     473573.22                        First Lien                                                                  0.00                                                       0.00                                                0.00                                       630000.00
                     239                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            359                                                     599880.00                                                     599880.00                        First Lien                                                                  0.00                                                       0.00                                                0.00                                       750000.00
                     240                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            359                                                     746898.91                                                     746873.35                        First Lien                                                                  0.00                                                       0.00                                                0.00                                      1200000.00
                     241                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            360                                                     673500.00                                                     673500.00                        First Lien                                                                  0.00                                                       0.00                                                0.00                                      2300000.00
                     242                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            360                                                     544000.00                                                     544000.00                        First Lien                                                                  0.00                                                  102000.00                                           680000.00                                       680000.00
                     243                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            360                                                     431400.00                                                     431400.00                        First Lien                                                                  0.00                                                       0.00                                           686652.00                                       688000.00
                     244                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            357                                                     516000.00                                                     516000.00                        First Lien                                                                  0.00                                                       0.00                                           645000.00                                       670000.00
                     245                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            359                                                     500400.00                                                     500400.00                        First Lien                                                                  0.00                                                   62487.45                                           625500.00                                       630000.00
                     246                                   20070701                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                    1000000.00                                                    1000000.00                        First Lien                                                                  0.00                                                  249980.00                                                0.00                                      1450000.00
                     247                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     650000.00                                                     649000.00                        First Lien                                                                  0.00                                                       0.00                                                0.00                                      1100000.00
                     248                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     548000.00                                                     548000.00                        First Lien                                                                  0.00                                                       0.00                                                0.00                                       685000.00
                     249                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     544000.00                                                     544000.00                        First Lien                                                                  0.00                                                       0.00                                           680000.00                                       687000.00
                     250                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     890000.00                                                     890000.00                        First Lien                                                                  0.00                                                       0.00                                          1112500.00                                      1150000.00
                     251                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     568000.00                                                     567998.15                        First Lien                                                                  0.00                                                  105887.00                                           710000.00                                       710000.00
                     252                                   20070701                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     664000.00                                                     664000.00                        First Lien                                                                  0.00                                                  166000.00                                           830000.00                                       830000.00
                     253                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     704000.00                                                     704000.00                        First Lien                                                                  0.00                                                   80960.00                                                0.00                                       880000.00
                     254                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     580000.00                                                     580000.00                        First Lien                                                                  0.00                                                       0.00                                                0.00                                       725000.00
                     255                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     680000.00                                                     680000.00                        First Lien                                                                  0.00                                                       0.00                                           850000.00                                       850000.00
                     256                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     740000.00                                                     740000.00                        First Lien                                                                  0.00                                                       0.00                                                0.00                                       950000.00
                     257                                   20070901                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     650000.00                                                     648500.00                        First Lien                                                                  0.00                                                       0.00                                                0.00                                      1100000.00
                     258                                   20070701                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     650000.00                                                     650000.00                        First Lien                                                                  0.00                                                       0.00                                                0.00                                       933900.00
                     259                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     452800.00                                                     452800.00                        First Lien                                                                  0.00                                                       0.00                                           566000.00                                       575000.00
                     260                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     500000.00                                                     500000.00                        First Lien                                                                  0.00                                                       0.00                                                0.00                                       640000.00
                     261                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     435950.00                                                     435950.00                        First Lien                                                                  0.00                                                  108943.50                                           544990.00                                       545000.00
                     262                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     441000.00                                                     440098.56                        First Lien                                                                  0.00                                                       0.00                                           630000.00                                       650000.00
                     263                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     580000.00                                                     580000.00                        First Lien                                                                  0.00                                                       0.00                                           725000.00                                       725000.00
                     264                                   20070801                        ARMS                                               No                                                                                      480                                                  480                                                            478                                                     610000.00                                                     610000.00                        First Lien                                                                  0.00                                                       0.00                                                0.00                                       900000.00
                     265                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     440000.00                                                     440000.00                        First Lien                                                                  0.00                                                   48950.00                                                0.00                                       550000.00
                     266                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     550001.00                                                     550001.00                        First Lien                                                                  0.00                                                       0.00                                                0.00                                       750000.00
                     267                                   20070701                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     827000.00                                                     827000.00                        First Lien                                                                  0.00                                                       0.00                                                0.00                                      1400000.00
                     268                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     449120.00                                                     449099.52                        First Lien                                                                  0.00                                                       0.00                                           561400.00                                       561500.00
                     269                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            359                                                     436000.00                                                     436000.00                        First Lien                                                                  0.00                                                       0.00                                           545000.00                                       555000.00
                     270                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     511000.00                                                     510991.77                        First Lien                                                                  0.00                                                  168390.00                                                0.00                                       900000.00
                     271                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     776000.00                                                     769944.05                        First Lien                                                                  0.00                                                       0.00                                                0.00                                       980000.00
                     272                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     715000.00                                                     715000.00                        First Lien                                                                  0.00                                                       0.00                                                0.00                                      1200000.00
                     273                                   20070701                        ARMS                                               No                                                                                      360                                                  360                                                            359                                                     930000.00                                                     930000.00                        First Lien                                                                  0.00                                                       0.00                                                0.00                                      1200000.00
                     274                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            359                                                     553480.00                                                     553480.00                        First Lien                                                                  0.00                                                       0.00                                           691850.00                                       725000.00
                     275                                   20070701                        ARMS                                               No                                                                                      360                                                  360                                                            357                                                     880000.00                                                     880000.00                        First Lien                                                                  0.00                                                  181560.00                                                0.00                                      1200000.00
                     276                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     568000.00                                                     568000.00                        First Lien                                                                  0.00                                                  123187.20                                           768000.00                                       768000.00
                     277                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            357                                                     524000.00                                                     523400.00                        First Lien                                                                  0.00                                                   83512.50                                                0.00                                       655000.00
                     278                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            357                                                     650000.00                                                     650000.00                        First Lien                                                                  0.00                                                       0.00                                                0.00                                      1650000.00
                     279                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     508000.00                                                     508000.00                        First Lien                                                                  0.00                                                   63500.00                                                0.00                                       635000.00
                     280                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     500000.00                                                     499966.53                        First Lien                                                                  0.00                                                       0.00                                                0.00                                      1125000.00
                     281                                   20070701                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     620000.00                                                     620000.00                        First Lien                                                                  0.00                                                       0.00                                                0.00                                       775000.00
                     282                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            359                                                    1931250.00                                                    1931250.00                        First Lien                                                                  0.00                                                       0.00                                          2575000.00                                      2600000.00
                     283                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     692000.00                                                     692000.00                        First Lien                                                                  0.00                                                  105270.50                                                0.00                                       865000.00
                     284                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     612000.00                                                     612000.00                        First Lien                                                                  0.00                                                   50000.00                                                0.00                                       765000.00
                     285                                   20070701                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     653000.00                                                     653000.00                        First Lien                                                                  0.00                                                  123997.50                                                0.00                                       825000.00
                     286                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     660000.00                                                     660000.00                        First Lien                                                                  0.00                                                       0.00                                           825000.00                                       855000.00
                     287                                   20070701                        ARMS                                               No                                                                                      360                                                  360                                                            359                                                     479200.00                                                     479200.00                        First Lien                                                                  0.00                                                   89850.00                                           599000.00                                       620000.00
                     288                                   20070901                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     469459.00                                                     469459.00                        First Lien                                                                  0.00                                                   58990.92                                           587559.00                                       587559.00
                     289                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            359                                                     600000.00                                                     599416.84                        First Lien                                                                  0.00                                                       0.00                                                0.00                                       862000.00
                     290                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     650000.00                                                     650000.00                        First Lien                                                                  0.00                                                   62510.00                                                0.00                                       950000.00
                     291                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            359                                                     815000.00                                                     814744.79                        First Lien                                                                  0.00                                                       0.00                                          1140000.00                                      1140000.00
                     292                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            359                                                     460000.00                                                     460000.00                        First Lien                                                                  0.00                                                   41975.00                                                0.00                                       575000.00
                     293                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     728000.00                                                     727000.00                        First Lien                                                                  0.00                                                       0.00                                           910000.00                                       927000.00
                     294                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     552000.00                                                     552000.00                        First Lien                                                                  0.00                                                   58029.00                                           690000.00                                       690000.00
                     295                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     420000.00                                                     420000.00                        First Lien                                                                  0.00                                                   78750.00                                                0.00                                       525000.00
                     296                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            359                                                     492000.00                                                     491510.21                        First Lien                                                                  0.00                                                  123000.00                                                0.00                                       615000.00
                     297                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     989000.00                                                     989000.00                        First Lien                                                                  0.00                                                  131040.00                                          1400000.00                                      1444900.00
                     298                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            359                                                    1000000.00                                                    1000000.00                        First Lien                                                                  0.00                                                       0.00                                          1900000.00                                      1904000.00
                     299                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            359                                                     760000.00                                                     760000.00                        First Lien                                                                  0.00                                                       0.00                                          1000000.00                                      1000000.00
                     300                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            359                                                     440000.00                                                     440000.00                        First Lien                                                                  0.00                                                   82500.00                                           550000.00                                       550000.00
                     301                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     664000.00                                                     664000.00                        First Lien                                                                  0.00                                                       0.00                                                0.00                                       830000.00
                     302                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     600000.00                                                     600000.00                        First Lien                                                                  0.00                                                       0.00                                           880000.00                                       880000.00
                     303                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     500000.00                                                     500000.00                        First Lien                                                                  0.00                                                       0.00                                           625000.00                                       625000.00
                     304                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     697500.00                                                     697500.00                        First Lien                                                                  0.00                                                       0.00                                           997500.00                                      1000000.00
                     305                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     650000.00                                                     650000.00                        First Lien                                                                  0.00                                                       0.00                                                0.00                                      1260000.00
                     306                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     574000.00                                                     573389.53                        First Lien                                                                  0.00                                                       0.00                                                0.00                                       740000.00
                     307                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     489600.00                                                     489599.79                        First Lien                                                                  0.00                                                       0.00                                           612000.00                                       650000.00
                     308                                   20070701                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     436000.00                                                     436000.00                        First Lien                                                                  0.00                                                       0.00                                                0.00                                       545000.00
                     309                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     552000.00                                                     552000.00                        First Lien                                                                  0.00                                                  103500.00                                           690000.00                                       690000.00
                     310                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     420000.00                                                     420000.00                        First Lien                                                                  0.00                                                       0.00                                                0.00                                       560000.00
                     311                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     526240.00                                                     526240.00                        First Lien                                                                  0.00                                                       0.00                                           657800.00                                       658000.00
                     312                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            359                                                     536000.00                                                     535992.51                        First Lien                                                                  0.00                                                   67000.00                                           670000.00                                       670000.00
                     313                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     429936.00                                                     429936.00                        First Lien                                                                  0.00                                                   53742.00                                           537420.00                                       538000.00
                     314                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            359                                                     800000.00                                                     800000.00                        First Lien                                                                  0.00                                                       0.00                                          1000000.00                                      1025000.00
                     315                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            359                                                     492000.00                                                     492000.00                        First Lien                                                                  0.00                                                   61500.00                                           615000.00                                       615000.00
                     316                                   20070701                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     656000.00                                                     656000.00                        First Lien                                                                  0.00                                                   84214.00                                                0.00                                       820000.00
                     317                                   20070701                        ARMS                                               No                                                                                      360                                                  360                                                            359                                                     642000.00                                                     642000.00                        First Lien                                                                  0.00                                                       0.00                                                0.00                                       980000.00
                     318                                   20070701                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     608000.00                                                     607999.11                        First Lien                                                                  0.00                                                   76000.00                                           760000.00                                       760000.00
                     319                                   20070701                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     487000.00                                                     486974.32                        First Lien                                                                  0.00                                                   75500.00                                                0.00                                       625000.00
                     320                                   20070701                        ARMS                                               No                                                                                      360                                                  360                                                            359                                                     876937.00                                                     876937.00                        First Lien                                                                  0.00                                                       0.00                                          1169250.00                                      1180000.00
                     321                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            359                                                     759200.00                                                     759200.00                        First Lien                                                                  0.00                                                  142350.00                                           949000.00                                       949000.00
                     322                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            359                                                     749000.00                                                     748823.02                        First Lien                                                                  0.00                                                       0.00                                          1070000.00                                      1070000.00
                     323                                   20071001                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                    1000000.00                                                     999378.66                        First Lien                                                                  0.00                                                  200070.00                                          1710000.00                                      1720000.00
                     324                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     520000.00                                                     520000.00                        First Lien                                                                  0.00                                                       0.00                                                0.00                                       750000.00
                     325                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     592000.00                                                     592000.00                        First Lien                                                                  0.00                                                       0.00                                                0.00                                       790000.00
                     326                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     488000.00                                                     488000.00                        First Lien                                                                  0.00                                                   61000.00                                                0.00                                       610000.00
                     327                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     424000.00                                                     424000.00                        First Lien                                                                  0.00                                                   74995.00                                                0.00                                       530000.00
                     328                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     760000.00                                                     757891.49                        First Lien                                                                  0.00                                                       0.00                                           950000.00                                       950000.00
                     329                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     650000.00                                                     650000.00                        First Lien                                                                  0.00                                                       0.00                                                0.00                                      1032000.00
                     330                                   20070701                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     640000.00                                                     640000.00                        First Lien                                                                  0.00                                                       0.00                                                0.00                                       800000.00
                     331                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     538000.00                                                     537000.77                        First Lien                                                                  0.00                                                       0.00                                                0.00                                       680000.00
                     332                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     762000.00                                                     762000.00                        First Lien                                                                  0.00                                                       0.00                                                0.00                                      1233000.00
                     333                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     745000.00                                                     744870.49                        First Lien                                                                  0.00                                                   49929.00                                                0.00                                      1335000.00
                     334                                   20070701                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     643400.00                                                     643400.00                        First Lien                                                                  0.00                                                       0.00                                                0.00                                       850000.00
                     335                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     584000.00                                                     584000.00                        First Lien                                                                  0.00                                                   73000.00                                           730000.00                                       730000.00
                     336                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     725000.00                                                     723000.00                        First Lien                                                                  0.00                                                       0.00                                                0.00                                      2000000.00
                     337                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     600000.00                                                     597408.80                        First Lien                                                                  0.00                                                   57000.00                                                0.00                                       750000.00
                     338                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     720000.00                                                     720000.00                        First Lien                                                                  0.00                                                   90000.00                                           900000.00                                       995000.00
                     339                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     686400.00                                                     686400.00                        First Lien                                                                  0.00                                                  171600.00                                           858000.00                                       900000.00
                     340                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     620000.00                                                     620000.00                        First Lien                                                                  0.00                                                       0.00                                                0.00                                       775000.00
                     341                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     472000.00                                                     472000.00                        First Lien                                                                  0.00                                                   59000.00                                           590000.00                                       600000.00
                     342                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     424000.00                                                     424000.00                        First Lien                                                                  0.00                                                       0.00                                                0.00                                       530000.00
                     343                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     865000.00                                                     865000.00                        First Lien                                                                  0.00                                                       0.00                                          1265000.00                                      1265000.00
                     344                                   20070701                        ARMS                                               No                                                                                      360                                                  360                                                            357                                                     582000.00                                                     581999.76                        First Lien                                                                  0.00                                                       0.00                                                0.00                                       776000.00
                     345                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     642737.00                                                     642737.00                        First Lien                                                                  0.00                                                       0.00                                           803422.00                                       804000.00
                     346                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     660000.00                                                     660000.00                        First Lien                                                                  0.00                                                   82500.00                                           825000.00                                       860000.00
                     347                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     688000.00                                                     687870.00                        First Lien                                                                  0.00                                                   85976.00                                                0.00                                       880000.00
                     348                                   20070701                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     696000.00                                                     696000.00                        First Lien                                                                  0.00                                                  130500.00                                           870000.00                                       900000.00
                     349                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     623807.00                                                     623807.00                        First Lien                                                                  0.00                                                   77975.90                                           779759.00                                       780000.00
                     350                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     608000.00                                                     608000.00                        First Lien                                                                  0.00                                                       0.00                                           760000.00                                       840000.00
                     351                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     600000.00                                                     598830.70                        First Lien                                                                  0.00                                                       0.00                                          1120000.00                                      1155000.00
                     352                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            357                                                     832000.00                                                     661279.62                        First Lien                                                                  0.00                                                  104000.00                                          1040000.00                                      1040000.00
                     353                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     516000.00                                                     514988.09                        First Lien                                                                  0.00                                                       0.00                                           645000.00                                       660000.00
                     354                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            357                                                    1376894.00                                                    1370975.99                        First Lien                                                                  0.00                                                       0.00                                                0.00                                      3300000.00
                     355                                   20070701                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     960000.00                                                     960000.00                        First Lien                                                                  0.00                                                   35040.00                                                0.00                                      1200000.00
                     356                                   20070701                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     960000.00                                                     960000.00                        First Lien                                                                  0.00                                                       0.00                                          1200000.00                                      1200000.00
                     357                                   20070901                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     650000.00                                                     648763.30                        First Lien                                                                  0.00                                                       0.00                                                0.00                                      2500000.00
                     358                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     650000.00                                                     650000.00                        First Lien                                                                  0.00                                                       0.00                                                0.00                                      1100000.00
                     359                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                    1699000.00                                                    1695272.16                        First Lien                                                                  0.00                                                       0.00                                                0.00                                      2500000.00
                     360                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     747000.00                                                     745033.34                        First Lien                                                                  0.00                                                       0.00                                                0.00                                      1050000.00
                     361                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     500000.00                                                     500000.00                        First Lien                                                                  0.00                                                       0.00                                                0.00                                       720000.00
                     362                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     608000.00                                                     608000.00                        First Lien                                                                  0.00                                                       0.00                                           760000.00                                       760000.00
                     363                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     620000.00                                                     620000.00                        First Lien                                                                  0.00                                                       0.00                                           775000.00                                       775000.00
                     364                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                    1000000.00                                                    1000000.00                        First Lien                                                                  0.00                                                   55546.74                                          1320000.00                                      1319400.00
                     365                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     720000.00                                                     720000.00                        First Lien                                                                  0.00                                                  135000.00                                           900000.00                                       910000.00
                     366                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     720000.00                                                     720000.00                        First Lien                                                                  0.00                                                   90000.00                                           900000.00                                       900000.00
                     367                                   20070701                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     701575.00                                                     701575.00                        First Lien                                                                  0.00                                                       0.00                                                0.00                                       950000.00
                     368                                   20070901                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     604000.00                                                     604000.00                        First Lien                                                                  0.00                                                  147980.00                                                0.00                                       755000.00
                     369                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            357                                                    2400000.00                                                    2400000.00                        First Lien                                                                  0.00                                                       0.00                                                0.00                                      3700000.00
                     370                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     860000.00                                                     859767.08                        First Lien                                                                  0.00                                                  107500.00                                          1075000.00                                      1075000.00
                     371                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     953512.00                                                     953512.00                        First Lien                                                                  0.00                                                  119189.00                                          1191890.00                                      1193224.00
                     372                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     637443.00                                                     637443.00                        First Lien                                                                  0.00                                                  119520.60                                           796804.00                                       800000.00
                     373                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     619360.00                                                     619360.00                        First Lien                                                                  0.00                                                       0.00                                           774200.00                                       785000.00
                     374                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     700000.00                                                     700000.00                        First Lien                                                                  0.00                                                       0.00                                                0.00                                       875000.00
                     375                                   20070701                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     780000.00                                                     780000.00                        First Lien                                                                  0.00                                                       0.00                                                0.00                                       975000.00
                     376                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                    1000000.00                                                    1000000.00                        First Lien                                                                  0.00                                                       0.00                                          1316425.00                                      1317000.00
                     377                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            357                                                     464000.00                                                     464000.00                        First Lien                                                                  0.00                                                   96039.30                                           581000.00                                       582000.00
                     378                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     430320.00                                                     430300.00                        First Lien                                                                  0.00                                                  107580.00                                           537900.00                                       538000.00
                     379                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     618640.00                                                     618640.00                        First Lien                                                                  0.00                                                       0.00                                           773300.00                                       790000.00
                     380                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     792000.00                                                     792000.00                        First Lien                                                                  0.00                                                       0.00                                                0.00                                       990000.00
                     381                                   20070701                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     807300.00                                                     807300.00                        First Lien                                                                  0.00                                                       0.00                                                0.00                                      1050000.00
                     382                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            357                                                     652800.00                                                     652800.00                        First Lien                                                                  0.00                                                   81600.00                                                0.00                                       816000.00
                     383                                   20070701                        ARMS                                               No                                                                                      360                                                  360                                                            356                                                    1050000.00                                                    1049999.63                        First Lien                                                                  0.00                                                       0.00                                                0.00                                      1500000.00
                     384                                   20071001                        ARMS                                               No                                                                                      360                                                  360                                                            357                                                     487950.00                                                     487950.00                        First Lien                                                                  0.00                                                   91431.50                                           609950.00                                       610000.00
                     385                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            357                                                     464000.00                                                     464000.00                        First Lien                                                                  0.00                                                  116000.00                                           580000.00                                       580000.00
                     386                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            357                                                     702000.00                                                     700741.57                        First Lien                                                                  0.00                                                       0.00                                           950000.00                                       950000.00
                     387                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     734250.00                                                     734250.00                        First Lien                                                                  0.00                                                       0.00                                           979000.00                                      1000000.00
                     388                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            357                                                     421600.00                                                     421600.00                        First Lien                                                                  0.00                                                  105400.00                                           527000.00                                       548000.00
                     389                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     487600.00                                                     487600.00                        First Lien                                                                  0.00                                                   60950.00                                           609500.00                                       610000.00
                     390                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     544000.00                                                     544000.00                        First Lien                                                                  0.00                                                       0.00                                                0.00                                       680000.00
                     391                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            357                                                     705600.00                                                     703431.07                        First Lien                                                                  0.00                                                       0.00                                           882210.00                                       935000.00
                     392                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     510000.00                                                     509975.00                        First Lien                                                                  0.00                                                   65040.30                                                0.00                                       663000.00
                     393                                   20070701                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     477496.00                                                     476542.92                        First Lien                                                                  0.00                                                       0.00                                           596870.00                                       597000.00
                     394                                   20070701                        ARMS                                               No                                                                                      360                                                  360                                                            357                                                     493600.00                                                     493600.00                        First Lien                                                                  0.00                                                   61638.30                                           617000.00                                       665000.00
                     395                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     530000.00                                                     528886.86                        First Lien                                                                  0.00                                                       0.00                                                0.00                                       775000.00
                     396                                   20070701                        ARMS                                               No                                                                                      360                                                  360                                                            356                                                     540792.00                                                     540792.00                        First Lien                                                                  0.00                                                  109172.39                                           675990.00                                       676000.00
                     397                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            356                                                     634380.00                                                     634380.00                        First Lien                                                                  0.00                                                  158595.00                                           792975.00                                       795000.00
                     398                                   20070701                        ARMS                                               No                                                                                      360                                                  360                                                            357                                                     645000.00                                                     645000.00                        First Lien                                                                  0.00                                                       0.00                                                0.00                                       860000.00
                     399                                   20070701                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     495000.00                                                     495000.00                        First Lien                                                                  0.00                                                       0.00                                           665000.00                                       665000.00
                     400                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            357                                                     633600.00                                                     632100.00                        First Lien                                                                  0.00                                                       0.00                                           792000.00                                       795000.00
                     401                                   20070701                        ARMS                                               No                                                                                      360                                                  360                                                            357                                                     550000.00                                                     549099.43                        First Lien                                                                  0.00                                                       0.00                                           710231.00                                       710500.00
                     402                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            357                                                     430000.00                                                     429800.00                        First Lien                                                                  0.00                                                       0.00                                                0.00                                       555000.00
                     403                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     507960.00                                                     507960.00                        First Lien                                                                  0.00                                                   63495.00                                           634950.00                                       651000.00
                     404                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     650000.00                                                     650000.00                        First Lien                                                                  0.00                                                   71476.60                                                0.00                                       962000.00
                     405                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     580000.00                                                     580000.00                        First Lien                                                                  0.00                                                  145000.00                                           725000.00                                       725000.00
                     406                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            357                                                    1496000.00                                                    1496000.00                        First Lien                                                                  0.00                                                  280500.00                                          1870000.00                                      1870000.00
                     407                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     500000.00                                                     500000.00                        First Lien                                                                  0.00                                                       0.00                                           625000.00                                       630000.00
                     408                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     519840.00                                                     519840.00                        First Lien                                                                  0.00                                                   64980.00                                                0.00                                       700000.00
                     409                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     519920.00                                                     519920.00                        First Lien                                                                  0.00                                                   64900.00                                           649900.00                                       700000.00
                     410                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            357                                                     510853.00                                                     510710.73                        First Lien                                                                  0.00                                                  127709.93                                           643051.00                                       680000.00
                     411                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     725000.00                                                     725000.00                        First Lien                                                                  0.00                                                       0.00                                          1025000.00                                      1025000.00
                     412                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     529056.00                                                     529056.00                        First Lien                                                                  0.00                                                   66132.10                                           661321.00                                       665000.00
                     413                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            357                                                    1000000.00                                                    1000000.00                        First Lien                                                                  0.00                                                       0.00                                                0.00                                      1250000.00
                     414                                   20070701                        ARMS                                               No                                                                                      360                                                  360                                                            357                                                     642246.00                                                     640271.96                        First Lien                                                                  0.00                                                   80280.80                                           802808.00                                       803000.00
                     415                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                    1444000.00                                                    1444000.00                        First Lien                                                                  0.00                                                  180500.00                                          1805000.00                                      1860000.00
                     416                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                    1120000.00                                                    1120000.00                        First Lien                                                                  0.00                                                  140000.00                                          1400000.00                                      1400000.00
                     417                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            357                                                    1500000.00                                                    1500000.00                        First Lien                                                                  0.00                                                       0.00                                                0.00                                      2850000.00
                     418                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            357                                                     654000.00                                                     654000.00                        First Lien                                                                  0.00                                                   81750.00                                           817500.00                                       820000.00
                     419                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     599200.00                                                     599200.00                        First Lien                                                                  0.00                                                       0.00                                           749000.00                                       749000.00
                     420                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            357                                                     496600.00                                                     496600.00                        First Lien                                                                  0.00                                                   61954.64                                           620788.00                                       623000.00
                     421                                   20070701                        ARMS                                               No                                                                                      360                                                  360                                                            357                                                     680000.00                                                     680000.00                        First Lien                                                                  0.00                                                       0.00                                                0.00                                       909000.00
                     422                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            360                                                     240000.00                                                     240000.00                        First Lien                                                                  0.00                                                   15000.00                                                0.00                                       300000.00
                     423                                   20070701                        ARMS                                               No                                                                                      360                                                  360                                                            359                                                     708000.00                                                     708000.00                        First Lien                                                                  0.00                                                   88500.00                                           885000.00                                       899900.00
                     424                                   20070701                        ARMS                                               No                                                                                      360                                                  360                                                            359                                                     340000.00                                                     340000.00                        First Lien                                                                  0.00                                                   63750.00                                           425000.00                                       495000.00
                     425                                   20070701                        ARMS                                               No                                                                                      360                                                  360                                                            359                                                     640000.00                                                     640000.00                        First Lien                                                                  0.00                                                       0.00                                                0.00                                       800000.00
                     426                                   20070701                        ARMS                                               No                                                                                      360                                                  360                                                            359                                                     520300.00                                                     520300.00                        First Lien                                                                  0.00                                                  164001.00                                                0.00                                       732000.00
                     427                                   20070701                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     480000.00                                                     480000.00                        First Lien                                                                  0.00                                                   59950.00                                           600000.00                                       615000.00
                     428                                   20070701                        ARMS                                               No                                                                                      360                                                  360                                                            359                                                    1200000.00                                                    1200000.00                        First Lien                                                                  0.00                                                   47000.00                                                0.00                                      1600000.00
                     429                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            359                                                     480000.00                                                     480000.00                        First Lien                                                                  0.00                                                   90000.00                                           600000.00                                       600000.00
                     430                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            359                                                     860000.00                                                     860000.00                        First Lien                                                                  0.00                                                       0.00                                          1075000.00                                      1075000.00
                     431                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            359                                                     853000.00                                                     853000.00                        First Lien                                                                  0.00                                                       0.00                                                0.00                                      1200000.00
                     432                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            359                                                     553380.00                                                     553380.00                        First Lien                                                                  0.00                                                       0.00                                                0.00                                       730000.00
                     433                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            359                                                     588000.00                                                     588000.00                        First Lien                                                                  0.00                                                       0.00                                                0.00                                       735000.00
                     434                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            359                                                     760000.00                                                     760000.00                        First Lien                                                                  0.00                                                   95000.00                                           950000.00                                       970000.00
                     435                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            359                                                     660000.00                                                     660000.00                        First Lien                                                                  0.00                                                  195035.00                                           950000.00                                       950000.00
                     436                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            359                                                     704000.00                                                     704000.00                        First Lien                                                                  0.00                                                   88000.00                                           880000.00                                       880000.00
                     437                                   20070701                        ARMS                                               No                                                                                      360                                                  360                                                            359                                                     640000.00                                                     640000.00                        First Lien                                                                  0.00                                                   80000.00                                                0.00                                       800000.00
                     438                                   20070701                        ARMS                                               No                                                                                      360                                                  360                                                            359                                                     850000.00                                                     850000.00                        First Lien                                                                  0.00                                                  162450.00                                                0.00                                      1125000.00
                     439                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            359                                                     500000.00                                                     498568.39                        First Lien                                                                  0.00                                                   58000.00                                                0.00                                       625000.00
                     440                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            359                                                     716000.00                                                     716000.00                        First Lien                                                                  0.00                                                  179000.00                                           895000.00                                       895000.00
                     441                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            359                                                     460000.00                                                     460000.00                        First Lien                                                                  0.00                                                   57500.00                                                0.00                                       575000.00
                     442                                   20070701                        ARMS                                               No                                                                                      360                                                  360                                                            359                                                     470000.00                                                     470000.00                        First Lien                                                                  0.00                                                       0.00                                                0.00                                       650000.00
                     443                                   20070701                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     500000.00                                                     500000.00                        First Lien                                                                  0.00                                                       0.00                                                0.00                                       740000.00
                     444                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            359                                                    1200000.00                                                    1198888.56                        First Lien                                                                  0.00                                                   75000.00                                                0.00                                      1500000.00
                     445                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            359                                                    1000000.00                                                    1000000.00                        First Lien                                                                  0.00                                                       0.00                                                0.00                                      1250000.00
                     446                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            359                                                     479200.00                                                     479188.66                        First Lien                                                                  0.00                                                   59900.00                                           599000.00                                       600000.00
                     447                                   20070901                        ARMS                                               No                                                                                      360                                                  360                                                            359                                                     570000.00                                                     570000.00                        First Lien                                                                  0.00                                                       0.00                                                0.00                                       764000.00
                     448                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            359                                                     504000.00                                                     504000.00                        First Lien                                                                  0.00                                                   46998.00                                                0.00                                       630000.00
                     449                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            359                                                     488000.00                                                     488000.00                        First Lien                                                                  0.00                                                   91500.00                                           610000.00                                       610000.00
                     450                                   20070901                        ARMS                                               No                                                                                      360                                                  360                                                            360                                                     352000.00                                                     352000.00                        First Lien                                                                  0.00                                                       0.00                                                0.00                                       440000.00
                     451                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            360                                                     500000.00                                                     500000.00                        First Lien                                                                  0.00                                                   93750.00                                                0.00                                       625000.00
                     452                                   20070901                        ARMS                                               No                                                                                      360                                                  360                                                            360                                                     576000.00                                                     576000.00                        First Lien                                                                  0.00                                                   72000.00                                                0.00                                       725000.00
                     453                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            360                                                     407000.00                                                     407000.00                        First Lien                                                                  0.00                                                       0.00                                                0.00                                       700000.00
                     454                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            360                                                     720000.00                                                     720000.00                        First Lien                                                                  0.00                                                       0.00                                                0.00                                       900000.00
                     455                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            360                                                     999999.00                                                     999999.00                        First Lien                                                                  0.00                                                       0.00                                          1259000.00                                      1260000.00
                     456                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            360                                                     742000.00                                                     742000.00                        First Lien                                                                  0.00                                                       0.00                                                0.00                                       930000.00
                     457                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            360                                                     253500.00                                                     253500.00                        First Lien                                                                  0.00                                                       0.00                                           390000.00                                       400000.00
                     458                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            351                                                     563500.00                                                     558226.91                        First Lien                                                                  0.00                                                       0.00                                                0.00                                       725000.00
                     459                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     650000.00                                                     648671.34                        First Lien                                                                  0.00                                                  143000.00                                           835000.00                                       835000.00
                     460                                   20070901                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     540000.00                                                     540000.00                        First Lien                                                                  0.00                                                       0.00                                           675000.00                                       675000.00
                     461                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                    1120000.00                                                    1120000.00                        First Lien                                                                  0.00                                                  200000.00                                          1400000.00                                      1462000.00
                     462                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     650000.00                                                     650000.00                        First Lien                                                                  0.00                                                  175000.00                                                0.00                                      1100000.00
                     463                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     536000.00                                                     534878.08                        First Lien                                                                  0.00                                                       0.00                                           670000.00                                       678000.00
                     464                                   20070701                        ARMS                                               No                                                                                      360                                                  360                                                            357                                                     209500.00                                                     209133.90                        First Lien                                                                  0.00                                                       0.00                                                0.00                                       350000.00
                     465                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            360                                                     536000.00                                                     536000.00                        First Lien                                                                  0.00                                                  100500.00                                           670000.00                                       674000.00
                     466                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            360                                                     208050.00                                                     208050.00                        First Lien                                                                  0.00                                                       0.00                                           219000.00                                       222000.00
                     467                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            360                                                     549000.00                                                     549000.00                        First Lien                                                                  0.00                                                       0.00                                                0.00                                       610000.00
                     468                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            360                                                     253000.00                                                     253000.00                        First Lien                                                                  0.00                                                       0.00                                                0.00                                       316500.00
                     469                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            360                                                     376000.00                                                     376000.00                        First Lien                                                                  0.00                                                   41000.00                                                0.00                                       470000.00
                     470                                   20070901                        ARMS                                               No                                                                                      360                                                  360                                                            360                                                    1205000.00                                                    1205000.00                        First Lien                                                                  0.00                                                       0.00                                                0.00                                      1740000.00
                     471                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            360                                                     308800.00                                                     308800.00                        First Lien                                                                  0.00                                                   57900.00                                                0.00                                       386000.00
                     472                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            360                                                     668500.00                                                     668500.00                        First Lien                                                                  0.00                                                  144818.00                                                0.00                                       915000.00
                     473                                   20070701                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     639200.00                                                     639200.00                        First Lien                                                                  0.00                                                       0.00                                                0.00                                       814500.00
                     474                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     492000.00                                                     492000.00                        First Lien                                                                  0.00                                                       0.00                                           615000.00                                       615000.00
                     475                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     650000.00                                                     649000.00                        First Lien                                                                  0.00                                                  124012.00                                           860000.00                                       975000.00
                     476                                   20070701                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     435000.00                                                     435000.00                        First Lien                                                                  0.00                                                   53955.00                                                0.00                                       545000.00
                     477                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     960000.00                                                     960000.00                        First Lien                                                                  0.00                                                   84000.00                                                0.00                                      1200000.00
                     478                                   20070701                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     680000.00                                                     680000.00                        First Lien                                                                  0.00                                                   85000.00                                                0.00                                       850000.00
                     479                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            359                                                     650000.00                                                     650000.00                        First Lien                                                                  0.00                                                       0.00                                          1170000.00                                      1180000.00
                     480                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     592000.00                                                     591900.00                        First Lien                                                                  0.00                                                       0.00                                           740000.00                                       765000.00
                     481                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     680000.00                                                     680000.00                        First Lien                                                                  0.00                                                  156984.00                                                0.00                                       930000.00
                     482                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     700000.00                                                     700000.00                        First Lien                                                                  0.00                                                  200000.00                                                0.00                                      1000000.00
                     483                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     638520.00                                                     638512.14                        First Lien                                                                  0.00                                                  149981.00                                                0.00                                       830000.00
                     484                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     592000.00                                                     591982.00                        First Lien                                                                  0.00                                                   56980.00                                                0.00                                       740000.00
                     485                                   20070701                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     475000.00                                                     475000.00                        First Lien                                                                  0.00                                                       0.00                                                0.00                                       635000.00
                     486                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     711000.00                                                     711000.00                        First Lien                                                                  0.00                                                       0.00                                           889000.00                                       889000.00
                     487                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     732000.00                                                     732000.00                        First Lien                                                                  0.00                                                  137250.00                                           915000.00                                       915000.00
                     488                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     650000.00                                                     650000.00                        First Lien                                                                  0.00                                                       0.00                                                0.00                                       900000.00
                     489                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     532500.00                                                     532500.00                        First Lien                                                                  0.00                                                       0.00                                                0.00                                       710000.00
                     490                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     773000.00                                                     773000.00                        First Lien                                                                  0.00                                                       0.00                                                0.00                                      1120000.00
                     491                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     590000.00                                                     590000.00                        First Lien                                                                  0.00                                                  147500.00                                           737500.00                                       737500.00
                     492                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     905000.00                                                     905000.00                        First Lien                                                                  0.00                                                       0.00                                                0.00                                      1260000.00
                     493                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     670000.00                                                     669847.31                        First Lien                                                                  0.00                                                       0.00                                                0.00                                       900000.00
                     494                                   20070701                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     721500.00                                                     721500.00                        First Lien                                                                  0.00                                                       0.00                                                0.00                                       940000.00
                     495                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     845000.00                                                     845000.00                        First Lien                                                                  0.00                                                       0.00                                          1276000.00                                      1300000.00
                     496                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                    1231500.00                                                    1231500.00                        First Lien                                                                  0.00                                                       0.00                                                0.00                                      1550000.00
                     497                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                    1181250.00                                                    1181250.00                        First Lien                                                                  0.00                                                       0.00                                          1575000.00                                      1575000.00
                     498                                   20070701                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     980000.00                                                     980000.00                        First Lien                                                                  0.00                                                       0.00                                                0.00                                      1225000.00
                     499                                   20070901                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     700000.00                                                     205166.37                        First Lien                                                                  0.00                                                       0.00                                          2340000.00                                      2340000.00
                     500                                   20070701                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     660000.00                                                     660000.00                        First Lien                                                                  0.00                                                   67980.00                                                0.00                                       825000.00
                     501                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     600000.00                                                     600000.00                        First Lien                                                                  0.00                                                       0.00                                                0.00                                       840000.00
                     502                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     580000.00                                                     580000.00                        First Lien                                                                  0.00                                                       0.00                                           725000.00                                       725000.00
                     503                                   20070701                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     508000.00                                                     507999.58                        First Lien                                                                  0.00                                                  127000.00                                           635000.00                                       635000.00
                     504                                   20070701                        ARMS                                               No                                                                                      360                                                  360                                                            354                                                    1000000.00                                                     999682.29                        First Lien                                                                  0.00                                                  299970.00                                          1650000.00                                      1650000.00
                     505                                   20070701                        ARMS                                               No                                                                                      360                                                  360                                                            356                                                     999000.00                                                     799595.74                        First Lien                                                                  0.00                                                       0.00                                          1350000.00                                      1350000.00
                     506                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            357                                                     784000.00                                                     784000.00                        First Lien                                                                  0.00                                                       0.00                                                0.00                                      1140170.00
                     507                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            354                                                     417500.00                                                     417488.72                        First Lien                                                                  0.00                                                       0.00                                                0.00                                       825000.00
                     508                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     560000.00                                                     560000.00                        First Lien                                                                  0.00                                                       0.00                                           700000.00                                       700000.00
                     509                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            357                                                     430000.00                                                     428739.77                        First Lien                                                                  0.00                                                       0.00                                                0.00                                       615000.00
                     510                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     600000.00                                                     600000.00                        First Lien                                                                  0.00                                                       0.00                                                0.00                                       900000.00
                     511                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     584000.00                                                     584000.00                        First Lien                                                                  0.00                                                       0.00                                           730000.00                                       730000.00
                     512                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     999999.00                                                     999999.00                        First Lien                                                                  0.00                                                       0.00                                          1350000.00                                      1350000.00
                     513                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                    1218750.00                                                    1218750.00                        First Lien                                                                  0.00                                                       0.00                                          1625000.00                                      1700000.00
                     514                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     688000.00                                                     688000.00                        First Lien                                                                  0.00                                                   84710.00                                           860000.00                                       860000.00
                     515                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     448000.00                                                     448000.00                        First Lien                                                                  0.00                                                   56000.00                                                0.00                                       560000.00
                     516                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            356                                                     435050.00                                                     435050.00                        First Lien                                                                  0.00                                                   81472.18                                           543873.00                                       544000.00
                     517                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     840000.00                                                     840000.00                        First Lien                                                                  0.00                                                       0.00                                          1050000.00                                      1050000.00
                     518                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     476044.00                                                     476044.00                        First Lien                                                                  0.00                                                       0.00                                           595055.00                                       595500.00
                     519                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     430000.00                                                     430000.00                        First Lien                                                                  0.00                                                  199990.00                                                0.00                                       700000.00
                     520                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            357                                                     504000.00                                                     504000.00                        First Lien                                                                  0.00                                                       0.00                                           630000.00                                       637000.00
                     521                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     650000.00                                                     650000.00                        First Lien                                                                  0.00                                                       0.00                                                0.00                                      1030000.00
                     522                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     568000.00                                                     568000.00                        First Lien                                                                  0.00                                                  142000.00                                           710000.00                                       710000.00
                     523                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     554000.00                                                     554000.00                        First Lien                                                                  0.00                                                   53530.25                                           692500.00                                       693000.00
                     524                                   20070701                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     650000.00                                                     650000.00                        First Lien                                                                  0.00                                                       0.00                                           913750.00                                       915000.00
                     525                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     513500.00                                                     511645.50                        First Lien                                                                  0.00                                                       0.00                                                0.00                                       714000.00
                     526                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     520000.00                                                     520000.00                        First Lien                                                                  0.00                                                  130000.00                                           650000.00                                       650000.00
                     527                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     437000.00                                                     437000.00                        First Lien                                                                  0.00                                                       0.00                                                0.00                                       555000.00
                     528                                   20070701                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     430500.00                                                     430500.00                        First Lien                                                                  0.00                                                       0.00                                                0.00                                       820000.00
                     529                                   20070901                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     488000.00                                                     488000.00                        First Lien                                                                  0.00                                                   61000.00                                           610000.00                                       610000.00
                     530                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     470000.00                                                     470000.00                        First Lien                                                                  0.00                                                   81872.00                                                0.00                                       680000.00
                     531                                   20070701                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                    1000000.00                                                    1000000.00                        First Lien                                                                  0.00                                                  157411.17                                                0.00                                      1286039.00
                     532                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     860000.00                                                     860000.00                        First Lien                                                                  0.00                                                       0.00                                          1075000.00                                      1100000.00
                     533                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     850000.00                                                     650000.00                        First Lien                                                                  0.00                                                       0.00                                          1300000.00                                      1300000.00
                     534                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     540000.00                                                     540000.00                        First Lien                                                                  0.00                                                   92002.50                                                0.00                                       675000.00
                     535                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     607000.00                                                     607000.00                        First Lien                                                                  0.00                                                       0.00                                                0.00                                      1100000.00
                     536                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            357                                                     749850.00                                                     749850.00                        First Lien                                                                  0.00                                                   93737.30                                           937373.00                                       950000.00
                     537                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     584000.00                                                     584000.00                        First Lien                                                                  0.00                                                  146000.00                                                0.00                                       730000.00
                     538                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     420000.00                                                     420000.00                        First Lien                                                                  0.00                                                   52500.00                                           525000.00                                       525000.00
                     539                                   20070701                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     529000.00                                                     529000.00                        First Lien                                                                  0.00                                                       0.00                                                0.00                                       670000.00
                     540                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     510000.00                                                     510000.00                        First Lien                                                                  0.00                                                       0.00                                                0.00                                       680000.00
                     541                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     552000.00                                                     552000.00                        First Lien                                                                  0.00                                                  138000.00                                           690000.00                                       720000.00
                     542                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     550000.00                                                     550000.00                        First Lien                                                                  0.00                                                       0.00                                           740000.00                                       740000.00
                     543                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     440000.00                                                     440000.00                        First Lien                                                                  0.00                                                   55000.00                                           550000.00                                       551000.00
                     544                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            359                                                     504000.00                                                     504000.00                        First Lien                                                                  0.00                                                       0.00                                                0.00                                       630000.00
                     545                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                    2000000.00                                                    2000000.00                        First Lien                                                                  0.00                                                  250000.00                                                0.00                                      2900000.00
                     546                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     620500.00                                                     619500.00                        First Lien                                                                  0.00                                                       0.00                                                0.00                                       860000.00
                     547                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     439000.00                                                     439000.00                        First Lien                                                                  0.00                                                   65016.00                                                0.00                                       560000.00
                     548                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                    1000000.00                                                    1000000.00                        First Lien                                                                  0.00                                                  110000.00                                          1260000.00                                      1300000.00
                     549                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            359                                                     625000.00                                                     625000.00                        First Lien                                                                  0.00                                                       0.00                                           821990.00                                       822000.00
                     550                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     900000.00                                                     899994.73                        First Lien                                                                  0.00                                                       0.00                                                0.00                                      1300000.00
                     551                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     541000.00                                                     541000.00                        First Lien                                                                  0.00                                                       0.00                                           741000.00                                       741000.00
                     552                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            359                                                     622500.00                                                     622500.00                        First Lien                                                                  0.00                                                   97520.00                                                0.00                                       800000.00
                     553                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     639200.00                                                     639200.00                        First Lien                                                                  0.00                                                       0.00                                                0.00                                       810000.00
                     554                                   20070701                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     525000.00                                                     525000.00                        First Lien                                                                  0.00                                                       0.00                                                0.00                                      1100000.00
                     555                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     948000.00                                                     882874.67                        First Lien                                                                  0.00                                                       0.00                                          1185000.00                                      1190000.00
                     556                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     467500.00                                                     466692.71                        First Lien                                                                  0.00                                                   40014.50                                                0.00                                       955000.00
                     557                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            359                                                     723200.00                                                     723200.00                        First Lien                                                                  0.00                                                   90400.00                                           904000.00                                       904000.00
                     558                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     800000.00                                                     800000.00                        First Lien                                                                  0.00                                                   12500.00                                                0.00                                      1000000.00
                     559                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     700000.00                                                     700000.00                        First Lien                                                                  0.00                                                  190971.00                                           990000.00                                       990000.00
                     560                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     532000.00                                                     530865.21                        First Lien                                                                  0.00                                                   99750.00                                                0.00                                       665000.00
                     561                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     763900.00                                                     763900.00                        First Lien                                                                  0.00                                                  190884.51                                           954900.00                                       955000.00
                     562                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                    1169000.00                                                    1169000.00                        First Lien                                                                  0.00                                                       0.00                                          1670000.00                                      1670000.00
                     563                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            359                                                     530000.00                                                     530000.00                        First Lien                                                                  0.00                                                       0.00                                                0.00                                       760000.00
                     564                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                    1680000.00                                                    1680000.00                        First Lien                                                                  0.00                                                  273000.00                                                0.00                                      2240000.00
                     565                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     502000.00                                                     500519.14                        First Lien                                                                  0.00                                                       0.00                                                0.00                                       744000.00
                     566                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     538000.00                                                     536976.38                        First Lien                                                                  0.00                                                  199998.00                                           738000.00                                       738000.00
                     567                                   20070901                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     612000.00                                                     612000.00                        First Lien                                                                  0.00                                                   76500.00                                           765000.00                                       765000.00
                     568                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            359                                                     624000.00                                                     624000.00                        First Lien                                                                  0.00                                                   46020.00                                                0.00                                       780000.00
                     569                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            359                                                     480000.00                                                     480000.00                        First Lien                                                                  0.00                                                  120000.00                                           600000.00                                       600000.00
                     570                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     520000.00                                                     520000.00                        First Lien                                                                  0.00                                                   97500.00                                           650000.00                                       650000.00
                     571                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     468800.00                                                     468800.00                        First Lien                                                                  0.00                                                  117200.00                                           586000.00                                       590000.00
                     572                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     480000.00                                                     480000.00                        First Lien                                                                  0.00                                                       0.00                                           600000.00                                       605000.00
                     573                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     569000.00                                                     569000.00                        First Lien                                                                  0.00                                                       0.00                                           769000.00                                       770000.00
                     574                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     956250.00                                                     956250.00                        First Lien                                                                  0.00                                                       0.00                                          1275000.00                                      1289000.00
                     575                                   20070701                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                    1000000.00                                                    1000000.00                        First Lien                                                                  0.00                                                  250015.00                                                0.00                                      1550000.00
                     576                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     464000.00                                                     464000.00                        First Lien                                                                  0.00                                                   58000.00                                           580000.00                                       580000.00
                     577                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            359                                                     555200.00                                                     555200.00                        First Lien                                                                  0.00                                                   69400.00                                           694000.00                                       694000.00
                     578                                   20070701                        ARMS                                               No                                                                                      360                                                  360                                                            357                                                     440000.00                                                     440000.00                        First Lien                                                                  0.00                                                       0.00                                           550000.00                                       558000.00
                     579                                   20070701                        ARMS                                               No                                                                                      360                                                  360                                                            357                                                     440000.00                                                     440000.00                        First Lien                                                                  0.00                                                   55000.00                                           550000.00                                       550000.00
                     580                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     705600.00                                                     705600.00                        First Lien                                                                  0.00                                                       0.00                                           882000.00                                       915000.00
                     581                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            357                                                     448000.00                                                     446655.33                        First Lien                                                                  0.00                                                       0.00                                           640000.00                                       640000.00
                     582                                   20070701                        ARMS                                               No                                                                                      360                                                  360                                                            355                                                     484000.00                                                     484000.00                        First Lien                                                                  0.00                                                  121000.00                                           605000.00                                       610000.00
                     583                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                    3000000.00                                                    3000000.00                        First Lien                                                                  0.00                                                       0.00                                                0.00                                      4700000.00
                     584                                   20070701                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     500000.00                                                     499999.70                        First Lien                                                                  0.00                                                       0.00                                          1165000.00                                      1275000.00
                     585                                   20070701                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     516450.00                                                     516450.00                        First Lien                                                                  0.00                                                   64557.20                                           645572.00                                       655000.00
                     586                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            359                                                    1990000.00                                                    1988156.87                        First Lien                                                                  0.00                                                       0.00                                                0.00                                      4400000.00
                     587                                   20070701                        ARMS                                               No                                                                                      360                                                  360                                                            359                                                     423200.00                                                     423200.00                        First Lien                                                                  0.00                                                       0.00                                           529000.00                                       529000.00
                     588                                   20070701                        ARMS                                               No                                                                                      360                                                  360                                                            359                                                     440000.00                                                     440000.00                        First Lien                                                                  0.00                                                   25025.00                                                0.00                                       550000.00
                     589                                   20070801                        ARMS                                               No                                                                                      480                                                  480                                                            479                                                     454500.00                                                     454255.84                        First Lien                                                                  0.00                                                   40020.00                                                0.00                                       575000.00
                     590                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            359                                                     472500.00                                                     472500.00                        First Lien                                                                  0.00                                                       0.00                                           630000.00                                       635000.00
                     591                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            359                                                     668800.00                                                     668800.00                        First Lien                                                                  0.00                                                  125400.00                                           836000.00                                       836000.00
                     592                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            359                                                     489600.00                                                     489600.00                        First Lien                                                                  0.00                                                   91800.00                                           612000.00                                       612000.00
                     593                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            359                                                     695000.00                                                     695000.00                        First Lien                                                                  0.00                                                       0.00                                           895000.00                                       900000.00
                     594                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            359                                                     892500.00                                                     892500.00                        First Lien                                                                  0.00                                                       0.00                                          1275000.00                                      1275000.00
                     595                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            359                                                     736000.00                                                     736000.00                        First Lien                                                                  0.00                                                       0.00                                                0.00                                      1450000.00
                     596                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            359                                                     464800.00                                                     464409.51                        First Lien                                                                  0.00                                                  116200.00                                           581000.00                                       581000.00
                     597                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            359                                                     447630.00                                                     447630.00                        First Lien                                                                  0.00                                                  111907.60                                           559538.00                                       560000.00
                     598                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     567950.00                                                     567950.00                        First Lien                                                                  0.00                                                       0.00                                           710000.00                                       720000.00
                     599                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     471200.00                                                     471200.00                        First Lien                                                                  0.00                                                       0.00                                           589000.00                                       589000.00
                     600                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     472000.00                                                     472000.00                        First Lien                                                                  0.00                                                       0.00                                           590000.00                                       590000.00
                     601                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     454000.00                                                     454000.00                        First Lien                                                                  0.00                                                       0.00                                                0.00                                       625000.00
                     602                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            359                                                     637600.00                                                     637600.00                        First Lien                                                                  0.00                                                   40009.40                                                0.00                                       797000.00
                     603                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     446000.00                                                     446000.00                        First Lien                                                                  0.00                                                   89488.00                                                0.00                                       595000.00
                     604                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            359                                                     650000.00                                                     650000.00                        First Lien                                                                  0.00                                                       0.00                                                0.00                                      1000000.00
                     605                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            359                                                     427200.00                                                     427200.00                        First Lien                                                                  0.00                                                   80100.00                                                0.00                                       534000.00
                     606                                   20070901                        ARMS                                               No                                                                                      480                                                  480                                                            479                                                     500000.00                                                     500000.00                        First Lien                                                                  0.00                                                       0.00                                                0.00                                       625000.00
                     607                                   20070901                        ARMS                                               No                                                                                      360                                                  360                                                            359                                                     624000.00                                                     624000.00                        First Lien                                                                  0.00                                                       0.00                                                0.00                                       800000.00
                     608                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            359                                                     680000.00                                                     680000.00                        First Lien                                                                  0.00                                                       0.00                                                0.00                                       850000.00
                     609                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            359                                                    1261400.00                                                     817969.79                        First Lien                                                                  0.00                                                       0.00                                          1681875.00                                      1780000.00
                     610                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            359                                                     486000.00                                                     486000.00                        First Lien                                                                  0.00                                                       0.00                                                0.00                                       620000.00
                     611                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            359                                                     500000.00                                                     498917.55                        First Lien                                                                  0.00                                                       0.00                                                0.00                                       625000.00
                     612                                   20070701                        ARMS                                               No                                                                                      360                                                  360                                                            359                                                     508000.00                                                     508000.00                        First Lien                                                                  0.00                                                   88011.00                                                0.00                                       635000.00
                     613                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            359                                                     512000.00                                                     509280.00                        First Lien                                                                  0.00                                                   64000.00                                           640000.00                                       648000.00
                     614                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            359                                                     502800.00                                                     502800.00                        First Lien                                                                  0.00                                                   31425.00                                                0.00                                       628500.00
                     615                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            359                                                     650000.00                                                     650000.00                        First Lien                                                                  0.00                                                       0.00                                           850000.00                                       850000.00
                     616                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     452000.00                                                     452000.00                        First Lien                                                                  0.00                                                       0.00                                           565000.00                                       565000.00
                     617                                   20070701                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     708000.00                                                     707878.88                        First Lien                                                                  0.00                                                       0.00                                                0.00                                       885000.00
                     618                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     940000.00                                                     940000.00                        First Lien                                                                  0.00                                                  159447.50                                                0.00                                      1175000.00
                     619                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            359                                                     864000.00                                                     864000.00                        First Lien                                                                  0.00                                                  216000.00                                          1080000.00                                      1080000.00
                     620                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            359                                                    1112800.00                                                    1112800.00                        First Lien                                                                  0.00                                                  278200.00                                          1391000.00                                      1450000.00
                     621                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            359                                                     620000.00                                                     619506.25                        First Lien                                                                  0.00                                                       0.00                                           985000.00                                      1000000.00
                     622                                   20070701                        ARMS                                               No                                                                                      360                                                  360                                                            359                                                    1000000.00                                                    1000000.00                        First Lien                                                                  0.00                                                  195902.46                                          1299950.00                                      1300000.00
                     623                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            359                                                     452000.00                                                     452000.00                        First Lien                                                                  0.00                                                  113000.00                                                0.00                                       565000.00
                     624                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            359                                                    1000000.00                                                    1000000.00                        First Lien                                                                  0.00                                                       0.00                                          1350000.00                                      1350000.00
                     625                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            359                                                     804000.00                                                     804000.00                        First Lien                                                                  0.00                                                  100500.00                                          1005000.00                                      1005000.00
                     626                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            359                                                     580000.00                                                     580000.00                        First Lien                                                                  0.00                                                   50025.00                                                0.00                                       725000.00
                     627                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     474588.00                                                     474588.00                        First Lien                                                                  0.00                                                       0.00                                           593235.00                                       685000.00
                     628                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     495000.00                                                     495000.00                        First Lien                                                                  0.00                                                       0.00                                                0.00                                       715000.00
                     629                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            358                                                     628656.00                                                     628654.74                        First Lien                                                                  0.00                                                  157164.00                                           785820.00                                       786000.00
                     630                                   20070801                        ARMS                                               No                                                                                      360                                                  360                                                            359                                                     603612.00                                                     603612.00                        First Lien                                                                  0.00                                                   75451.50                                           754515.00                                       769000.00

                LOAN_SEQ                                            LOAN_TO_VALUE                                        COMBO_LTV                        MI                                                     MTG_INS                                               MI_PCT                                                       CURRENT_GROSS_COUPON                                       SERV_FEE                                    MSERV                                LPMI                                          TRUSTEE_FEE                                       TOTAL_STRIP                                                    CURRENT_NET_COUPON                                     PAYMENT
                --------                                            -------------                                        ---------                        --                                                     -------                                               ------                                                       --------------------                                       --------                                    -----                                ----                                          -----------                                       -----------                                                    ------------------                                     -------
                       1                                                    75.00                                            75.00                        No MI                                                  NO MI                                                      0                                                                      6.625                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.435                                     2939.84
                       2                                                    80.00                                            80.00                        No MI                                                  NO MI                                                      0                                                                      6.375                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.185                                     3447.36
                       3                                                    80.00                                            90.00                        No MI                                                  NO MI                                                      0                                                                      6.625                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.435                                     3599.58
                       4                                                    79.88                                            94.85                        No MI                                                  NO MI                                                      0                                                                      6.250                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.060                                     2645.83
                       5                                                    42.86                                            60.71                        No MI                                                  NO MI                                                      0                                                                      6.000                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.810                                     2999.97
                       6                                                    80.00                                            89.99                        No MI                                                  NO MI                                                      0                                                                      6.000                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.810                                     3279.91
                       7                                                    78.35                                            78.35                        No MI                                                  NO MI                                                      0                                                                      6.000                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.810                                     4995.00
                       8                                                    80.00                                           100.00                        No MI                                                  NO MI                                                      0                                                                      6.375                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.185                                     2622.34
                       9                                                    75.00                                            75.00                        No MI                                                  NO MI                                                      0                                                                      6.250                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.060                                     3320.31
                      10                                                    80.00                                           100.00                        No MI                                                  NO MI                                                      0                                                                      7.875                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 7.685                                     2834.48
                      11                                                    57.65                                            57.65                        No MI                                                  NO MI                                                      0                                                                      6.250                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.060                                     2552.08
                      12                                                    80.00                                            80.00                        No MI                                                  NO MI                                                      0                                                                      5.625                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.435                                     2062.50
                      13                                                    58.82                                            58.82                        No MI                                                  NO MI                                                      0                                                                      6.375                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.185                                     5312.50
                      14                                                    32.26                                            32.26                        No MI                                                  NO MI                                                      0                                                                      6.125                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.935                                     3317.71
                      15                                                    80.00                                           100.00                        No MI                                                  NO MI                                                      0                                                                      6.000                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.810                                     2200.00
                      16                                                    80.00                                           100.00                        No MI                                                  NO MI                                                      0                                                                      6.750                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.560                                     4995.00
                      17                                                    80.00                                           100.00                        No MI                                                  NO MI                                                      0                                                                      6.375                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.185                                     2549.96
                      18                                                    75.09                                            75.09                        No MI                                                  NO MI                                                      0                                                                      6.500                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.310                                     3558.75
                      19                                                    80.00                                            90.00                        No MI                                                  NO MI                                                      0                                                                      6.750                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.560                                     2812.50
                      20                                                    80.00                                            80.00                        No MI                                                  NO MI                                                      0                                                                      6.125                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.935                                     3470.83
                      21                                                    80.00                                            94.47                        No MI                                                  NO MI                                                      0                                                                      5.125                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 4.935                                     3211.24
                      22                                                    77.38                                            77.38                        No MI                                                  NO MI                                                      0                                                                      6.875                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.685                                     4270.04
                      23                                                    79.90                                            89.87                        No MI                                                  NO MI                                                      0                                                                      6.500                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.310                                     2692.08
                      24                                                    80.00                                            95.00                        No MI                                                  NO MI                                                      0                                                                      6.750                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.560                                     3492.60
                      25                                                    80.00                                            90.00                        No MI                                                  NO MI                                                      0                                                                      6.750                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.560                                     2947.50
                      26                                                    74.42                                            74.42                        No MI                                                  NO MI                                                      0                                                                      6.750                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.560                                     2905.72
                      27                                                    80.00                                            90.00                        No MI                                                  NO MI                                                      0                                                                      6.750                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.560                                     2677.50
                      28                                                    80.00                                            93.87                        No MI                                                  NO MI                                                      0                                                                      6.875                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.685                                     3139.58
                      29                                                    80.00                                            80.00                        No MI                                                  NO MI                                                      0                                                                      6.125                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.935                                     2695.00
                      30                                                    52.17                                            52.17                        No MI                                                  NO MI                                                      0                                                                      6.500                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.310                                     3320.42
                      31                                                    70.17                                            87.57                        No MI                                                  NO MI                                                      0                                                                      6.625                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.435                                     4455.31
                      32                                                    80.00                                            80.00                        No MI                                                  NO MI                                                      0                                                                      6.625                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.435                                     5079.17
                      33                                                    80.00                                           100.00                        No MI                                                  NO MI                                                      0                                                                      6.875                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.685                                     3300.00
                      34                                                    67.67                                            67.67                        No MI                                                  NO MI                                                      0                                                                      6.625                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.435                                     4968.75
                      35                                                    76.47                                           100.00                        No MI                                                  NO MI                                                      0                                                                      7.875                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 7.685                                     4265.63
                      36                                                    44.00                                            44.00                        No MI                                                  NO MI                                                      0                                                                      6.875                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.685                                     3151.04
                      37                                                    80.00                                            95.00                        No MI                                                  NO MI                                                      0                                                                      7.375                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 7.185                                     3933.33
                      38                                                    80.00                                            90.00                        No MI                                                  NO MI                                                      0                                                                      6.500                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.310                                     4225.00
                      39                                                    80.00                                            90.00                        No MI                                                  NO MI                                                      0                                                                      6.625                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.435                                     4019.17
                      40                                                    80.00                                           100.00                        No MI                                                  NO MI                                                      0                                                                      6.875                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.685                                     2607.92
                      41                                                    80.00                                            87.75                        No MI                                                  NO MI                                                      0                                                                      6.500                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.310                                     2600.00
                      42                                                    79.59                                            79.59                        No MI                                                  NO MI                                                      0                                                                      6.375                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.185                                     2879.78
                      43                                                    80.00                                            86.86                        No MI                                                  NO MI                                                      0                                                                      6.750                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.560                                     2754.00
                      44                                                    80.00                                            80.00                        No MI                                                  NO MI                                                      0                                                                      6.500                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.310                                     3683.33
                      45                                                    80.00                                            90.00                        No MI                                                  NO MI                                                      0                                                                      6.625                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.435                                     3841.87
                      46                                                    80.00                                            80.00                        No MI                                                  NO MI                                                      0                                                                      6.250                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.060                                     3041.67
                      47                                                    80.00                                            90.00                        No MI                                                  NO MI                                                      0                                                                      6.500                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.310                                     3423.33
                      48                                                    79.28                                            79.28                        No MI                                                  NO MI                                                      0                                                                      6.750                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.560                                     4348.13
                      49                                                    79.79                                            94.75                        No MI                                                  NO MI                                                      0                                                                      6.750                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.560                                     2515.50
                      50                                                    75.28                                            75.28                        No MI                                                  NO MI                                                      0                                                                      6.500                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.310                                     3629.17
                      51                                                    80.00                                           100.00                        No MI                                                  NO MI                                                      0                                                                      6.500                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.310                                     3336.67
                      52                                                    80.00                                            90.00                        No MI                                                  NO MI                                                      0                                                                      7.000                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.810                                     3205.21
                      53                                                    15.48                                            15.48                        No MI                                                  NO MI                                                      0                                                                      6.125                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.935                                     3317.71
                      54                                                    80.00                                            90.00                        No MI                                                  NO MI                                                      0                                                                      7.250                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 7.060                                     5147.50
                      55                                                    80.00                                            80.00                        No MI                                                  NO MI                                                      0                                                                      6.375                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.185                                     3244.12
                      56                                                    80.00                                            90.00                        No MI                                                  NO MI                                                      0                                                                      6.625                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.435                                     4306.25
                      57                                                    80.00                                           100.00                        No MI                                                  NO MI                                                      0                                                                      4.875                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 4.685                                     1771.25
                      58                                                    65.63                                            78.19                        No MI                                                  NO MI                                                      0                                                                      6.000                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.810                                     2329.19
                      59                                                    80.00                                            97.00                        No MI                                                  NO MI                                                      0                                                                      6.750                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.560                                     2632.77
                      60                                                    80.00                                            80.00                        No MI                                                  NO MI                                                      0                                                                      6.750                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.560                                     4230.00
                      61                                                    75.00                                            87.30                        No MI                                                  NO MI                                                      0                                                                      6.625                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.435                                     8281.25
                      62                                                    80.00                                            80.00                        No MI                                                  NO MI                                                      0                                                                      7.000                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.810                                     2800.00
                      63                                                    80.00                                            90.00                        No MI                                                  NO MI                                                      0                                                                      7.000                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.810                                     2800.00
                      64                                                    61.40                                            61.40                        No MI                                                  NO MI                                                      0                                                                      6.500                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.310                                     3187.71
                      65                                                    80.00                                            90.00                        No MI                                                  NO MI                                                      0                                                                      6.750                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.560                                     2429.55
                      66                                                    81.58                                            81.58                        Radian Guaranty                                        BPMI                                                      12                                                                      6.500                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.310                                     3358.33
                      67                                                    66.67                                            66.67                        No MI                                                  NO MI                                                      0                                                                      6.750                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.560                                     4500.28
                      68                                                    78.43                                            95.00                        No MI                                                  NO MI                                                      0                                                                      7.250                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 7.060                                     3020.83
                      69                                                    35.14                                            45.95                        No MI                                                  NO MI                                                      0                                                                      6.750                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.560                                     4215.89
                      70                                                    80.00                                            80.00                        No MI                                                  NO MI                                                      0                                                                      7.375                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 7.185                                     4744.58
                      71                                                    52.32                                            52.32                        No MI                                                  NO MI                                                      0                                                                      6.375                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.185                                     5281.07
                      72                                                    78.85                                            78.85                        No MI                                                  NO MI                                                      0                                                                      6.750                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.560                                     2816.34
                      73                                                    80.00                                            80.00                        No MI                                                  NO MI                                                      0                                                                      6.500                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.310                                     3029.00
                      74                                                    80.00                                            90.00                        No MI                                                  NO MI                                                      0                                                                      6.500                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.310                                     2990.00
                      75                                                    80.00                                            86.90                        No MI                                                  NO MI                                                      0                                                                      6.875                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.685                                     2658.33
                      76                                                    80.00                                            90.00                        No MI                                                  NO MI                                                      0                                                                      6.625                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.435                                     2495.42
                      77                                                    74.07                                            90.00                        No MI                                                  NO MI                                                      0                                                                      7.000                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.810                                     5833.33
                      78                                                    80.00                                            99.74                        No MI                                                  NO MI                                                      0                                                                      6.625                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.435                                     3356.67
                      79                                                    80.00                                            80.00                        No MI                                                  NO MI                                                      0                                                                      6.250                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.060                                     3437.50
                      80                                                    80.00                                           100.00                        No MI                                                  NO MI                                                      0                                                                      7.125                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.935                                     5533.75
                      81                                                    80.00                                            84.39                        No MI                                                  NO MI                                                      0                                                                      6.750                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.560                                     3487.50
                      82                                                    75.12                                            75.12                        No MI                                                  NO MI                                                      0                                                                      6.875                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.685                                     4582.76
                      83                                                    80.00                                           100.00                        No MI                                                  NO MI                                                      0                                                                      6.875                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.685                                     3758.33
                      84                                                    69.91                                            69.91                        No MI                                                  NO MI                                                      0                                                                      6.750                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.560                                     2587.50
                      85                                                    80.00                                            80.00                        No MI                                                  NO MI                                                      0                                                                      6.625                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.435                                     3798.33
                      86                                                    80.00                                            89.61                        No MI                                                  NO MI                                                      0                                                                      5.875                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.685                                     2753.26
                      87                                                    80.00                                            80.00                        No MI                                                  NO MI                                                      0                                                                      7.375                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 7.185                                     4914.21
                      88                                                    83.90                                            83.90                        MGIC                                                   BPMI                                                      12                                                                      6.250                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.060                                     2184.90
                      89                                                    74.79                                            74.79                        No MI                                                  NO MI                                                      0                                                                      5.875                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.685                                     2587.98
                      90                                                    80.00                                            90.00                        No MI                                                  NO MI                                                      0                                                                      7.125                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.935                                     5035.00
                      91                                                    80.00                                            80.00                        No MI                                                  NO MI                                                      0                                                                      6.500                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.310                                     3323.67
                      92                                                    80.00                                            89.99                        No MI                                                  NO MI                                                      0                                                                      7.000                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.810                                     3570.00
                      93                                                    37.53                                            37.53                        No MI                                                  NO MI                                                      0                                                                      6.500                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.310                                     4329.67
                      94                                                    80.00                                            80.00                        No MI                                                  NO MI                                                      0                                                                      6.750                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.560                                     2949.75
                      95                                                    55.56                                            55.56                        No MI                                                  NO MI                                                      0                                                                      6.500                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.310                                     3160.34
                      96                                                    74.03                                            74.03                        No MI                                                  NO MI                                                      0                                                                      6.750                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.560                                     3206.25
                      97                                                    80.00                                            95.00                        No MI                                                  NO MI                                                      0                                                                      6.750                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.560                                     2452.50
                      98                                                    80.00                                            80.00                        No MI                                                  NO MI                                                      0                                                                      6.750                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.560                                     3759.21
                      99                                                    80.00                                            90.00                        No MI                                                  NO MI                                                      0                                                                      6.500                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.310                                     3813.33
                     100                                                    80.00                                            95.00                        No MI                                                  NO MI                                                      0                                                                      6.625                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.435                                     2494.98
                     101                                                    80.00                                            90.00                        No MI                                                  NO MI                                                      0                                                                      6.500                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.310                                     2838.33
                     102                                                    80.00                                            80.00                        No MI                                                  NO MI                                                      0                                                                      6.875                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.685                                     3403.13
                     103                                                    80.00                                           100.00                        No MI                                                  NO MI                                                      0                                                                      6.125                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.935                                     2309.64
                     104                                                    80.00                                           100.00                        No MI                                                  NO MI                                                      0                                                                      6.250                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.060                                     2807.67
                     105                                                    80.00                                           100.00                        No MI                                                  NO MI                                                      0                                                                      6.375                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.185                                     2549.79
                     106                                                    70.00                                            70.00                        No MI                                                  NO MI                                                      0                                                                      6.875                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.685                                     2506.51
                     107                                                    80.00                                            94.99                        No MI                                                  NO MI                                                      0                                                                      6.750                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.560                                     2532.94
                     108                                                    90.00                                            90.00                        Republic MIC                                           BPMI                                                      25                                                                      6.875                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.685                                     2784.38
                     109                                                    80.00                                            95.00                        No MI                                                  NO MI                                                      0                                                                      6.375                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.185                                     2443.75
                     110                                                    74.10                                            74.10                        No MI                                                  NO MI                                                      0                                                                      6.625                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.435                                     5244.79
                     111                                                    76.49                                            76.49                        No MI                                                  NO MI                                                      0                                                                      6.750                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.560                                     4194.84
                     112                                                    80.00                                            90.00                        No MI                                                  NO MI                                                      0                                                                      7.500                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 7.310                                     4725.00
                     113                                                    80.00                                            90.00                        No MI                                                  NO MI                                                      0                                                                      6.000                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.810                                     2239.60
                     114                                                    70.65                                            70.65                        No MI                                                  NO MI                                                      0                                                                      6.250                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.060                                     3385.42
                     115                                                    70.28                                            70.28                        No MI                                                  NO MI                                                      0                                                                      6.750                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.560                                     6523.03
                     116                                                    80.00                                            80.00                        No MI                                                  NO MI                                                      0                                                                      6.125                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.935                                     3837.93
                     117                                                    73.86                                            90.00                        No MI                                                  NO MI                                                      0                                                                      6.875                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.685                                     3723.96
                     118                                                    80.00                                            80.00                        No MI                                                  NO MI                                                      0                                                                      6.250                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.060                                     3324.87
                     119                                                    67.77                                            67.77                        No MI                                                  NO MI                                                      0                                                                      6.000                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.810                                     2835.87
                     120                                                    75.00                                            80.00                        No MI                                                  NO MI                                                      0                                                                      6.125                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.935                                     3062.50
                     121                                                    77.61                                            77.61                        No MI                                                  NO MI                                                      0                                                                      5.875                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.685                                     2545.83
                     122                                                    73.80                                            81.19                        No MI                                                  NO MI                                                      0                                                                      6.250                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.060                                     5208.33
                     123                                                    80.00                                            80.00                        No MI                                                  NO MI                                                      0                                                                      6.375                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.185                                     3740.00
                     124                                                    76.00                                            95.00                        No MI                                                  NO MI                                                      0                                                                      6.750                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.560                                     2811.24
                     125                                                    76.92                                            76.92                        No MI                                                  NO MI                                                      0                                                                      6.125                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.935                                     2734.25
                     126                                                    80.00                                           100.00                        No MI                                                  NO MI                                                      0                                                                      7.375                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 7.185                                     2694.33
                     127                                                    80.00                                            80.00                        No MI                                                  NO MI                                                      0                                                                      8.750                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 8.560                                     7000.00
                     128                                                    80.00                                            95.00                        No MI                                                  NO MI                                                      0                                                                      6.125                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.935                                     3307.50
                     129                                                    70.00                                            70.00                        No MI                                                  NO MI                                                      0                                                                      6.250                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.060                                     2369.79
                     130                                                    46.76                                            46.76                        No MI                                                  NO MI                                                      0                                                                      6.625                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.435                                     4389.06
                     131                                                    80.00                                            80.00                        No MI                                                  NO MI                                                      0                                                                      6.500                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.310                                     2881.67
                     132                                                    72.27                                            72.27                        No MI                                                  NO MI                                                      0                                                                      7.375                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 7.185                                     5490.87
                     133                                                    80.00                                            89.98                        No MI                                                  NO MI                                                      0                                                                      5.000                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 4.810                                     1823.23
                     134                                                    70.35                                            70.35                        No MI                                                  NO MI                                                      0                                                                      6.750                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.560                                     2374.31
                     135                                                    80.00                                            80.00                        No MI                                                  NO MI                                                      0                                                                      5.125                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 4.935                                     2492.34
                     136                                                    80.00                                            80.00                        No MI                                                  NO MI                                                      0                                                                      6.500                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.310                                     3817.69
                     137                                                    80.00                                            90.00                        No MI                                                  NO MI                                                      0                                                                      6.125                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.935                                     2606.56
                     138                                                    80.00                                            90.00                        No MI                                                  NO MI                                                      0                                                                      6.250                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.060                                     2604.17
                     139                                                    80.00                                            87.47                        No MI                                                  NO MI                                                      0                                                                      6.125                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.935                                     4644.79
                     140                                                    80.00                                            90.00                        No MI                                                  NO MI                                                      0                                                                      6.500                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.310                                     3211.00
                     141                                                    80.00                                           100.00                        No MI                                                  NO MI                                                      0                                                                      6.750                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.560                                     2429.39
                     142                                                    80.00                                            90.00                        No MI                                                  NO MI                                                      0                                                                      5.625                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.435                                     2249.96
                     143                                                    51.76                                            51.76                        No MI                                                  NO MI                                                      0                                                                      5.250                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.060                                     4812.50
                     144                                                    80.00                                            80.00                        No MI                                                  NO MI                                                      0                                                                      5.875                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.685                                     2976.67
                     145                                                    80.00                                            90.00                        No MI                                                  NO MI                                                      0                                                                      6.750                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.560                                     2599.81
                     146                                                    70.11                                            91.75                        No MI                                                  NO MI                                                      0                                                                      6.250                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.060                                     2446.51
                     147                                                    80.00                                            80.00                        No MI                                                  NO MI                                                      0                                                                      5.625                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.435                                     2381.25
                     148                                                    64.18                                            64.18                        No MI                                                  NO MI                                                      0                                                                      6.125                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.935                                     5104.16
                     149                                                    80.00                                            80.00                        No MI                                                  NO MI                                                      0                                                                      5.625                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.435                                     3337.50
                     150                                                    63.65                                            63.65                        No MI                                                  NO MI                                                      0                                                                      6.875                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.685                                     2721.35
                     151                                                    80.00                                            80.00                        No MI                                                  NO MI                                                      0                                                                      7.000                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.810                                     2914.02
                     152                                                    80.00                                            80.00                        No MI                                                  NO MI                                                      0                                                                      6.125                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.935                                     2266.25
                     153                                                    80.00                                            90.00                        No MI                                                  NO MI                                                      0                                                                      6.125                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.935                                     2838.76
                     154                                                    80.00                                            80.00                        No MI                                                  NO MI                                                      0                                                                      6.500                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.310                                     3033.33
                     155                                                    70.59                                            70.59                        No MI                                                  NO MI                                                      0                                                                      6.250                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.060                                     3125.00
                     156                                                    80.00                                           100.00                        No MI                                                  NO MI                                                      0                                                                      7.625                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 7.435                                     3507.50
                     157                                                    80.00                                            95.00                        No MI                                                  NO MI                                                      0                                                                      7.625                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 7.435                                     3075.42
                     158                                                    80.00                                            95.00                        No MI                                                  NO MI                                                      0                                                                      6.375                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.185                                     2656.25
                     159                                                    80.00                                            95.00                        No MI                                                  NO MI                                                      0                                                                      6.500                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.310                                     2660.67
                     160                                                    80.00                                            90.00                        No MI                                                  NO MI                                                      0                                                                      6.250                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.060                                     3208.33
                     161                                                    80.00                                            90.00                        No MI                                                  NO MI                                                      0                                                                      6.625                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.435                                     2747.17
                     162                                                    80.00                                            80.00                        No MI                                                  NO MI                                                      0                                                                      6.500                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.310                                     3033.93
                     163                                                    80.00                                            90.00                        No MI                                                  NO MI                                                      0                                                                      6.375                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.185                                     3503.65
                     164                                                    86.83                                            86.83                        United Guaranty                                        BPMI                                                      25                                                                      5.000                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 4.810                                     1812.50
                     165                                                    80.00                                           100.00                        No MI                                                  NO MI                                                      0                                                                      4.875                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 4.685                                     1967.76
                     166                                                    77.72                                            77.72                        No MI                                                  NO MI                                                      0                                                                      6.250                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.060                                     3278.65
                     167                                                    57.32                                            57.32                        No MI                                                  NO MI                                                      0                                                                      5.500                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.310                                     7346.63
                     168                                                    64.91                                            64.91                        No MI                                                  NO MI                                                      0                                                                      6.375                                          0.375                                    0.000                               0.000                                                0.015                                             0.390                                                                 5.985                                     5689.69
                     169                                                    69.99                                            69.99                        No MI                                                  NO MI                                                      0                                                                      6.375                                          0.375                                    0.000                               0.000                                                0.015                                             0.390                                                                 5.985                                     1115.10
                     170                                                    63.21                                            63.21                        No MI                                                  NO MI                                                      0                                                                      6.250                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.060                                     5333.33
                     171                                                    80.00                                            80.00                        No MI                                                  NO MI                                                      0                                                                      6.375                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.185                                     3230.00
                     172                                                    79.15                                            79.15                        No MI                                                  NO MI                                                      0                                                                      6.250                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.060                                     3648.42
                     173                                                    93.09                                            93.09                        PMI                                                    BPMI                                                      30                                                                      6.875                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.685                                     3346.58
                     174                                                    80.00                                            95.00                        No MI                                                  NO MI                                                      0                                                                      6.000                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.810                                     3154.10
                     175                                                    80.00                                            80.00                        No MI                                                  NO MI                                                      0                                                                      6.375                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.185                                     2847.50
                     176                                                    80.00                                            90.00                        No MI                                                  NO MI                                                      0                                                                      5.750                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.560                                     5672.33
                     177                                                    80.00                                            80.00                        No MI                                                  NO MI                                                      0                                                                      6.875                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.685                                     2658.33
                     178                                                    80.00                                            85.08                        No MI                                                  NO MI                                                      0                                                                      7.625                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 7.435                                     3227.92
                     179                                                    79.52                                            79.52                        No MI                                                  NO MI                                                      0                                                                      7.000                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.810                                     3850.00
                     180                                                    80.00                                            80.00                        No MI                                                  NO MI                                                      0                                                                      7.125                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.935                                     3515.00
                     181                                                    80.00                                            80.00                        No MI                                                  NO MI                                                      0                                                                      6.750                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.560                                     4254.80
                     182                                                    48.85                                            57.46                        No MI                                                  NO MI                                                      0                                                                      6.875                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.685                                     3638.02
                     183                                                    80.00                                           100.00                        No MI                                                  NO MI                                                      0                                                                      6.125                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.935                                     2437.03
                     184                                                    80.00                                            80.00                        No MI                                                  NO MI                                                      0                                                                      6.250                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.060                                     3229.17
                     185                                                    43.48                                            63.04                        No MI                                                  NO MI                                                      0                                                                      6.625                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.435                                     2760.42
                     186                                                    76.74                                            76.74                        No MI                                                  NO MI                                                      0                                                                      6.875                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.685                                     2835.94
                     187                                                    89.11                                            89.11                        Republic MIC                                           LPMI                                                      25                                                                      6.750                                          0.175                                    0.000                               0.490                                                0.015                                             0.680                                                                 6.070                                     2531.25
                     188                                                    80.00                                            95.00                        No MI                                                  NO MI                                                      0                                                                      7.000                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.810                                     2520.00
                     189                                                    70.35                                            70.35                        No MI                                                  NO MI                                                      0                                                                      6.750                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.560                                     7301.25
                     190                                                    55.66                                            55.66                        No MI                                                  NO MI                                                      0                                                                      6.750                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.560                                     6887.53
                     191                                                    15.95                                            15.95                        No MI                                                  NO MI                                                      0                                                                      6.625                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.435                                     3312.50
                     192                                                    80.00                                            95.00                        No MI                                                  NO MI                                                      0                                                                      7.000                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.810                                     3033.33
                     193                                                    28.99                                            28.99                        No MI                                                  NO MI                                                      0                                                                      6.750                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.560                                     2812.50
                     194                                                    56.98                                            56.98                        No MI                                                  NO MI                                                      0                                                                      6.750                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.560                                     8814.38
                     195                                                    80.00                                            80.00                        No MI                                                  NO MI                                                      0                                                                      6.875                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.685                                     2979.17
                     196                                                    80.00                                            80.00                        No MI                                                  NO MI                                                      0                                                                      5.500                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.310                                     4102.31
                     197                                                    77.50                                            77.50                        No MI                                                  NO MI                                                      0                                                                      6.625                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.435                                     2567.19
                     198                                                    79.14                                            79.14                        No MI                                                  NO MI                                                      0                                                                      6.250                                          0.375                                    0.000                               0.000                                                0.015                                             0.390                                                                 5.860                                     1383.83
                     199                                                    80.00                                            80.00                        No MI                                                  NO MI                                                      0                                                                      6.875                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.685                                     2497.92
                     200                                                    72.95                                            72.95                        No MI                                                  NO MI                                                      0                                                                      6.875                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.685                                     3050.78
                     201                                                    66.47                                            75.00                        No MI                                                  NO MI                                                      0                                                                      6.625                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.435                                     3486.41
                     202                                                    75.00                                            90.00                        No MI                                                  NO MI                                                      0                                                                      7.250                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 7.060                                     4757.81
                     203                                                    74.97                                            89.56                        No MI                                                  NO MI                                                      0                                                                      6.875                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.685                                     3414.58
                     204                                                    73.50                                            73.50                        No MI                                                  NO MI                                                      0                                                                      6.625                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.435                                     5396.89
                     205                                                    79.31                                            79.31                        No MI                                                  NO MI                                                      0                                                                      6.000                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.810                                     2875.00
                     206                                                    80.00                                            80.00                        No MI                                                  NO MI                                                      0                                                                      6.750                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.560                                     3465.00
                     207                                                    80.00                                           100.00                        No MI                                                  NO MI                                                      0                                                                      6.625                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.435                                     2954.75
                     208                                                    68.81                                            68.81                        No MI                                                  NO MI                                                      0                                                                      7.000                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.810                                     5419.17
                     209                                                    75.95                                            75.95                        No MI                                                  NO MI                                                      0                                                                      5.750                                          0.375                                    0.000                               0.000                                                0.015                                             0.390                                                                 5.360                                     2181.17
                     210                                                    80.00                                            90.00                        No MI                                                  NO MI                                                      0                                                                      5.625                                          0.375                                    0.000                               0.000                                                0.015                                             0.390                                                                 5.235                                     2850.00
                     211                                                    79.27                                            86.59                        No MI                                                  NO MI                                                      0                                                                      6.750                                          0.375                                    0.000                               0.000                                                0.015                                             0.390                                                                 6.360                                     3656.25
                     212                                                    80.00                                            95.00                        No MI                                                  NO MI                                                      0                                                                      6.250                                          0.375                                    0.000                               0.000                                                0.015                                             0.390                                                                 5.860                                     2750.00
                     213                                                    70.00                                            70.00                        No MI                                                  NO MI                                                      0                                                                      6.500                                          0.375                                    0.000                               0.000                                                0.015                                             0.390                                                                 6.110                                     2411.31
                     214                                                    80.00                                            90.00                        No MI                                                  NO MI                                                      0                                                                      6.625                                          0.375                                    0.000                               0.000                                                0.015                                             0.390                                                                 6.235                                     1236.67
                     215                                                    75.00                                            75.00                        No MI                                                  NO MI                                                      0                                                                      5.875                                          0.375                                    0.000                               0.000                                                0.015                                             0.390                                                                 5.485                                      807.81
                     216                                                    76.22                                            87.33                        No MI                                                  NO MI                                                      0                                                                      6.000                                          0.375                                    0.000                               0.000                                                0.015                                             0.390                                                                 5.610                                     3430.00
                     217                                                    56.17                                            69.75                        No MI                                                  NO MI                                                      0                                                                      5.750                                          0.375                                    0.000                               0.000                                                0.015                                             0.390                                                                 5.360                                     2179.87
                     218                                                    77.73                                            77.73                        No MI                                                  NO MI                                                      0                                                                      6.500                                          0.375                                    0.000                               0.000                                                0.015                                             0.390                                                                 6.110                                     1852.50
                     219                                                    72.15                                            72.15                        No MI                                                  NO MI                                                      0                                                                      6.250                                          0.375                                    0.000                               0.000                                                0.015                                             0.390                                                                 5.860                                     2421.88
                     220                                                    80.00                                            85.28                        No MI                                                  NO MI                                                      0                                                                      7.125                                          0.375                                    0.000                               0.000                                                0.015                                             0.390                                                                 6.735                                     4085.43
                     221                                                    80.00                                            90.00                        No MI                                                  NO MI                                                      0                                                                      7.125                                          0.375                                    0.000                               0.000                                                0.015                                             0.390                                                                 6.735                                     2921.25
                     222                                                    73.57                                            73.57                        No MI                                                  NO MI                                                      0                                                                      6.000                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.810                                     2630.00
                     223                                                    80.00                                            80.00                        No MI                                                  NO MI                                                      0                                                                      6.125                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.935                                     3140.08
                     224                                                    65.00                                            89.93                        No MI                                                  NO MI                                                      0                                                                      6.500                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.310                                     3517.31
                     225                                                    79.99                                            79.99                        No MI                                                  NO MI                                                      0                                                                      7.000                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.810                                     3359.42
                     226                                                    70.92                                            70.92                        No MI                                                  NO MI                                                      0                                                                      5.250                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.060                                     2187.50
                     227                                                    68.55                                            68.55                        No MI                                                  NO MI                                                      0                                                                      5.250                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.060                                     2279.38
                     228                                                    80.00                                            89.99                        No MI                                                  NO MI                                                      0                                                                      6.625                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.435                                     2461.19
                     229                                                    74.47                                            74.47                        No MI                                                  NO MI                                                      0                                                                      6.750                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.560                                     3937.50
                     230                                                    39.63                                            39.63                        No MI                                                  NO MI                                                      0                                                                      6.375                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.185                                     5631.25
                     231                                                    80.00                                            80.00                        No MI                                                  NO MI                                                      0                                                                      6.375                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.185                                     2337.50
                     232                                                    80.00                                            87.88                        No MI                                                  NO MI                                                      0                                                                      6.875                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.685                                     3781.25
                     233                                                    63.77                                            63.77                        No MI                                                  NO MI                                                      0                                                                      6.500                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.310                                     2781.10
                     234                                                    80.00                                            90.00                        No MI                                                  NO MI                                                      0                                                                      6.500                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.310                                     3640.71
                     235                                                    55.56                                            55.56                        No MI                                                  NO MI                                                      0                                                                      5.625                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.435                                     2929.69
                     236                                                    75.00                                            75.00                        No MI                                                  NO MI                                                      0                                                                      6.375                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.185                                     3415.44
                     237                                                    80.00                                            90.00                        No MI                                                  NO MI                                                      0                                                                      5.750                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.560                                     2227.17
                     238                                                    75.17                                            75.17                        No MI                                                  NO MI                                                      0                                                                      6.750                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.560                                     2663.85
                     239                                                    79.98                                            79.98                        No MI                                                  NO MI                                                      0                                                                      6.625                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.435                                     3311.84
                     240                                                    62.24                                            62.24                        No MI                                                  NO MI                                                      0                                                                      5.750                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.560                                     3578.89
                     241                                                    29.28                                            29.28                        No MI                                                  NO MI                                                      0                                                                      6.375                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.185                                     3577.97
                     242                                                    80.00                                            95.00                        No MI                                                  NO MI                                                      0                                                                      5.125                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 4.935                                     2323.33
                     243                                                    62.83                                            62.83                        No MI                                                  NO MI                                                      0                                                                      6.250                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.060                                     2246.88
                     244                                                    80.00                                            80.00                        No MI                                                  NO MI                                                      0                                                                      5.875                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.685                                     2526.25
                     245                                                    80.00                                            89.99                        No MI                                                  NO MI                                                      0                                                                      6.125                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.935                                     2554.13
                     246                                                    68.97                                            86.21                        No MI                                                  NO MI                                                      0                                                                      6.250                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.060                                     5208.33
                     247                                                    59.09                                            59.09                        No MI                                                  NO MI                                                      0                                                                      5.750                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.560                                     3108.32
                     248                                                    80.00                                            80.00                        No MI                                                  NO MI                                                      0                                                                      6.250                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.060                                     2854.17
                     249                                                    80.00                                            80.00                        No MI                                                  NO MI                                                      0                                                                      5.750                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.560                                     2606.67
                     250                                                    80.00                                            80.00                        No MI                                                  NO MI                                                      0                                                                      6.500                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.310                                     4820.83
                     251                                                    80.00                                            94.91                        No MI                                                  NO MI                                                      0                                                                      6.500                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.310                                     3076.66
                     252                                                    80.00                                           100.00                        No MI                                                  NO MI                                                      0                                                                      6.875                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.685                                     3804.17
                     253                                                    80.00                                            89.20                        No MI                                                  NO MI                                                      0                                                                      6.250                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.060                                     3666.67
                     254                                                    80.00                                            80.00                        No MI                                                  NO MI                                                      0                                                                      6.500                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.310                                     3141.67
                     255                                                    80.00                                            80.00                        No MI                                                  NO MI                                                      0                                                                      6.125                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.935                                     3470.83
                     256                                                    77.89                                            77.89                        No MI                                                  NO MI                                                      0                                                                      6.250                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.060                                     3854.17
                     257                                                    59.09                                            59.09                        No MI                                                  NO MI                                                      0                                                                      6.250                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.060                                     3373.32
                     258                                                    69.60                                            69.60                        No MI                                                  NO MI                                                      0                                                                      6.375                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.185                                     3453.13
                     259                                                    80.00                                            80.00                        No MI                                                  NO MI                                                      0                                                                      6.250                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.060                                     2358.33
                     260                                                    78.12                                            78.12                        No MI                                                  NO MI                                                      0                                                                      5.875                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.685                                     2447.92
                     261                                                    79.99                                            99.98                        No MI                                                  NO MI                                                      0                                                                      5.500                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.310                                     1998.10
                     262                                                    70.00                                            70.00                        No MI                                                  NO MI                                                      0                                                                      5.875                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.685                                     2608.68
                     263                                                    80.00                                            80.00                        No MI                                                  NO MI                                                      0                                                                      6.250                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.060                                     3020.83
                     264                                                    67.78                                            67.78                        No MI                                                  NO MI                                                      0                                                                      5.750                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.560                                     2922.92
                     265                                                    80.00                                            88.90                        No MI                                                  NO MI                                                      0                                                                      5.000                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 4.810                                     1833.33
                     266                                                    73.33                                            73.33                        No MI                                                  NO MI                                                      0                                                                      6.000                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.810                                     2750.01
                     267                                                    59.07                                            59.07                        No MI                                                  NO MI                                                      0                                                                      5.875                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.685                                     4048.85
                     268                                                    80.00                                            80.00                        No MI                                                  NO MI                                                      0                                                                      6.625                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.435                                     2479.31
                     269                                                    80.00                                            80.00                        No MI                                                  NO MI                                                      0                                                                      6.875                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.685                                     2497.92
                     270                                                    56.78                                            75.49                        No MI                                                  NO MI                                                      0                                                                      5.875                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.685                                     2501.73
                     271                                                    79.18                                            79.18                        No MI                                                  NO MI                                                      0                                                                      6.250                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.060                                     4010.13
                     272                                                    59.58                                            59.58                        No MI                                                  NO MI                                                      0                                                                      6.250                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.060                                     3723.96
                     273                                                    77.50                                            77.50                        No MI                                                  NO MI                                                      0                                                                      5.875                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.685                                     4553.13
                     274                                                    80.00                                            80.00                        No MI                                                  NO MI                                                      0                                                                      6.625                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.435                                     3055.67
                     275                                                    73.33                                            88.46                        No MI                                                  NO MI                                                      0                                                                      6.875                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.685                                     5041.67
                     276                                                    73.96                                            90.00                        No MI                                                  NO MI                                                      0                                                                      6.625                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.435                                     3135.83
                     277                                                    80.00                                            92.75                        No MI                                                  NO MI                                                      0                                                                      6.375                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.185                                     2781.10
                     278                                                    39.39                                            39.39                        No MI                                                  NO MI                                                      0                                                                      6.875                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.685                                     3723.96
                     279                                                    80.00                                            90.00                        No MI                                                  NO MI                                                      0                                                                      7.000                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.810                                     2963.33
                     280                                                    44.44                                            44.44                        No MI                                                  NO MI                                                      0                                                                      6.250                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.060                                     2603.86
                     281                                                    80.00                                            80.00                        No MI                                                  NO MI                                                      0                                                                      6.500                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.310                                     3358.33
                     282                                                    75.00                                            75.00                        No MI                                                  NO MI                                                      0                                                                      6.375                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.185                                    10259.77
                     283                                                    80.00                                            92.17                        No MI                                                  NO MI                                                      0                                                                      6.000                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.810                                     3460.00
                     284                                                    80.00                                            86.54                        No MI                                                  NO MI                                                      0                                                                      5.875                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.685                                     2996.25
                     285                                                    79.15                                            94.18                        No MI                                                  NO MI                                                      0                                                                      6.250                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.060                                     3401.04
                     286                                                    80.00                                            80.00                        No MI                                                  NO MI                                                      0                                                                      6.250                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.060                                     3437.50
                     287                                                    80.00                                            95.00                        No MI                                                  NO MI                                                      0                                                                      6.500                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.310                                     2595.67
                     288                                                    79.90                                            89.94                        No MI                                                  NO MI                                                      0                                                                      6.500                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.310                                     2542.90
                     289                                                    69.61                                            69.61                        No MI                                                  NO MI                                                      0                                                                      6.125                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.935                                     3645.66
                     290                                                    68.42                                            75.00                        No MI                                                  NO MI                                                      0                                                                      6.750                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.560                                     3656.25
                     291                                                    71.49                                            71.49                        No MI                                                  NO MI                                                      0                                                                      6.250                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.060                                     4243.46
                     292                                                    80.00                                            87.30                        No MI                                                  NO MI                                                      0                                                                      6.250                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.060                                     2395.83
                     293                                                    80.00                                            80.00                        No MI                                                  NO MI                                                      0                                                                      6.250                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.060                                     3778.46
                     294                                                    80.00                                            88.41                        No MI                                                  NO MI                                                      0                                                                      6.250                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.060                                     2875.00
                     295                                                    80.00                                            95.00                        No MI                                                  NO MI                                                      0                                                                      6.625                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.435                                     2318.75
                     296                                                    80.00                                           100.00                        No MI                                                  NO MI                                                      0                                                                      6.000                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.810                                     2949.79
                     297                                                    70.64                                            80.00                        No MI                                                  NO MI                                                      0                                                                      6.000                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.810                                     4945.00
                     298                                                    52.63                                            52.63                        No MI                                                  NO MI                                                      0                                                                      6.250                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.060                                     5208.33
                     299                                                    76.00                                            76.00                        No MI                                                  NO MI                                                      0                                                                      6.250                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.060                                     3958.33
                     300                                                    80.00                                            95.00                        No MI                                                  NO MI                                                      0                                                                      6.375                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.185                                     2337.50
                     301                                                    80.00                                            80.00                        No MI                                                  NO MI                                                      0                                                                      6.625                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.435                                     3665.83
                     302                                                    68.18                                            68.18                        No MI                                                  NO MI                                                      0                                                                      6.750                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.560                                     3375.00
                     303                                                    80.00                                            80.00                        No MI                                                  NO MI                                                      0                                                                      6.375                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.185                                     2656.25
                     304                                                    69.92                                            69.92                        No MI                                                  NO MI                                                      0                                                                      6.000                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.810                                     3487.50
                     305                                                    51.59                                            51.59                        No MI                                                  NO MI                                                      0                                                                      6.125                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.935                                     3317.71
                     306                                                    77.57                                            77.57                        No MI                                                  NO MI                                                      0                                                                      5.875                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.685                                     2807.22
                     307                                                    80.00                                            80.00                        No MI                                                  NO MI                                                      0                                                                      6.750                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.560                                     2754.00
                     308                                                    80.00                                            80.00                        No MI                                                  NO MI                                                      0                                                                      6.000                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.810                                     2180.00
                     309                                                    80.00                                            95.00                        No MI                                                  NO MI                                                      0                                                                      6.000                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.810                                     2760.00
                     310                                                    75.00                                            75.00                        No MI                                                  NO MI                                                      0                                                                      6.000                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.810                                     2100.00
                     311                                                    80.00                                            80.00                        No MI                                                  NO MI                                                      0                                                                      6.250                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.060                                     2740.83
                     312                                                    80.00                                            90.00                        No MI                                                  NO MI                                                      0                                                                      6.500                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.310                                     2903.29
                     313                                                    80.00                                            90.00                        No MI                                                  NO MI                                                      0                                                                      5.000                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 4.810                                     1791.40
                     314                                                    80.00                                            80.00                        No MI                                                  NO MI                                                      0                                                                      5.875                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.685                                     3916.67
                     315                                                    80.00                                            90.00                        No MI                                                  NO MI                                                      0                                                                      5.875                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.685                                     2408.75
                     316                                                    80.00                                            90.27                        No MI                                                  NO MI                                                      0                                                                      6.125                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.935                                     3348.33
                     317                                                    65.51                                            65.51                        No MI                                                  NO MI                                                      0                                                                      5.875                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.685                                     3143.13
                     318                                                    80.00                                            90.00                        No MI                                                  NO MI                                                      0                                                                      6.375                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.185                                     3229.99
                     319                                                    77.92                                            90.00                        No MI                                                  NO MI                                                      0                                                                      6.125                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.935                                     2485.64
                     320                                                    75.00                                            75.00                        No MI                                                  NO MI                                                      0                                                                      6.375                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.185                                     4658.73
                     321                                                    80.00                                            95.00                        No MI                                                  NO MI                                                      0                                                                      6.875                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.685                                     4349.58
                     322                                                    70.00                                            70.00                        No MI                                                  NO MI                                                      0                                                                      6.125                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.935                                     3822.12
                     323                                                    58.48                                            70.18                        No MI                                                  NO MI                                                      0                                                                      5.500                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.310                                     4580.49
                     324                                                    69.33                                            69.33                        No MI                                                  NO MI                                                      0                                                                      5.875                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.685                                     2545.83
                     325                                                    74.94                                            74.94                        No MI                                                  NO MI                                                      0                                                                      5.875                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.685                                     2898.33
                     326                                                    80.00                                            90.00                        No MI                                                  NO MI                                                      0                                                                      6.750                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.560                                     2745.00
                     327                                                    80.00                                            94.15                        No MI                                                  NO MI                                                      0                                                                      6.000                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.810                                     2120.00
                     328                                                    80.00                                            80.00                        No MI                                                  NO MI                                                      0                                                                      6.375                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.185                                     4026.30
                     329                                                    62.98                                            62.98                        No MI                                                  NO MI                                                      0                                                                      6.375                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.185                                     3453.13
                     330                                                    80.00                                            80.00                        No MI                                                  NO MI                                                      0                                                                      6.500                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.310                                     3466.67
                     331                                                    79.12                                            79.12                        No MI                                                  NO MI                                                      0                                                                      6.375                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.185                                     3356.42
                     332                                                    61.80                                            61.80                        No MI                                                  NO MI                                                      0                                                                      6.250                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.060                                     3968.75
                     333                                                    55.81                                            59.55                        No MI                                                  NO MI                                                      0                                                                      6.500                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.310                                     4034.72
                     334                                                    75.69                                            75.69                        No MI                                                  NO MI                                                      0                                                                      6.375                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.185                                     3418.06
                     335                                                    80.00                                            90.00                        No MI                                                  NO MI                                                      0                                                                      5.500                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.310                                     2676.67
                     336                                                    36.25                                            36.25                        No MI                                                  NO MI                                                      0                                                                      6.375                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.185                                     3840.94
                     337                                                    80.00                                            87.60                        No MI                                                  NO MI                                                      0                                                                      6.250                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.060                                     3111.50
                     338                                                    80.00                                            90.00                        No MI                                                  NO MI                                                      0                                                                      6.250                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.060                                     3750.00
                     339                                                    80.00                                           100.00                        No MI                                                  NO MI                                                      0                                                                      6.000                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.810                                     3432.00
                     340                                                    80.00                                            80.00                        No MI                                                  NO MI                                                      0                                                                      6.000                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.810                                     3100.00
                     341                                                    80.00                                            90.00                        No MI                                                  NO MI                                                      0                                                                      5.875                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.685                                     2310.83
                     342                                                    80.00                                            80.00                        No MI                                                  NO MI                                                      0                                                                      6.375                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.185                                     2252.50
                     343                                                    68.38                                            68.38                        No MI                                                  NO MI                                                      0                                                                      6.125                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.935                                     4415.10
                     344                                                    75.00                                            75.00                        No MI                                                  NO MI                                                      0                                                                      5.500                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.310                                     2667.50
                     345                                                    80.00                                            80.00                        No MI                                                  NO MI                                                      0                                                                      5.750                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.560                                     3079.78
                     346                                                    80.00                                            90.00                        No MI                                                  NO MI                                                      0                                                                      6.125                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.935                                     3368.75
                     347                                                    78.18                                            87.95                        No MI                                                  NO MI                                                      0                                                                      6.750                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.560                                     3869.15
                     348                                                    80.00                                            95.00                        No MI                                                  NO MI                                                      0                                                                      6.375                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.185                                     3697.50
                     349                                                    80.00                                            90.00                        No MI                                                  NO MI                                                      0                                                                      5.625                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.435                                     2924.10
                     350                                                    80.00                                            80.00                        No MI                                                  NO MI                                                      0                                                                      6.125                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.935                                     3103.33
                     351                                                    53.57                                            53.57                        No MI                                                  NO MI                                                      0                                                                      6.125                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.935                                     3645.66
                     352                                                    80.00                                            90.00                        No MI                                                  NO MI                                                      0                                                                      5.750                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.560                                     3168.63
                     353                                                    80.00                                            80.00                        No MI                                                  NO MI                                                      0                                                                      6.250                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.060                                     3177.10
                     354                                                    41.72                                            41.72                        No MI                                                  NO MI                                                      0                                                                      5.500                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.310                                     7817.85
                     355                                                    80.00                                            82.92                        No MI                                                  NO MI                                                      0                                                                      6.125                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.935                                     4900.00
                     356                                                    80.00                                            80.00                        No MI                                                  NO MI                                                      0                                                                      6.000                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.810                                     4800.00
                     357                                                    26.00                                            26.00                        No MI                                                  NO MI                                                      0                                                                      6.250                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.060                                     4002.16
                     358                                                    59.09                                            59.09                        No MI                                                  NO MI                                                      0                                                                      6.000                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.810                                     3250.00
                     359                                                    67.96                                            67.96                        No MI                                                  NO MI                                                      0                                                                      5.500                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.310                                     9646.74
                     360                                                    71.14                                            71.14                        No MI                                                  NO MI                                                      0                                                                      6.000                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.810                                     3725.17
                     361                                                    69.44                                            69.44                        No MI                                                  NO MI                                                      0                                                                      6.000                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.810                                     2500.00
                     362                                                    80.00                                            80.00                        No MI                                                  NO MI                                                      0                                                                      6.625                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.435                                     3356.67
                     363                                                    80.00                                            80.00                        No MI                                                  NO MI                                                      0                                                                      6.125                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.935                                     3164.58
                     364                                                    75.79                                            80.00                        No MI                                                  NO MI                                                      0                                                                      5.750                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.560                                     4791.67
                     365                                                    80.00                                            95.00                        No MI                                                  NO MI                                                      0                                                                      6.375                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.185                                     3825.00
                     366                                                    80.00                                            90.00                        No MI                                                  NO MI                                                      0                                                                      6.250                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.060                                     3750.00
                     367                                                    73.85                                            73.85                        No MI                                                  NO MI                                                      0                                                                      6.500                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.310                                     3800.20
                     368                                                    80.00                                            99.60                        No MI                                                  NO MI                                                      0                                                                      6.625                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.435                                     3334.58
                     369                                                    64.86                                            64.86                        No MI                                                  NO MI                                                      0                                                                      6.125                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.935                                    12250.00
                     370                                                    80.00                                            90.00                        No MI                                                  NO MI                                                      0                                                                      6.500                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.310                                     4657.07
                     371                                                    80.00                                            90.00                        No MI                                                  NO MI                                                      0                                                                      5.000                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 4.810                                     3972.97
                     372                                                    80.00                                            95.00                        No MI                                                  NO MI                                                      0                                                                      6.750                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.560                                     3585.62
                     373                                                    80.00                                            80.00                        No MI                                                  NO MI                                                      0                                                                      6.375                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.185                                     3290.35
                     374                                                    80.00                                            80.00                        No MI                                                  NO MI                                                      0                                                                      6.250                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.060                                     3645.83
                     375                                                    80.00                                            80.00                        No MI                                                  NO MI                                                      0                                                                      6.250                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.060                                     4062.50
                     376                                                    75.96                                            75.96                        No MI                                                  NO MI                                                      0                                                                      5.250                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.060                                     4375.00
                     377                                                    79.86                                            96.39                        No MI                                                  NO MI                                                      0                                                                      5.500                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.310                                     2126.67
                     378                                                    80.00                                           100.00                        No MI                                                  NO MI                                                      0                                                                      4.875                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 4.685                                     1748.09
                     379                                                    80.00                                            80.00                        No MI                                                  NO MI                                                      0                                                                      6.125                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.935                                     3157.64
                     380                                                    80.00                                            80.00                        No MI                                                  NO MI                                                      0                                                                      6.250                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.060                                     4125.00
                     381                                                    76.89                                            76.89                        No MI                                                  NO MI                                                      0                                                                      6.250                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.060                                     4204.69
                     382                                                    80.00                                            90.00                        No MI                                                  NO MI                                                      0                                                                      6.875                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.685                                     3738.93
                     383                                                    70.00                                            70.00                        No MI                                                  NO MI                                                      0                                                                      5.875                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.685                                     5140.63
                     384                                                    80.00                                            94.99                        No MI                                                  NO MI                                                      0                                                                      6.125                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.935                                     2490.58
                     385                                                    80.00                                           100.00                        No MI                                                  NO MI                                                      0                                                                      6.750                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.560                                     2610.00
                     386                                                    73.89                                            73.89                        No MI                                                  NO MI                                                      0                                                                      6.000                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.810                                     3503.71
                     387                                                    75.00                                            75.00                        No MI                                                  NO MI                                                      0                                                                      6.000                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.810                                     3671.25
                     388                                                    80.00                                           100.00                        No MI                                                  NO MI                                                      0                                                                      5.625                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.435                                     1976.25
                     389                                                    80.00                                            90.00                        No MI                                                  NO MI                                                      0                                                                      6.125                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.935                                     2488.79
                     390                                                    80.00                                            80.00                        No MI                                                  NO MI                                                      0                                                                      5.750                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.560                                     2606.67
                     391                                                    79.98                                            79.98                        No MI                                                  NO MI                                                      0                                                                      5.875                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.685                                     4173.89
                     392                                                    76.92                                            86.73                        No MI                                                  NO MI                                                      0                                                                      6.250                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.060                                     2656.01
                     393                                                    80.00                                            80.00                        No MI                                                  NO MI                                                      0                                                                      6.000                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.810                                     2862.83
                     394                                                    80.00                                            89.99                        No MI                                                  NO MI                                                      0                                                                      5.750                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.560                                     2365.17
                     395                                                    68.39                                            68.39                        No MI                                                  NO MI                                                      0                                                                      5.875                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.685                                     3135.15
                     396                                                    80.00                                            96.15                        No MI                                                  NO MI                                                      0                                                                      3.875                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 3.685                                     1746.31
                     397                                                    80.00                                           100.00                        No MI                                                  NO MI                                                      0                                                                      5.250                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.060                                     2775.41
                     398                                                    75.00                                            75.00                        No MI                                                  NO MI                                                      0                                                                      6.625                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.435                                     3560.94
                     399                                                    74.44                                            74.44                        No MI                                                  NO MI                                                      0                                                                      5.625                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.435                                     2320.31
                     400                                                    80.00                                            80.00                        No MI                                                  NO MI                                                      0                                                                      6.375                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.185                                     3358.03
                     401                                                    77.44                                            77.44                        No MI                                                  NO MI                                                      0                                                                      6.250                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.060                                     2860.85
                     402                                                    77.48                                            77.48                        No MI                                                  NO MI                                                      0                                                                      5.875                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.685                                     2103.31
                     403                                                    80.00                                            90.00                        No MI                                                  NO MI                                                      0                                                                      6.125                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.935                                     2592.71
                     404                                                    67.57                                            75.00                        No MI                                                  NO MI                                                      0                                                                      7.000                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.810                                     3791.67
                     405                                                    80.00                                           100.00                        No MI                                                  NO MI                                                      0                                                                      6.750                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.560                                     3262.50
                     406                                                    80.00                                            95.00                        No MI                                                  NO MI                                                      0                                                                      6.750                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.560                                     8415.00
                     407                                                    80.00                                            80.00                        No MI                                                  NO MI                                                      0                                                                      6.375                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.185                                     2656.25
                     408                                                    74.26                                            83.55                        No MI                                                  NO MI                                                      0                                                                      6.750                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.560                                     2924.10
                     409                                                    80.00                                            89.99                        No MI                                                  NO MI                                                      0                                                                      6.875                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.685                                     2978.71
                     410                                                    79.44                                            99.30                        No MI                                                  NO MI                                                      0                                                                      5.125                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 4.935                                     2180.87
                     411                                                    70.73                                            70.73                        No MI                                                  NO MI                                                      0                                                                      6.125                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.935                                     3700.52
                     412                                                    80.00                                            90.00                        No MI                                                  NO MI                                                      0                                                                      6.500                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.310                                     2850.04
                     413                                                    80.00                                            80.00                        No MI                                                  NO MI                                                      0                                                                      6.500                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.310                                     5416.67
                     414                                                    80.00                                            90.00                        No MI                                                  NO MI                                                      0                                                                      5.875                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.685                                     3799.13
                     415                                                    80.00                                            90.00                        No MI                                                  NO MI                                                      0                                                                      5.750                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.560                                     6919.17
                     416                                                    80.00                                            90.00                        No MI                                                  NO MI                                                      0                                                                      6.500                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.310                                     6065.90
                     417                                                    52.63                                            52.63                        No MI                                                  NO MI                                                      0                                                                      6.250                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.060                                     7812.50
                     418                                                    80.00                                            90.00                        No MI                                                  NO MI                                                      0                                                                      6.000                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.810                                     3270.00
                     419                                                    80.00                                            80.00                        No MI                                                  NO MI                                                      0                                                                      6.250                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.060                                     3120.83
                     420                                                    80.00                                            89.98                        No MI                                                  NO MI                                                      0                                                                      6.375                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.185                                     2638.19
                     421                                                    74.81                                            74.81                        No MI                                                  NO MI                                                      0                                                                      6.500                                          0.375                                    0.000                               0.000                                                0.015                                             0.390                                                                 6.110                                     3683.33
                     422                                                    80.00                                            85.00                        No MI                                                  NO MI                                                      0                                                                      6.625                                          0.375                                    0.000                               0.000                                                0.015                                             0.390                                                                 6.235                                     1325.00
                     423                                                    80.00                                            90.00                        No MI                                                  NO MI                                                      0                                                                      7.000                                          0.375                                    0.000                               0.000                                                0.015                                             0.390                                                                 6.610                                     4130.00
                     424                                                    80.00                                            95.00                        No MI                                                  NO MI                                                      0                                                                      6.125                                          0.375                                    0.000                               0.000                                                0.015                                             0.390                                                                 5.735                                     1735.42
                     425                                                    80.00                                            80.00                        No MI                                                  NO MI                                                      0                                                                      7.000                                          0.375                                    0.000                               0.000                                                0.015                                             0.390                                                                 6.610                                     3733.33
                     426                                                    71.08                                            93.48                        No MI                                                  NO MI                                                      0                                                                      6.250                                          0.375                                    0.000                               0.000                                                0.015                                             0.390                                                                 5.860                                     2709.90
                     427                                                    80.00                                            89.99                        No MI                                                  NO MI                                                      0                                                                      7.250                                          0.375                                    0.000                               0.000                                                0.015                                             0.390                                                                 6.860                                     2900.00
                     428                                                    75.00                                            77.94                        No MI                                                  NO MI                                                      0                                                                      6.375                                          0.375                                    0.000                               0.000                                                0.015                                             0.390                                                                 5.985                                     6375.00
                     429                                                    80.00                                            95.00                        No MI                                                  NO MI                                                      0                                                                      6.625                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.435                                     2650.00
                     430                                                    80.00                                            80.00                        No MI                                                  NO MI                                                      0                                                                      6.625                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.435                                     4747.92
                     431                                                    71.08                                            71.08                        No MI                                                  NO MI                                                      0                                                                      6.250                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.060                                     4442.71
                     432                                                    75.81                                            75.81                        No MI                                                  NO MI                                                      0                                                                      6.625                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.435                                     3054.54
                     433                                                    80.00                                            80.00                        No MI                                                  NO MI                                                      0                                                                      6.125                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.935                                     3000.29
                     434                                                    80.00                                            90.00                        No MI                                                  NO MI                                                      0                                                                      6.250                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.060                                     3958.33
                     435                                                    69.47                                            90.00                        No MI                                                  NO MI                                                      0                                                                      6.375                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.185                                     3506.25
                     436                                                    80.00                                            90.00                        No MI                                                  NO MI                                                      0                                                                      6.375                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.185                                     3740.00
                     437                                                    80.00                                            90.00                        No MI                                                  NO MI                                                      0                                                                      6.875                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.685                                     3666.67
                     438                                                    75.56                                            90.00                        No MI                                                  NO MI                                                      0                                                                      6.375                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.185                                     4515.63
                     439                                                    80.00                                            89.28                        No MI                                                  NO MI                                                      0                                                                      6.250                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.060                                     2596.69
                     440                                                    80.00                                           100.00                        No MI                                                  NO MI                                                      0                                                                      6.375                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.185                                     3802.72
                     441                                                    80.00                                            90.00                        No MI                                                  NO MI                                                      0                                                                      6.750                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.560                                     2587.50
                     442                                                    72.31                                            72.31                        No MI                                                  NO MI                                                      0                                                                      6.375                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.185                                     2496.88
                     443                                                    67.57                                            67.57                        No MI                                                  NO MI                                                      0                                                                      6.000                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.810                                     2500.00
                     444                                                    80.00                                            85.00                        No MI                                                  NO MI                                                      0                                                                      6.375                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.185                                     7486.44
                     445                                                    80.00                                            80.00                        No MI                                                  NO MI                                                      0                                                                      6.250                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.060                                     5206.86
                     446                                                    80.00                                            90.00                        No MI                                                  NO MI                                                      0                                                                      6.250                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.060                                     2495.77
                     447                                                    74.61                                            74.61                        No MI                                                  NO MI                                                      0                                                                      6.125                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.935                                     2909.38
                     448                                                    80.00                                            87.46                        No MI                                                  NO MI                                                      0                                                                      6.250                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.060                                     2625.00
                     449                                                    80.00                                            95.00                        No MI                                                  NO MI                                                      0                                                                      6.625                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.435                                     2694.17
                     450                                                    80.00                                            80.00                        No MI                                                  NO MI                                                      0                                                                      7.375                                          0.375                                    0.000                               0.000                                                0.015                                             0.390                                                                 6.985                                     2163.34
                     451                                                    80.00                                            95.00                        No MI                                                  NO MI                                                      0                                                                      6.500                                          0.375                                    0.000                               0.000                                                0.015                                             0.390                                                                 6.110                                     2708.34
                     452                                                    79.45                                            89.38                        No MI                                                  NO MI                                                      0                                                                      6.375                                          0.375                                    0.000                               0.000                                                0.015                                             0.390                                                                 5.985                                     3060.00
                     453                                                    58.14                                            58.14                        No MI                                                  NO MI                                                      0                                                                      6.375                                          0.375                                    0.000                               0.000                                                0.015                                             0.390                                                                 5.985                                     2162.19
                     454                                                    80.00                                            80.00                        No MI                                                  NO MI                                                      0                                                                      6.500                                          0.375                                    0.000                               0.000                                                0.015                                             0.390                                                                 6.110                                     3900.00
                     455                                                    79.43                                            79.43                        No MI                                                  NO MI                                                      0                                                                      6.125                                          0.375                                    0.000                               0.000                                                0.015                                             0.390                                                                 5.735                                     5104.17
                     456                                                    79.78                                            79.78                        No MI                                                  NO MI                                                      0                                                                      6.500                                          0.375                                    0.000                               0.000                                                0.015                                             0.390                                                                 6.110                                     4019.17
                     457                                                    65.00                                            65.00                        No MI                                                  NO MI                                                      0                                                                      6.375                                          0.375                                    0.000                               0.000                                                0.015                                             0.390                                                                 5.985                                     1346.72
                     458                                                    77.72                                            77.72                        No MI                                                  NO MI                                                      0                                                                      5.875                                          0.375                                    0.000                               0.000                                                0.015                                             0.390                                                                 5.485                                     3333.32
                     459                                                    77.84                                            94.97                        No MI                                                  NO MI                                                      0                                                                      5.875                                          0.375                                    0.000                               0.000                                                0.015                                             0.390                                                                 5.485                                     3845.00
                     460                                                    80.00                                            80.00                        No MI                                                  NO MI                                                      0                                                                      5.250                                          0.375                                    0.000                               0.000                                                0.015                                             0.390                                                                 4.860                                     2362.50
                     461                                                    80.00                                            94.29                        No MI                                                  NO MI                                                      0                                                                      6.875                                          0.375                                    0.000                               0.000                                                0.015                                             0.390                                                                 6.485                                     6416.67
                     462                                                    59.09                                            75.00                        No MI                                                  NO MI                                                      0                                                                      5.875                                          0.375                                    0.000                               0.000                                                0.015                                             0.390                                                                 5.485                                     3182.29
                     463                                                    80.00                                            80.00                        No MI                                                  NO MI                                                      0                                                                      5.750                                          0.375                                    0.000                               0.000                                                0.015                                             0.390                                                                 5.360                                     3127.95
                     464                                                    59.86                                            59.86                        No MI                                                  NO MI                                                      0                                                                      5.875                                          0.375                                    0.000                               0.000                                                0.015                                             0.390                                                                 5.485                                     1023.88
                     465                                                    80.00                                            95.00                        No MI                                                  NO MI                                                      0                                                                      7.000                                          0.375                                    0.000                               0.000                                                0.015                                             0.390                                                                 6.610                                     3126.67
                     466                                                    95.00                                            95.00                        Republic MIC                                           BPMI                                                      30                                                                      6.625                                          0.375                                    0.000                               0.000                                                0.015                                             0.390                                                                 6.235                                     1148.61
                     467                                                    90.00                                            90.00                        Republic MIC                                           BPMI                                                      25                                                                      7.250                                          0.375                                    0.000                               0.000                                                0.015                                             0.390                                                                 6.860                                     3316.88
                     468                                                    79.94                                            79.94                        No MI                                                  NO MI                                                      0                                                                      6.750                                          0.375                                    0.000                               0.000                                                0.015                                             0.390                                                                 6.360                                     1423.13
                     469                                                    80.00                                            88.72                        No MI                                                  NO MI                                                      0                                                                      6.250                                          0.375                                    0.000                               0.000                                                0.015                                             0.390                                                                 5.860                                     1958.34
                     470                                                    69.25                                            69.25                        No MI                                                  NO MI                                                      0                                                                      6.500                                          0.375                                    0.000                               0.000                                                0.015                                             0.390                                                                 6.110                                     6527.09
                     471                                                    80.00                                            95.00                        No MI                                                  NO MI                                                      0                                                                      6.875                                          0.375                                    0.000                               0.000                                                0.015                                             0.390                                                                 6.485                                     1769.17
                     472                                                    73.06                                            88.89                        No MI                                                  NO MI                                                      0                                                                      6.500                                          0.375                                    0.000                               0.000                                                0.015                                             0.390                                                                 6.110                                     3621.05
                     473                                                    78.48                                            78.48                        No MI                                                  NO MI                                                      0                                                                      6.125                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.935                                     3262.58
                     474                                                    80.00                                            80.00                        No MI                                                  NO MI                                                      0                                                                      6.500                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.310                                     2665.00
                     475                                                    75.58                                            90.00                        No MI                                                  NO MI                                                      0                                                                      6.750                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.560                                     3650.63
                     476                                                    79.82                                            89.72                        No MI                                                  NO MI                                                      0                                                                      6.750                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.560                                     2446.88
                     477                                                    80.00                                            87.00                        No MI                                                  NO MI                                                      0                                                                      6.750                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.560                                     5400.00
                     478                                                    80.00                                            90.00                        No MI                                                  NO MI                                                      0                                                                      6.125                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.935                                     3470.83
                     479                                                    55.56                                            55.56                        No MI                                                  NO MI                                                      0                                                                      6.250                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.060                                     3385.42
                     480                                                    80.00                                            80.00                        No MI                                                  NO MI                                                      0                                                                      6.500                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.310                                     3206.13
                     481                                                    73.12                                            90.00                        No MI                                                  NO MI                                                      0                                                                      6.625                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.435                                     3754.17
                     482                                                    70.00                                            90.00                        No MI                                                  NO MI                                                      0                                                                      6.875                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.685                                     4010.42
                     483                                                    76.93                                            95.00                        No MI                                                  NO MI                                                      0                                                                      6.375                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.185                                     3392.06
                     484                                                    80.00                                            87.70                        No MI                                                  NO MI                                                      0                                                                      6.250                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.060                                     3083.15
                     485                                                    74.80                                            74.80                        No MI                                                  NO MI                                                      0                                                                      5.875                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.685                                     2325.52
                     486                                                    79.98                                            79.98                        No MI                                                  NO MI                                                      0                                                                      5.875                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.685                                     3480.94
                     487                                                    80.00                                            95.00                        No MI                                                  NO MI                                                      0                                                                      6.500                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.310                                     3965.00
                     488                                                    72.22                                            72.22                        No MI                                                  NO MI                                                      0                                                                      6.125                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.935                                     3317.71
                     489                                                    75.00                                            75.00                        No MI                                                  NO MI                                                      0                                                                      5.875                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.685                                     2607.03
                     490                                                    69.02                                            69.02                        No MI                                                  NO MI                                                      0                                                                      6.375                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.185                                     4106.56
                     491                                                    80.00                                           100.00                        No MI                                                  NO MI                                                      0                                                                      6.375                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.185                                     3134.38
                     492                                                    71.83                                            71.83                        No MI                                                  NO MI                                                      0                                                                      6.750                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.560                                     5090.63
                     493                                                    74.44                                            74.44                        No MI                                                  NO MI                                                      0                                                                      6.000                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.810                                     3349.23
                     494                                                    76.76                                            76.76                        No MI                                                  NO MI                                                      0                                                                      6.000                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.810                                     3607.50
                     495                                                    66.22                                            66.22                        No MI                                                  NO MI                                                      0                                                                      6.000                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.810                                     4225.00
                     496                                                    79.45                                            79.45                        No MI                                                  NO MI                                                      0                                                                      5.875                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.685                                     6029.22
                     497                                                    75.00                                            75.00                        No MI                                                  NO MI                                                      0                                                                      6.250                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.060                                     6152.34
                     498                                                    80.00                                            80.00                        No MI                                                  NO MI                                                      0                                                                      5.750                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.560                                     4695.83
                     499                                                    29.91                                            29.91                        No MI                                                  NO MI                                                      0                                                                      6.500                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.310                                     1111.32
                     500                                                    80.00                                            88.24                        No MI                                                  NO MI                                                      0                                                                      6.375                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.185                                     3506.25
                     501                                                    71.43                                            71.43                        No MI                                                  NO MI                                                      0                                                                      6.500                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.310                                     3250.00
                     502                                                    80.00                                            80.00                        No MI                                                  NO MI                                                      0                                                                      6.375                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.185                                     3081.25
                     503                                                    80.00                                           100.00                        No MI                                                  NO MI                                                      0                                                                      6.625                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.435                                     2804.58
                     504                                                    60.61                                            78.79                        No MI                                                  NO MI                                                      0                                                                      7.625                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 7.435                                     6352.15
                     505                                                    74.00                                            74.00                        No MI                                                  NO MI                                                      0                                                                      6.000                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.810                                     4008.03
                     506                                                    68.76                                            68.76                        No MI                                                  NO MI                                                      0                                                                      6.500                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.310                                     4246.67
                     507                                                    50.61                                            50.61                        No MI                                                  NO MI                                                      0                                                                      6.250                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.060                                     2174.42
                     508                                                    80.00                                            80.00                        No MI                                                  NO MI                                                      0                                                                      6.625                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.435                                     3091.67
                     509                                                    69.92                                            69.92                        No MI                                                  NO MI                                                      0                                                                      6.125                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.935                                     2612.73
                     510                                                    66.67                                            66.67                        No MI                                                  NO MI                                                      0                                                                      6.250                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.060                                     3125.00
                     511                                                    80.00                                            80.00                        No MI                                                  NO MI                                                      0                                                                      6.375                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.185                                     3102.50
                     512                                                    74.07                                            74.07                        No MI                                                  NO MI                                                      0                                                                      6.000                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.810                                     5000.00
                     513                                                    75.00                                            75.00                        No MI                                                  NO MI                                                      0                                                                      6.375                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.185                                     6474.61
                     514                                                    80.00                                            89.85                        No MI                                                  NO MI                                                      0                                                                      6.375                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.185                                     3655.00
                     515                                                    80.00                                            90.00                        No MI                                                  NO MI                                                      0                                                                      6.500                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.310                                     2426.67
                     516                                                    79.99                                            94.97                        No MI                                                  NO MI                                                      0                                                                      5.000                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 4.810                                     1812.71
                     517                                                    80.00                                            80.00                        No MI                                                  NO MI                                                      0                                                                      6.125                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.935                                     4275.12
                     518                                                    80.00                                            80.00                        No MI                                                  NO MI                                                      0                                                                      6.250                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.060                                     2479.40
                     519                                                    61.43                                            90.00                        No MI                                                  NO MI                                                      0                                                                      6.000                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.810                                     2150.00
                     520                                                    80.00                                            80.00                        No MI                                                  NO MI                                                      0                                                                      5.875                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.685                                     2467.50
                     521                                                    63.11                                            63.11                        No MI                                                  NO MI                                                      0                                                                      6.125                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.935                                     3270.07
                     522                                                    80.00                                           100.00                        No MI                                                  NO MI                                                      0                                                                      5.375                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.185                                     2544.17
                     523                                                    80.00                                            87.73                        No MI                                                  NO MI                                                      0                                                                      6.125                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.935                                     2827.71
                     524                                                    71.14                                            71.14                        No MI                                                  NO MI                                                      0                                                                      5.875                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.685                                     3182.29
                     525                                                    71.92                                            71.92                        No MI                                                  NO MI                                                      0                                                                      6.250                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.060                                     3161.71
                     526                                                    80.00                                           100.00                        No MI                                                  NO MI                                                      0                                                                      6.500                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.310                                     2816.67
                     527                                                    78.74                                            78.74                        No MI                                                  NO MI                                                      0                                                                      6.000                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.810                                     2182.12
                     528                                                    52.50                                            52.50                        No MI                                                  NO MI                                                      0                                                                      5.500                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.310                                     1973.13
                     529                                                    80.00                                            90.00                        No MI                                                  NO MI                                                      0                                                                      6.000                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.810                                     2440.00
                     530                                                    69.12                                            81.16                        No MI                                                  NO MI                                                      0                                                                      6.125                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.935                                     2398.96
                     531                                                    77.76                                            90.00                        No MI                                                  NO MI                                                      0                                                                      6.000                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.810                                     5000.00
                     532                                                    80.00                                            80.00                        No MI                                                  NO MI                                                      0                                                                      6.250                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.060                                     4479.17
                     533                                                    65.38                                            65.38                        No MI                                                  NO MI                                                      0                                                                      5.875                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.685                                     3172.50
                     534                                                    80.00                                            93.63                        No MI                                                  NO MI                                                      0                                                                      6.000                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.810                                     2700.00
                     535                                                    55.18                                            55.18                        No MI                                                  NO MI                                                      0                                                                      5.625                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.435                                     2845.31
                     536                                                    79.99                                            89.99                        No MI                                                  NO MI                                                      0                                                                      6.625                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.435                                     4139.80
                     537                                                    80.00                                           100.00                        No MI                                                  NO MI                                                      0                                                                      6.500                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.310                                     3163.33
                     538                                                    80.00                                            90.00                        No MI                                                  NO MI                                                      0                                                                      7.500                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 7.310                                     2625.00
                     539                                                    78.96                                            78.96                        No MI                                                  NO MI                                                      0                                                                      6.375                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.185                                     2810.31
                     540                                                    75.00                                            75.00                        No MI                                                  NO MI                                                      0                                                                      5.625                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.435                                     2390.63
                     541                                                    80.00                                           100.00                        No MI                                                  NO MI                                                      0                                                                      6.250                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.060                                     2875.00
                     542                                                    74.32                                            74.32                        No MI                                                  NO MI                                                      0                                                                      6.000                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.810                                     2750.00
                     543                                                    80.00                                            90.00                        No MI                                                  NO MI                                                      0                                                                      6.125                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.935                                     2245.83
                     544                                                    80.00                                            80.00                        No MI                                                  NO MI                                                      0                                                                      6.750                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.560                                     2835.00
                     545                                                    68.97                                            77.59                        No MI                                                  NO MI                                                      0                                                                      6.250                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.060                                    10416.67
                     546                                                    72.15                                            72.15                        No MI                                                  NO MI                                                      0                                                                      6.000                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.810                                     3092.67
                     547                                                    78.39                                            90.00                        No MI                                                  NO MI                                                      0                                                                      6.375                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.185                                     2332.19
                     548                                                    79.37                                            88.10                        No MI                                                  NO MI                                                      0                                                                      5.625                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.435                                     4687.50
                     549                                                    76.03                                            76.03                        No MI                                                  NO MI                                                      0                                                                      5.625                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.435                                     2929.69
                     550                                                    69.23                                            69.23                        No MI                                                  NO MI                                                      0                                                                      5.875                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.685                                     4406.20
                     551                                                    73.01                                            73.01                        No MI                                                  NO MI                                                      0                                                                      6.000                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.810                                     2705.00
                     552                                                    77.81                                            90.00                        No MI                                                  NO MI                                                      0                                                                      6.375                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.185                                     3307.03
                     553                                                    78.91                                            78.91                        No MI                                                  NO MI                                                      0                                                                      6.000                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.810                                     3196.00
                     554                                                    47.73                                            47.73                        No MI                                                  NO MI                                                      0                                                                      6.125                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.935                                     2679.69
                     555                                                    80.00                                            80.00                        No MI                                                  NO MI                                                      0                                                                      6.250                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.060                                     4598.31
                     556                                                    48.95                                            53.14                        No MI                                                  NO MI                                                      0                                                                      6.750                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.560                                     3032.20
                     557                                                    80.00                                            90.00                        No MI                                                  NO MI                                                      0                                                                      6.500                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.310                                     3916.89
                     558                                                    80.00                                            81.25                        No MI                                                  NO MI                                                      0                                                                      6.500                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.310                                     4333.33
                     559                                                    70.71                                            90.00                        No MI                                                  NO MI                                                      0                                                                      6.125                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.935                                     3572.92
                     560                                                    80.00                                            95.00                        No MI                                                  NO MI                                                      0                                                                      6.125                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.935                                     3232.49
                     561                                                    80.00                                            99.99                        No MI                                                  NO MI                                                      0                                                                      6.375                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.185                                     4058.22
                     562                                                    70.00                                            70.00                        No MI                                                  NO MI                                                      0                                                                      6.000                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.810                                     5845.00
                     563                                                    69.74                                            69.74                        No MI                                                  NO MI                                                      0                                                                      6.250                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.060                                     2760.42
                     564                                                    75.00                                            87.19                        No MI                                                  NO MI                                                      0                                                                      6.250                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.060                                     8750.00
                     565                                                    67.47                                            67.47                        No MI                                                  NO MI                                                      0                                                                      6.125                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.935                                     3050.20
                     566                                                    72.90                                           100.00                        No MI                                                  NO MI                                                      0                                                                      6.250                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.060                                     3312.56
                     567                                                    80.00                                            90.00                        No MI                                                  NO MI                                                      0                                                                      6.375                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.185                                     3251.25
                     568                                                    80.00                                            85.90                        No MI                                                  NO MI                                                      0                                                                      5.750                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.560                                     2990.00
                     569                                                    80.00                                           100.00                        No MI                                                  NO MI                                                      0                                                                      6.500                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.310                                     2600.00
                     570                                                    80.00                                            95.00                        No MI                                                  NO MI                                                      0                                                                      7.125                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.935                                     3087.50
                     571                                                    80.00                                           100.00                        No MI                                                  NO MI                                                      0                                                                      6.875                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.685                                     2685.83
                     572                                                    80.00                                            80.00                        No MI                                                  NO MI                                                      0                                                                      6.500                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.310                                     2600.00
                     573                                                    73.99                                            73.99                        No MI                                                  NO MI                                                      0                                                                      6.375                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.185                                     3022.81
                     574                                                    75.00                                            75.00                        No MI                                                  NO MI                                                      0                                                                      5.875                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.685                                     4681.64
                     575                                                    64.52                                            80.65                        No MI                                                  NO MI                                                      0                                                                      8.125                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 7.935                                     6770.83
                     576                                                    80.00                                            90.00                        No MI                                                  NO MI                                                      0                                                                      6.875                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.685                                     2658.33
                     577                                                    80.00                                            90.00                        No MI                                                  NO MI                                                      0                                                                      6.500                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.310                                     3007.33
                     578                                                    80.00                                            80.00                        No MI                                                  NO MI                                                      0                                                                      5.750                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.560                                     2108.33
                     579                                                    80.00                                            90.00                        No MI                                                  NO MI                                                      0                                                                      5.500                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.310                                     2016.67
                     580                                                    80.00                                            80.00                        No MI                                                  NO MI                                                      0                                                                      6.625                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.435                                     3895.50
                     581                                                    70.00                                            70.00                        No MI                                                  NO MI                                                      0                                                                      6.000                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.810                                     2685.99
                     582                                                    80.00                                           100.00                        No MI                                                  NO MI                                                      0                                                                      6.500                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.310                                     2621.67
                     583                                                    63.83                                            63.83                        No MI                                                  NO MI                                                      0                                                                      6.375                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.185                                    15937.50
                     584                                                    42.92                                            42.92                        No MI                                                  NO MI                                                      0                                                                      5.875                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.685                                     2447.92
                     585                                                    80.00                                            90.00                        No MI                                                  NO MI                                                      0                                                                      6.250                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.060                                     2689.84
                     586                                                    45.23                                            45.23                        No MI                                                  NO MI                                                      0                                                                      6.375                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.185                                    12415.01
                     587                                                    80.00                                            80.00                        No MI                                                  NO MI                                                      0                                                                      6.125                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.935                                     2160.08
                     588                                                    80.00                                            84.55                        No MI                                                  NO MI                                                      0                                                                      5.000                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 4.810                                     1833.33
                     589                                                    79.04                                            86.00                        No MI                                                  NO MI                                                      0                                                                      5.750                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.560                                     2421.97
                     590                                                    75.00                                            75.00                        No MI                                                  NO MI                                                      0                                                                      5.000                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 4.810                                     1968.75
                     591                                                    80.00                                            95.00                        No MI                                                  NO MI                                                      0                                                                      6.375                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.185                                     3553.00
                     592                                                    80.00                                            95.00                        No MI                                                  NO MI                                                      0                                                                      6.250                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.060                                     2550.00
                     593                                                    77.65                                            77.65                        No MI                                                  NO MI                                                      0                                                                      6.625                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.435                                     3836.98
                     594                                                    70.00                                            70.00                        No MI                                                  NO MI                                                      0                                                                      5.875                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.685                                     4369.53
                     595                                                    50.76                                            50.76                        No MI                                                  NO MI                                                      0                                                                      6.625                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.435                                     4063.33
                     596                                                    80.00                                           100.00                        No MI                                                  NO MI                                                      0                                                                      6.875                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.685                                     3053.41
                     597                                                    80.00                                           100.00                        No MI                                                  NO MI                                                      0                                                                      6.250                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.060                                     2331.41
                     598                                                    79.99                                            79.99                        No MI                                                  NO MI                                                      0                                                                      6.500                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.310                                     3076.40
                     599                                                    80.00                                            80.00                        No MI                                                  NO MI                                                      0                                                                      6.250                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.060                                     2454.17
                     600                                                    80.00                                            80.00                        No MI                                                  NO MI                                                      0                                                                      6.625                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.435                                     2605.83
                     601                                                    72.64                                            72.64                        No MI                                                  NO MI                                                      0                                                                      6.750                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.560                                     2553.75
                     602                                                    80.00                                            85.02                        No MI                                                  NO MI                                                      0                                                                      6.625                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.435                                     3520.08
                     603                                                    74.96                                            90.00                        No MI                                                  NO MI                                                      0                                                                      6.500                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.310                                     2415.83
                     604                                                    65.00                                            65.00                        No MI                                                  NO MI                                                      0                                                                      6.125                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.935                                     3317.71
                     605                                                    80.00                                            95.00                        No MI                                                  NO MI                                                      0                                                                      6.375                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.185                                     2269.50
                     606                                                    80.00                                            80.00                        No MI                                                  NO MI                                                      0                                                                      6.375                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.185                                     2656.25
                     607                                                    78.00                                            78.00                        No MI                                                  NO MI                                                      0                                                                      6.250                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.060                                     3250.00
                     608                                                    80.00                                            80.00                        No MI                                                  NO MI                                                      0                                                                      6.875                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.685                                     3895.83
                     609                                                    75.00                                            75.00                        No MI                                                  NO MI                                                      0                                                                      6.250                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.060                                     4260.26
                     610                                                    78.39                                            78.39                        No MI                                                  NO MI                                                      0                                                                      6.000                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.810                                     2430.00
                     611                                                    80.00                                            80.00                        No MI                                                  NO MI                                                      0                                                                      6.625                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.435                                     2754.40
                     612                                                    80.00                                            93.86                        No MI                                                  NO MI                                                      0                                                                      6.750                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.560                                     2857.50
                     613                                                    80.00                                            90.00                        No MI                                                  NO MI                                                      0                                                                      6.375                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.185                                     2720.00
                     614                                                    80.00                                            85.00                        No MI                                                  NO MI                                                      0                                                                      6.375                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.185                                     2671.13
                     615                                                    76.47                                            76.47                        No MI                                                  NO MI                                                      0                                                                      6.250                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.060                                     3385.42
                     616                                                    80.00                                            80.00                        No MI                                                  NO MI                                                      0                                                                      6.875                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.685                                     2589.58
                     617                                                    80.00                                            80.00                        No MI                                                  NO MI                                                      0                                                                      5.875                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.685                                     3465.66
                     618                                                    80.00                                            93.57                        No MI                                                  NO MI                                                      0                                                                      7.250                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 7.060                                     5679.17
                     619                                                    80.00                                           100.00                        No MI                                                  NO MI                                                      0                                                                      6.625                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.435                                     4770.00
                     620                                                    80.00                                           100.00                        No MI                                                  NO MI                                                      0                                                                      6.500                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.310                                     6027.67
                     621                                                    62.94                                            62.94                        No MI                                                  NO MI                                                      0                                                                      5.625                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.435                                     2903.94
                     622                                                    76.93                                            92.00                        No MI                                                  NO MI                                                      0                                                                      7.625                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 7.435                                     6354.17
                     623                                                    80.00                                           100.00                        No MI                                                  NO MI                                                      0                                                                      6.500                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.310                                     2448.33
                     624                                                    74.07                                            74.07                        No MI                                                  NO MI                                                      0                                                                      6.500                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.310                                     5416.67
                     625                                                    80.00                                            90.00                        No MI                                                  NO MI                                                      0                                                                      6.125                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.935                                     4102.38
                     626                                                    80.00                                            86.90                        No MI                                                  NO MI                                                      0                                                                      6.875                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 6.685                                     3322.92
                     627                                                    80.00                                            80.00                        No MI                                                  NO MI                                                      0                                                                      6.125                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.935                                     2422.38
                     628                                                    69.23                                            69.23                        No MI                                                  NO MI                                                      0                                                                      6.000                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.810                                     2475.00
                     629                                                    80.00                                           100.00                        No MI                                                  NO MI                                                      0                                                                      5.250                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.060                                     2750.36
                     630                                                    80.00                                            90.00                        No MI                                                  NO MI                                                      0                                                                      5.750                                          0.175                                    0.000                               0.000                                                0.015                                             0.190                                                                 5.560                                     2892.31

                LOAN_SEQ                        PREPAY                                     PP_DESC                                                     BACK_RATIO                        PRODUCT                                                        IO_PERIOD                        INDEX                                                          RATE_FREQ                                      PAY_FREQ                                                  NEXT_RATE_ADJ_DATE1                                                NEXT_PAY_ADJ_DATE1                                    MARGIN                                         INIT_RATE_CAP                                           PER_RATE_CAP
                --------                        ------                                     -------                                                     ----------                        -------                                                        ---------                        -----                                                          ---------                                      --------                                                  -------------------                                                ------------------                                    ------                                         -------------                                           ------------
                       1                        No_PP                                      0MPP                                                             34.41                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170801                                                          20170901                                     2.250                                                 5.000                                                  2.000
                       2                        Prepay                                     12MPP                                                            46.00                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170901                                                          20171001                                     2.250                                                 5.000                                                  2.000
                       3                        No_PP                                      0MPP                                                             47.26                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170901                                                          20171001                                     2.250                                                 5.000                                                  2.000
                       4                        No_PP                                      0MPP                                                             44.95                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170801                                                          20170901                                     2.250                                                 5.000                                                  2.000
                       5                        No_PP                                      0MPP                                                             34.73                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170601                                                          20170701                                     2.250                                                 5.000                                                  2.000
                       6                        Prepay                                     12MPP                                                            41.53                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170701                                                          20170801                                     2.250                                                 5.000                                                  2.000
                       7                        Prepay                                     36MPP                                                            52.17                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170701                                                          20170801                                     2.250                                                 5.000                                                  2.000
                       8                        Prepay                                     36MPP                                                            50.61                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170701                                                          20170801                                     2.250                                                 5.000                                                  2.000
                       9                        No_PP                                      0MPP                                                             43.19                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170701                                                          20170801                                     2.250                                                 5.000                                                  2.000
                      10                        Prepay                                     12MPP                                                            44.19                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170701                                                          20170801                                     2.250                                                 5.000                                                  2.000
                      11                        No_PP                                      0MPP                                                             38.09                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170601                                                          20170701                                     2.250                                                 5.000                                                  2.000
                      12                        Prepay                                     12MPP                                                            30.54                        5/1LIBOR  IO                                                          60                        1 YR Libor                                                            12                                            12                                                             20120501                                                          20120601                                     2.250                                                 5.000                                                  2.000
                      13                        Prepay                                     12MPP                                                            39.69                        5/1LIBOR  IO                                                          60                        1 YR Libor                                                            12                                            12                                                             20120501                                                          20120601                                     2.250                                                 5.000                                                  2.000
                      14                        Prepay                                     60MPP                                                            41.65                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170501                                                          20170601                                     2.250                                                 5.000                                                  2.000
                      15                        Prepay                                     36MPP                                                            28.00                        5/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20120601                                                          20120701                                     2.250                                                 5.000                                                  2.000
                      16                        No_PP                                      0MPP                                                             36.50                        5/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20120601                                                          20120701                                     2.250                                                 5.000                                                  2.000
                      17                        Prepay                                     12MPP                                                            40.20                        7/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20140601                                                          20140701                                     2.250                                                 5.000                                                  2.000
                      18                        No_PP                                      0MPP                                                             38.96                        7/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20140601                                                          20140701                                     2.250                                                 5.000                                                  2.000
                      19                        No_PP                                      0MPP                                                             34.49                        7/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20140601                                                          20140701                                     2.250                                                 5.000                                                  2.000
                      20                        No_PP                                      0MPP                                                             41.01                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170601                                                          20170701                                     2.250                                                 5.000                                                  2.000
                      21                        No_PP                                      0MPP                                                             25.75                        7/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20140601                                                          20140701                                     2.250                                                 5.000                                                  2.000
                      22                        No_PP                                      0MPP                                                             40.42                        10/1LIBOR                                                              0                        1 YR Libor                                                            12                                            12                                                             20170901                                                          20171001                                     2.250                                                 5.000                                                  2.000
                      23                        Prepay                                     36MPP                                                            43.45                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170701                                                          20170801                                     2.250                                                 5.000                                                  2.000
                      24                        Prepay                                     60MPP                                                            39.44                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170801                                                          20170901                                     2.250                                                 5.000                                                  2.000
                      25                        Prepay                                     12MPP                                                            42.71                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170901                                                          20171001                                     2.250                                                 5.000                                                  2.000
                      26                        Prepay                                     36MPP                                                            16.47                        10/1LIBOR                                                              0                        1 YR Libor                                                            12                                            12                                                             20170801                                                          20170901                                     2.250                                                 5.000                                                  2.000
                      27                        Prepay                                     12MPP                                                            25.53                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170801                                                          20170901                                     2.250                                                 5.000                                                  2.000
                      28                        Prepay                                     36MPP                                                            52.77                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170701                                                          20170801                                     2.250                                                 5.000                                                  2.000
                      29                        Prepay                                     12MPP                                                            39.25                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170801                                                          20170901                                     2.250                                                 5.000                                                  2.000
                      30                        Prepay                                     36MPP                                                            48.05                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170701                                                          20170801                                     2.250                                                 5.000                                                  2.000
                      31                        Prepay                                     12MPP                                                            34.25                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170601                                                          20170701                                     2.250                                                 5.000                                                  2.000
                      32                        Prepay                                     12MPP                                                            48.32                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170701                                                          20170801                                     2.250                                                 5.000                                                  2.000
                      33                        No_PP                                      0MPP                                                             54.07                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170801                                                          20170901                                     2.250                                                 5.000                                                  2.000
                      34                        No_PP                                      0MPP                                                             35.46                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170801                                                          20170901                                     2.250                                                 5.000                                                  2.000
                      35                        Prepay                                     36MPP                                                            41.88                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170701                                                          20170801                                     2.250                                                 5.000                                                  2.000
                      36                        Prepay                                     12MPP                                                            38.79                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170801                                                          20170901                                     2.250                                                 5.000                                                  2.000
                      37                        Prepay                                     12MPP                                                            37.39                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170801                                                          20170901                                     2.250                                                 5.000                                                  2.000
                      38                        Prepay                                     60MPP                                                            40.04                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170801                                                          20170901                                     2.250                                                 5.000                                                  2.000
                      39                        Prepay                                     12MPP                                                            28.53                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170801                                                          20170901                                     2.250                                                 5.000                                                  2.000
                      40                        Prepay                                     12MPP                                                            40.34                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170801                                                          20170901                                     2.250                                                 5.000                                                  2.000
                      41                        Prepay                                     60MPP                                                            45.16                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170801                                                          20170901                                     2.250                                                 5.000                                                  2.000
                      42                        Prepay                                     60MPP                                                            37.66                        10/1LIBOR                                                              0                        1 YR Libor                                                            12                                            12                                                             20170801                                                          20170901                                     2.250                                                 5.000                                                  2.000
                      43                        Prepay                                     60MPP                                                            35.85                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170801                                                          20170901                                     2.250                                                 5.000                                                  2.000
                      44                        Prepay                                     12MPP                                                            37.79                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170801                                                          20170901                                     2.250                                                 5.000                                                  2.000
                      45                        Prepay                                     60MPP                                                            41.70                        10/1LIBOR                                                              0                        1 YR Libor                                                            12                                            12                                                             20170701                                                          20170801                                     2.250                                                 5.000                                                  2.000
                      46                        No_PP                                      0MPP                                                             46.96                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170601                                                          20170701                                     2.250                                                 5.000                                                  2.000
                      47                        Prepay                                     36MPP                                                            42.64                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170701                                                          20170801                                     2.250                                                 5.000                                                  2.000
                      48                        No_PP                                      0MPP                                                             35.28                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170801                                                          20170901                                     2.250                                                 5.000                                                  2.000
                      49                        No_PP                                      0MPP                                                             34.85                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170701                                                          20170801                                     2.250                                                 5.000                                                  2.000
                      50                        Prepay                                     12MPP                                                            21.80                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170801                                                          20170901                                     2.250                                                 5.000                                                  2.000
                      51                        Prepay                                     36MPP                                                            44.85                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170801                                                          20170901                                     2.250                                                 5.000                                                  2.000
                      52                        No_PP                                      0MPP                                                             36.97                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170801                                                          20170901                                     2.250                                                 5.000                                                  2.000
                      53                        Prepay                                     60MPP                                                            51.32                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170801                                                          20170901                                     2.250                                                 5.000                                                  2.000
                      54                        Prepay                                     12MPP                                                            40.86                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170801                                                          20170901                                     2.250                                                 5.000                                                  2.000
                      55                        Prepay                                     12MPP                                                            32.03                        10/1LIBOR                                                              0                        1 YR Libor                                                            12                                            12                                                             20170801                                                          20170901                                     2.250                                                 5.000                                                  2.000
                      56                        No_PP                                      0MPP                                                             33.05                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170901                                                          20171001                                     2.250                                                 5.000                                                  2.000
                      57                        No_PP                                      0MPP                                                             38.90                        5/1LIBOR  IO                                                          60                        1 YR Libor                                                            12                                            12                                                             20120401                                                          20120501                                     2.250                                                 5.000                                                  2.000
                      58                        No_PP                                      0MPP                                                             44.42                        7/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20140601                                                          20140701                                     2.250                                                 5.000                                                  2.000
                      59                        Prepay                                     12MPP                                                            47.63                        7/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20140601                                                          20140701                                     2.250                                                 5.000                                                  2.000
                      60                        No_PP                                      0MPP                                                             37.21                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170701                                                          20170801                                     2.250                                                 5.000                                                  2.000
                      61                        No_PP                                      0MPP                                                             36.71                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170801                                                          20170901                                     2.250                                                 5.000                                                  2.000
                      62                        No_PP                                      0MPP                                                             46.76                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170801                                                          20170901                                     2.250                                                 5.000                                                  2.000
                      63                        No_PP                                      0MPP                                                             35.65                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170801                                                          20170901                                     2.250                                                 5.000                                                  2.000
                      64                        Prepay                                     12MPP                                                            28.03                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170801                                                          20170901                                     2.250                                                 5.000                                                  2.000
                      65                        No_PP                                      0MPP                                                             50.98                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170801                                                          20170901                                     2.250                                                 5.000                                                  2.000
                      66                        Prepay                                     36MPP                                                            43.19                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170601                                                          20170701                                     2.250                                                 5.000                                                  2.000
                      67                        Prepay                                     36MPP                                                            33.45                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170801                                                          20170901                                     2.250                                                 5.000                                                  2.000
                      68                        Prepay                                     60MPP                                                             9.60                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170801                                                          20170901                                     2.250                                                 5.000                                                  2.000
                      69                        Prepay                                     12MPP                                                            36.21                        10/1LIBOR                                                              0                        1 YR Libor                                                            12                                            12                                                             20170801                                                          20170901                                     2.250                                                 5.000                                                  2.000
                      70                        No_PP                                      0MPP                                                             39.19                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170801                                                          20170901                                     2.250                                                 5.000                                                  2.000
                      71                        No_PP                                      0MPP                                                             50.94                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170701                                                          20170801                                     2.250                                                 5.000                                                  2.000
                      72                        Prepay                                     36MPP                                                            42.13                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170601                                                          20170701                                     2.250                                                 5.000                                                  2.000
                      73                        No_PP                                      0MPP                                                             33.64                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170801                                                          20170901                                     2.250                                                 5.000                                                  2.000
                      74                        Prepay                                     12MPP                                                            29.57                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170801                                                          20170901                                     2.250                                                 5.000                                                  2.000
                      75                        No_PP                                      0MPP                                                             33.51                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170801                                                          20170901                                     2.250                                                 5.000                                                  2.000
                      76                        Prepay                                     12MPP                                                            42.64                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170801                                                          20170901                                     2.250                                                 5.000                                                  2.000
                      77                        No_PP                                      0MPP                                                             41.29                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170801                                                          20170901                                     2.250                                                 5.000                                                  2.000
                      78                        Prepay                                     36MPP                                                            52.59                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170801                                                          20170901                                     2.250                                                 5.000                                                  2.000
                      79                        No_PP                                      0MPP                                                             54.27                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170801                                                          20170901                                     2.250                                                 5.000                                                  2.000
                      80                        No_PP                                      0MPP                                                             49.48                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170701                                                          20170801                                     2.250                                                 5.000                                                  2.000
                      81                        No_PP                                      0MPP                                                             46.14                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170801                                                          20170901                                     2.250                                                 5.000                                                  2.000
                      82                        No_PP                                      0MPP                                                             29.46                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170801                                                          20170901                                     2.250                                                 5.000                                                  2.000
                      83                        Prepay                                     12MPP                                                            44.17                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170801                                                          20170901                                     2.250                                                 5.000                                                  2.000
                      84                        No_PP                                      0MPP                                                             31.76                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170801                                                          20170901                                     2.250                                                 5.000                                                  2.000
                      85                        No_PP                                      0MPP                                                             24.30                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170901                                                          20171001                                     2.250                                                 5.000                                                  2.000
                      86                        No_PP                                      0MPP                                                             45.49                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170801                                                          20170901                                     2.250                                                 5.000                                                  2.000
                      87                        No_PP                                      0MPP                                                             42.41                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170801                                                          20170901                                     2.250                                                 5.000                                                  2.000
                      88                        Prepay                                     60MPP                                                            43.96                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170601                                                          20170701                                     2.250                                                 5.000                                                  2.000
                      89                        No_PP                                      0MPP                                                             46.49                        10/1LIBOR                                                              0                        1 YR Libor                                                            12                                            12                                                             20170801                                                          20170901                                     2.250                                                 5.000                                                  2.000
                      90                        Prepay                                     12MPP                                                            37.34                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170701                                                          20170801                                     2.250                                                 5.000                                                  2.000
                      91                        No_PP                                      0MPP                                                             49.07                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170801                                                          20170901                                     2.250                                                 5.000                                                  2.000
                      92                        No_PP                                      0MPP                                                             43.91                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170601                                                          20170701                                     2.250                                                 5.000                                                  2.000
                      93                        Prepay                                     36MPP                                                            48.98                        10/1LIBOR                                                              0                        1 YR Libor                                                            12                                            12                                                             20170801                                                          20170901                                     2.250                                                 5.000                                                  2.000
                      94                        Prepay                                     12MPP                                                            26.64                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170801                                                          20170901                                     2.250                                                 5.000                                                  2.000
                      95                        Prepay                                     36MPP                                                            33.11                        10/1LIBOR                                                              0                        1 YR Libor                                                            12                                            12                                                             20170801                                                          20170901                                     2.250                                                 5.000                                                  2.000
                      96                        No_PP                                      0MPP                                                             27.69                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170801                                                          20170901                                     2.250                                                 5.000                                                  2.000
                      97                        Prepay                                     12MPP                                                            39.38                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170801                                                          20170901                                     2.250                                                 5.000                                                  2.000
                      98                        Prepay                                     36MPP                                                            41.82                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170801                                                          20170901                                     2.250                                                 5.000                                                  2.000
                      99                        No_PP                                      0MPP                                                             44.63                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170801                                                          20170901                                     2.250                                                 5.000                                                  2.000
                     100                        No_PP                                      0MPP                                                             30.08                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170901                                                          20171001                                     2.250                                                 5.000                                                  2.000
                     101                        No_PP                                      0MPP                                                             48.89                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170701                                                          20170801                                     2.250                                                 5.000                                                  2.000
                     102                        No_PP                                      0MPP                                                             54.38                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170701                                                          20170801                                     2.250                                                 5.000                                                  2.000
                     103                        Prepay                                     12MPP                                                            41.16                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170701                                                          20170801                                     2.250                                                 5.000                                                  2.000
                     104                        No_PP                                      0MPP                                                             44.96                        7/1LIBOR                                                               0                        1 YR Libor                                                            12                                            12                                                             20140801                                                          20140901                                     2.250                                                 5.000                                                  2.000
                     105                        No_PP                                      0MPP                                                             43.88                        7/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20140801                                                          20140901                                     2.250                                                 5.000                                                  2.000
                     106                        No_PP                                      0MPP                                                             53.78                        7/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20140801                                                          20140901                                     2.250                                                 5.000                                                  2.000
                     107                        No_PP                                      0MPP                                                             52.00                        7/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20140801                                                          20140901                                     2.250                                                 5.000                                                  2.000
                     108                        No_PP                                      0MPP                                                             47.06                        7/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20140801                                                          20140901                                     2.250                                                 5.000                                                  2.000
                     109                        Prepay                                     60MPP                                                            44.13                        7/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20140801                                                          20140901                                     2.250                                                 5.000                                                  2.000
                     110                        No_PP                                      0MPP                                                             29.67                        7/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20140801                                                          20140901                                     2.250                                                 5.000                                                  2.000
                     111                        Prepay                                     12MPP                                                            41.57                        7/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20140801                                                          20140901                                     2.250                                                 5.000                                                  2.000
                     112                        Prepay                                     12MPP                                                            42.57                        7/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20140801                                                          20140901                                     2.250                                                 5.000                                                  2.000
                     113                        Prepay                                     12MPP                                                            46.85                        7/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20140801                                                          20140901                                     2.250                                                 5.000                                                  2.000
                     114                        Prepay                                     60MPP                                                            27.94                        7/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20140801                                                          20140901                                     2.250                                                 5.000                                                  2.000
                     115                        No_PP                                      0MPP                                                             41.88                        7/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20140801                                                          20140901                                     2.250                                                 5.000                                                  2.000
                     116                        No_PP                                      0MPP                                                             47.86                        7/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20140701                                                          20140801                                     2.250                                                 5.000                                                  2.000
                     117                        Prepay                                     12MPP                                                            39.26                        7/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20140801                                                          20140901                                     2.250                                                 5.000                                                  2.000
                     118                        No_PP                                      0MPP                                                             32.65                        7/1LIBOR                                                               0                        1 YR Libor                                                            12                                            12                                                             20140801                                                          20140901                                     2.250                                                 5.000                                                  2.000
                     119                        No_PP                                      0MPP                                                             51.30                        7/1LIBOR                                                               0                        1 YR Libor                                                            12                                            12                                                             20140801                                                          20140901                                     2.250                                                 5.000                                                  2.000
                     120                        No_PP                                      0MPP                                                             38.31                        7/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20140801                                                          20140901                                     2.250                                                 5.000                                                  2.000
                     121                        No_PP                                      0MPP                                                             48.28                        7/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20140801                                                          20140901                                     2.250                                                 5.000                                                  2.000
                     122                        No_PP                                      0MPP                                                             41.15                        7/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20140801                                                          20140901                                     2.250                                                 5.000                                                  2.000
                     123                        No_PP                                      0MPP                                                             41.37                        7/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20140801                                                          20140901                                     2.250                                                 5.000                                                  2.000
                     124                        Prepay                                     12MPP                                                            44.31                        7/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20140701                                                          20140801                                     2.250                                                 5.000                                                  2.000
                     125                        No_PP                                      0MPP                                                             30.32                        7/1LIBOR                                                               0                        1 YR Libor                                                            12                                            12                                                             20140801                                                          20140901                                     2.250                                                 5.000                                                  2.000
                     126                        Prepay                                     12MPP                                                            31.09                        7/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20140801                                                          20140901                                     2.250                                                 5.000                                                  2.000
                     127                        No_PP                                      0MPP                                                             52.26                        7/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20140801                                                          20140901                                     2.250                                                 5.000                                                  2.000
                     128                        No_PP                                      0MPP                                                             47.29                        7/1LIBOR  IO                                                          84                        1 YR Libor                                                            12                                            12                                                             20140701                                                          20140801                                     2.250                                                 5.000                                                  2.000
                     129                        No_PP                                      0MPP                                                             45.17                        7/1LIBOR  IO                                                          84                        1 YR Libor                                                            12                                            12                                                             20140801                                                          20140901                                     2.250                                                 5.000                                                  2.000
                     130                        No_PP                                      0MPP                                                             46.49                        7/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20140801                                                          20140901                                     2.250                                                 5.000                                                  2.000
                     131                        Prepay                                     12MPP                                                            39.41                        7/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20140801                                                          20140901                                     2.250                                                 5.000                                                  2.000
                     132                        No_PP                                      0MPP                                                             43.85                        7/1LIBOR                                                               0                        1 YR Libor                                                            12                                            12                                                             20140701                                                          20140801                                     2.250                                                 5.000                                                  2.000
                     133                        No_PP                                      0MPP                                                             41.84                        7/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20140701                                                          20140801                                     2.250                                                 5.000                                                  2.000
                     134                        Prepay                                     12MPP                                                            40.80                        7/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20140701                                                          20140801                                     2.250                                                 5.000                                                  2.000
                     135                        Prepay                                     12MPP                                                            35.78                        7/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20140801                                                          20140901                                     2.250                                                 5.000                                                  2.000
                     136                        No_PP                                      0MPP                                                             15.60                        7/1LIBOR                                                               0                        1 YR Libor                                                            12                                            12                                                             20140801                                                          20140901                                     2.250                                                 5.000                                                  2.000
                     137                        No_PP                                      0MPP                                                             35.84                        7/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20140801                                                          20140901                                     2.250                                                 5.000                                                  2.000
                     138                        No_PP                                      0MPP                                                             30.81                        7/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20140701                                                          20140801                                     2.250                                                 5.000                                                  2.000
                     139                        No_PP                                      0MPP                                                             45.29                        7/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20140701                                                          20140801                                     2.250                                                 5.000                                                  2.000
                     140                        No_PP                                      0MPP                                                             24.75                        7/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20140801                                                          20140901                                     2.250                                                 5.000                                                  2.000
                     141                        No_PP                                      0MPP                                                             37.35                        7/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20140701                                                          20140801                                     2.250                                                 5.000                                                  2.000
                     142                        No_PP                                      0MPP                                                             36.82                        7/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20140701                                                          20140801                                     2.250                                                 5.000                                                  2.000
                     143                        No_PP                                      0MPP                                                             42.65                        7/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20140701                                                          20140801                                     2.250                                                 5.000                                                  2.000
                     144                        Prepay                                     12MPP                                                            52.52                        7/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20140801                                                          20140901                                     2.250                                                 5.000                                                  2.000
                     145                        No_PP                                      0MPP                                                             42.53                        7/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20140801                                                          20140901                                     2.250                                                 5.000                                                  2.000
                     146                        No_PP                                      0MPP                                                             49.05                        7/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20140801                                                          20140901                                     2.250                                                 5.000                                                  2.000
                     147                        No_PP                                      0MPP                                                             37.30                        7/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20140701                                                          20140801                                     2.250                                                 5.000                                                  2.000
                     148                        Prepay                                     12MPP                                                            31.78                        7/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20140801                                                          20140901                                     2.250                                                 5.000                                                  2.000
                     149                        No_PP                                      0MPP                                                             37.29                        7/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20140701                                                          20140801                                     2.250                                                 5.000                                                  2.000
                     150                        No_PP                                      0MPP                                                             18.63                        7/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20140801                                                          20140901                                     2.250                                                 5.000                                                  2.000
                     151                        Prepay                                     36MPP                                                            41.93                        7/1LIBOR                                                               0                        1 YR Libor                                                            12                                            12                                                             20140801                                                          20140901                                     2.250                                                 5.000                                                  2.000
                     152                        Prepay                                     12MPP                                                            41.71                        7/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20140801                                                          20140901                                     2.250                                                 5.000                                                  2.000
                     153                        No_PP                                      0MPP                                                             51.12                        7/1LIBOR                                                               0                        1 YR Libor                                                            12                                            12                                                             20140701                                                          20140801                                     2.250                                                 5.000                                                  2.000
                     154                        Prepay                                     36MPP                                                            24.31                        7/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20140801                                                          20140901                                     2.250                                                 5.000                                                  2.000
                     155                        No_PP                                      0MPP                                                             41.95                        7/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20140801                                                          20140901                                     2.250                                                 5.000                                                  2.000
                     156                        No_PP                                      0MPP                                                             47.10                        7/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20140801                                                          20140901                                     2.250                                                 5.000                                                  2.000
                     157                        Prepay                                     12MPP                                                            41.54                        7/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20140801                                                          20140901                                     2.250                                                 5.000                                                  2.000
                     158                        No_PP                                      0MPP                                                             37.62                        7/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20140701                                                          20140801                                     2.250                                                 5.000                                                  2.000
                     159                        Prepay                                     12MPP                                                            27.88                        7/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20140801                                                          20140901                                     2.250                                                 5.000                                                  2.000
                     160                        No_PP                                      0MPP                                                             39.32                        7/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20140901                                                          20141001                                     2.250                                                 5.000                                                  2.000
                     161                        Prepay                                     12MPP                                                            48.35                        7/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20140801                                                          20140901                                     2.250                                                 5.000                                                  2.000
                     162                        No_PP                                      0MPP                                                             52.54                        7/1LIBOR                                                               0                        1 YR Libor                                                            12                                            12                                                             20140801                                                          20140901                                     2.250                                                 5.000                                                  2.000
                     163                        Prepay                                     60MPP                                                            54.85                        7/1LIBOR                                                               0                        1 YR Libor                                                            12                                            12                                                             20140801                                                          20140901                                     2.250                                                 5.000                                                  2.000
                     164                        No_PP                                      0MPP                                                             46.06                        5/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20120501                                                          20120601                                     2.250                                                 5.000                                                  2.000
                     165                        No_PP                                      0MPP                                                             47.21                        5/1LIBOR  IO                                                          60                        1 YR Libor                                                            12                                            12                                                             20120401                                                          20120501                                     2.250                                                 5.000                                                  2.000
                     166                        Prepay                                     12MPP                                                            23.55                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170601                                                          20170701                                     2.250                                                 5.000                                                  2.000
                     167                        No_PP                                      0MPP                                                             54.81                        5/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20120401                                                          20120501                                     2.250                                                 5.000                                                  2.000
                     168                        No_PP                                      0MPP                                                             39.04                        5/6LIBOR  IO                                                         120                        6 Mo Libor                                                             6                                             6                                                             20120801                                                          20120901                                     2.250                                                 5.000                                                  1.000
                     169                        Prepay                                     36MPP                                                            41.09                        5/6LIBOR  IO                                                         120                        6 Mo Libor                                                             6                                             6                                                             20120801                                                          20120901                                     2.250                                                 5.000                                                  1.000
                     170                        No_PP                                      0MPP                                                             53.00                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170901                                                          20171001                                     2.250                                                 5.000                                                  2.000
                     171                        Prepay                                     36MPP                                                            31.91                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170801                                                          20170901                                     2.250                                                 5.000                                                  2.000
                     172                        Prepay                                     60MPP                                                            42.08                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170701                                                          20170801                                     2.250                                                 5.000                                                  2.000
                     173                        No_PP                                      0MPP                                                             45.51                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170701                                                          20170801                                     2.250                                                 5.000                                                  2.000
                     174                        No_PP                                      0MPP                                                             39.90                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170801                                                          20170901                                     2.250                                                 5.000                                                  2.000
                     175                        No_PP                                      0MPP                                                             19.17                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170701                                                          20170801                                     2.250                                                 5.000                                                  2.000
                     176                        Prepay                                     12MPP                                                            47.53                        10/1LIBOR                                                              0                        1 YR Libor                                                            12                                            12                                                             20170901                                                          20171001                                     2.250                                                 5.000                                                  2.000
                     177                        Prepay                                     36MPP                                                            29.10                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170801                                                          20170901                                     2.250                                                 5.000                                                  2.000
                     178                        No_PP                                      0MPP                                                             48.22                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170901                                                          20171001                                     2.250                                                 5.000                                                  2.000
                     179                        Prepay                                     12MPP                                                            43.09                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170801                                                          20170901                                     2.250                                                 5.000                                                  2.000
                     180                        No_PP                                      0MPP                                                             52.42                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170801                                                          20170901                                     2.250                                                 5.000                                                  2.000
                     181                        Prepay                                     60MPP                                                            34.38                        10/1LIBOR                                                              0                        1 YR Libor                                                            12                                            12                                                             20170901                                                          20171001                                     2.250                                                 5.000                                                  2.000
                     182                        No_PP                                      0MPP                                                             41.85                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170901                                                          20171001                                     2.250                                                 5.000                                                  2.000
                     183                        No_PP                                      0MPP                                                             46.78                        10/1LIBOR                                                              0                        1 YR Libor                                                            12                                            12                                                             20170701                                                          20170801                                     2.250                                                 5.000                                                  2.000
                     184                        Prepay                                     12MPP                                                            30.65                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170801                                                          20170901                                     2.250                                                 5.000                                                  2.000
                     185                        No_PP                                      0MPP                                                             41.13                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170801                                                          20170901                                     2.250                                                 5.000                                                  2.000
                     186                        No_PP                                      0MPP                                                             38.05                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170901                                                          20171001                                     2.250                                                 5.000                                                  2.000
                     187                        Prepay                                     36MPP                                                            52.34                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170701                                                          20170801                                     2.875                                                 5.000                                                  2.000
                     188                        Prepay                                     36MPP                                                            39.21                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170801                                                          20170901                                     2.250                                                 5.000                                                  2.000
                     189                        Prepay                                     12MPP                                                            35.16                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170801                                                          20170901                                     2.250                                                 5.000                                                  2.000
                     190                        No_PP                                      0MPP                                                             39.83                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170801                                                          20170901                                     2.250                                                 5.000                                                  2.000
                     191                        No_PP                                      0MPP                                                             31.71                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170901                                                          20171001                                     2.250                                                 5.000                                                  2.000
                     192                        Prepay                                     36MPP                                                            48.81                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170701                                                          20170801                                     2.250                                                 5.000                                                  2.000
                     193                        Prepay                                     36MPP                                                            49.24                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170701                                                          20170801                                     2.250                                                 5.000                                                  2.000
                     194                        Prepay                                     12MPP                                                            33.87                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170701                                                          20170801                                     2.250                                                 5.000                                                  2.000
                     195                        No_PP                                      0MPP                                                             49.20                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170801                                                          20170901                                     2.250                                                 5.000                                                  2.000
                     196                        No_PP                                      0MPP                                                             25.66                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170801                                                          20170901                                     2.250                                                 5.000                                                  2.000
                     197                        Prepay                                     60MPP                                                            40.06                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170701                                                          20170801                                     2.250                                                 5.000                                                  2.000
                     198                        No_PP                                      0MPP                                                             28.55                        5/6LIBOR                                                               0                        6 Mo Libor                                                             6                                             6                                                             20120901                                                          20121001                                     2.250                                                 5.000                                                  1.000
                     199                        Prepay                                     60MPP                                                            48.20                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170801                                                          20170901                                     2.250                                                 5.000                                                  2.000
                     200                        Prepay                                     36MPP                                                            44.07                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170901                                                          20171001                                     2.250                                                 5.000                                                  2.000
                     201                        No_PP                                      0MPP                                                             36.02                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170801                                                          20170901                                     2.250                                                 5.000                                                  2.000
                     202                        Prepay                                     12MPP                                                            39.64                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170901                                                          20171001                                     2.250                                                 5.000                                                  2.000
                     203                        Prepay                                     12MPP                                                            42.96                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170901                                                          20171001                                     2.250                                                 5.000                                                  2.000
                     204                        Prepay                                     36MPP                                                            29.52                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170801                                                          20170901                                     2.250                                                 5.000                                                  2.000
                     205                        No_PP                                      0MPP                                                             32.66                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170901                                                          20171001                                     2.250                                                 5.000                                                  2.000
                     206                        Prepay                                     12MPP                                                            17.97                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170801                                                          20170901                                     2.250                                                 5.000                                                  2.000
                     207                        Prepay                                     12MPP                                                            53.49                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170801                                                          20170901                                     2.250                                                 5.000                                                  2.000
                     208                        No_PP                                      0MPP                                                             37.92                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170901                                                          20171001                                     2.250                                                 5.000                                                  2.000
                     209                        No_PP                                      0MPP                                                             32.90                        5/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20120601                                                          20120701                                     2.250                                                 5.000                                                  2.000
                     210                        No_PP                                      0MPP                                                             31.60                        5/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20120601                                                          20120701                                     2.250                                                 5.000                                                  2.000
                     211                        No_PP                                      0MPP                                                             36.80                        5/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20120601                                                          20120701                                     2.250                                                 5.000                                                  2.000
                     212                        No_PP                                      0MPP                                                             42.40                        5/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20120601                                                          20120701                                     2.250                                                 5.000                                                  2.000
                     213                        No_PP                                      0MPP                                                             36.90                        5/1LIBOR                                                               0                        1 YR Libor                                                            12                                            12                                                             20120601                                                          20120701                                     2.250                                                 5.000                                                  2.000
                     214                        No_PP                                      0MPP                                                             51.50                        5/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20120601                                                          20120701                                     2.250                                                 5.000                                                  2.000
                     215                        No_PP                                      0MPP                                                             29.80                        5/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20120601                                                          20120701                                     2.250                                                 5.000                                                  2.000
                     216                        No_PP                                      0MPP                                                             35.50                        5/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20120601                                                          20120701                                     2.250                                                 5.000                                                  2.000
                     217                        No_PP                                      0MPP                                                             18.40                        5/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20120601                                                          20120701                                     2.250                                                 5.000                                                  2.000
                     218                        No_PP                                      0MPP                                                             54.50                        5/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20120601                                                          20120701                                     2.250                                                 5.000                                                  2.000
                     219                        No_PP                                      0MPP                                                             34.10                        5/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20120601                                                          20120701                                     2.250                                                 5.000                                                  2.000
                     220                        Prepay                                     6MPP                                                             45.08                        5/6LIBOR                                                               0                        6 Mo Libor                                                             6                                             6                                                             20120701                                                          20120801                                     2.250                                                 5.000                                                  1.000
                     221                        No_PP                                      0MPP                                                             39.95                        5/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20120701                                                          20120801                                     2.750                                                 5.000                                                  2.000
                     222                        No_PP                                      0MPP                                                             54.41                        7/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20140701                                                          20140801                                     2.250                                                 5.000                                                  2.000
                     223                        No_PP                                      0MPP                                                             37.21                        7/1LIBOR  IO                                                          84                        1 YR Libor                                                            12                                            12                                                             20140701                                                          20140801                                     2.250                                                 5.000                                                  2.000
                     224                        No_PP                                      0MPP                                                             46.52                        7/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20140701                                                          20140801                                     2.250                                                 5.000                                                  2.000
                     225                        No_PP                                      0MPP                                                             42.93                        7/1LIBOR  IO                                                          84                        1 YR Libor                                                            12                                            12                                                             20140701                                                          20140801                                     2.250                                                 5.000                                                  2.000
                     226                        No_PP                                      0MPP                                                             51.10                        7/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20140701                                                          20140801                                     2.250                                                 5.000                                                  2.000
                     227                        No_PP                                      0MPP                                                             42.97                        7/1LIBOR  IO                                                          84                        1 YR Libor                                                            12                                            12                                                             20140801                                                          20140901                                     2.250                                                 5.000                                                  2.000
                     228                        No_PP                                      0MPP                                                             49.96                        7/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20140701                                                          20140801                                     2.250                                                 5.000                                                  2.000
                     229                        No_PP                                      0MPP                                                             46.24                        7/1LIBOR  IO                                                          84                        1 YR Libor                                                            12                                            12                                                             20140701                                                          20140801                                     2.250                                                 5.000                                                  2.000
                     230                        No_PP                                      0MPP                                                             42.90                        7/1LIBOR  IO                                                          84                        1 YR Libor                                                            12                                            12                                                             20140701                                                          20140801                                     2.250                                                 5.000                                                  2.000
                     231                        No_PP                                      0MPP                                                             48.86                        7/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20140701                                                          20140801                                     2.250                                                 5.000                                                  2.000
                     232                        No_PP                                      0MPP                                                             46.02                        7/1LIBOR  IO                                                          84                        1 YR Libor                                                            12                                            12                                                             20140701                                                          20140801                                     2.250                                                 5.000                                                  2.000
                     233                        No_PP                                      0MPP                                                             46.55                        7/1LIBOR                                                               0                        1 YR Libor                                                            12                                            12                                                             20140701                                                          20140801                                     2.250                                                 5.000                                                  2.000
                     234                        No_PP                                      0MPP                                                             32.18                        7/1LIBOR                                                               0                        1 YR Libor                                                            12                                            12                                                             20140701                                                          20140801                                     2.250                                                 5.000                                                  2.000
                     235                        No_PP                                      0MPP                                                             54.93                        7/1LIBOR  IO                                                          84                        1 YR Libor                                                            12                                            12                                                             20140701                                                          20140801                                     2.250                                                 5.000                                                  2.000
                     236                        No_PP                                      0MPP                                                             37.89                        7/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20140701                                                          20140801                                     2.250                                                 5.000                                                  2.000
                     237                        No_PP                                      0MPP                                                             42.37                        7/1LIBOR  IO                                                          84                        1 YR Libor                                                            12                                            12                                                             20140301                                                          20140401                                     2.250                                                 5.000                                                  2.000
                     238                        No_PP                                      0MPP                                                             40.73                        7/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20140701                                                          20140801                                     2.250                                                 5.000                                                  2.000
                     239                        No_PP                                      0MPP                                                             49.40                        7/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20140701                                                          20140801                                     2.250                                                 5.000                                                  2.000
                     240                        No_PP                                      0MPP                                                             37.70                        7/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20140701                                                          20140801                                     2.250                                                 5.000                                                  2.000
                     241                        Prepay                                     36MPP                                                            53.68                        7/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20140801                                                          20140901                                     2.250                                                 5.000                                                  2.000
                     242                        No_PP                                      0MPP                                                             47.42                        7/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20140801                                                          20140901                                     2.250                                                 5.000                                                  2.000
                     243                        No_PP                                      0MPP                                                             44.31                        7/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20140801                                                          20140901                                     2.250                                                 5.000                                                  2.000
                     244                        No_PP                                      0MPP                                                             47.06                        7/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20140501                                                          20140601                                     2.250                                                 5.000                                                  2.000
                     245                        No_PP                                      0MPP                                                             34.19                        7/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20140701                                                          20140801                                     2.250                                                 5.000                                                  2.000
                     246                        Prepay                                     12MPP                                                            40.90                        5/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20120601                                                          20120701                                     2.250                                                 5.000                                                  2.000
                     247                        No_PP                                      0MPP                                                             33.25                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170601                                                          20170701                                     2.250                                                 5.000                                                  2.000
                     248                        Prepay                                     12MPP                                                            27.97                        5/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20120601                                                          20120701                                     2.250                                                 5.000                                                  2.000
                     249                        No_PP                                      0MPP                                                             41.62                        7/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20140601                                                          20140701                                     2.250                                                 5.000                                                  2.000
                     250                        No_PP                                      0MPP                                                             38.57                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170601                                                          20170701                                     2.250                                                 5.000                                                  2.000
                     251                        No_PP                                      0MPP                                                             47.00                        7/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20140601                                                          20140701                                     2.250                                                 5.000                                                  2.000
                     252                        No_PP                                      0MPP                                                             40.20                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170601                                                          20170701                                     2.250                                                 5.000                                                  2.000
                     253                        Prepay                                     60MPP                                                            32.01                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170601                                                          20170701                                     2.250                                                 5.000                                                  2.000
                     254                        Prepay                                     12MPP                                                             8.59                        5/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20120601                                                          20120701                                     2.250                                                 5.000                                                  2.000
                     255                        No_PP                                      0MPP                                                             27.05                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170601                                                          20170701                                     2.250                                                 5.000                                                  2.000
                     256                        Prepay                                     36MPP                                                            37.23                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170601                                                          20170701                                     2.250                                                 5.000                                                  2.000
                     257                        No_PP                                      0MPP                                                             31.00                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170601                                                          20170701                                     2.250                                                 5.000                                                  2.000
                     258                        Prepay                                     60MPP                                                            33.89                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170601                                                          20170701                                     2.250                                                 5.000                                                  2.000
                     259                        No_PP                                      0MPP                                                             38.69                        5/1LIBOR  IO                                                          60                        1 YR Libor                                                            12                                            12                                                             20120601                                                          20120701                                     2.250                                                 5.000                                                  2.000
                     260                        Prepay                                     12MPP                                                            42.84                        5/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20120601                                                          20120701                                     2.250                                                 5.000                                                  2.000
                     261                        No_PP                                      0MPP                                                             42.68                        5/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20120601                                                          20120701                                     2.250                                                 5.000                                                  2.000
                     262                        No_PP                                      0MPP                                                             37.08                        5/1LIBOR                                                               0                        1 YR Libor                                                            12                                            12                                                             20120601                                                          20120701                                     2.250                                                 5.000                                                  2.000
                     263                        No_PP                                      0MPP                                                             38.17                        5/1LIBOR  IO                                                          60                        1 YR Libor                                                            12                                            12                                                             20120601                                                          20120701                                     2.250                                                 5.000                                                  2.000
                     264                        Prepay                                     36MPP                                                            41.82                        5/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20120601                                                          20120701                                     2.250                                                 5.000                                                  2.000
                     265                        No_PP                                      0MPP                                                             41.16                        5/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20120601                                                          20120701                                     2.250                                                 5.000                                                  2.000
                     266                        No_PP                                      0MPP                                                             36.49                        5/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20120601                                                          20120701                                     2.250                                                 5.000                                                  2.000
                     267                        No_PP                                      0MPP                                                             29.49                        5/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20120601                                                          20120701                                     2.250                                                 5.000                                                  2.000
                     268                        No_PP                                      0MPP                                                             42.47                        5/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20120601                                                          20120701                                     2.250                                                 5.000                                                  2.000
                     269                        No_PP                                      0MPP                                                             43.67                        5/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20120701                                                          20120801                                     2.250                                                 5.000                                                  2.000
                     270                        No_PP                                      0MPP                                                             52.57                        5/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20120601                                                          20120701                                     2.250                                                 5.000                                                  2.000
                     271                        No_PP                                      0MPP                                                             48.05                        5/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20120601                                                          20120701                                     2.250                                                 5.000                                                  2.000
                     272                        Prepay                                     12MPP                                                            36.85                        5/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20120601                                                          20120701                                     2.250                                                 5.000                                                  2.000
                     273                        No_PP                                      0MPP                                                             35.76                        5/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20120701                                                          20120801                                     2.250                                                 5.000                                                  2.000
                     274                        No_PP                                      0MPP                                                             32.68                        5/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20120701                                                          20120801                                     2.250                                                 5.000                                                  2.000
                     275                        Prepay                                     36MPP                                                            38.80                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170501                                                          20170601                                     2.250                                                 5.000                                                  2.000
                     276                        No_PP                                      0MPP                                                             37.76                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170601                                                          20170701                                     2.250                                                 5.000                                                  2.000
                     277                        Prepay                                     36MPP                                                            49.19                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170501                                                          20170601                                     2.250                                                 5.000                                                  2.000
                     278                        No_PP                                      0MPP                                                             54.09                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170501                                                          20170601                                     2.250                                                 5.000                                                  2.000
                     279                        No_PP                                      0MPP                                                             41.69                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170601                                                          20170701                                     2.250                                                 5.000                                                  2.000
                     280                        No_PP                                      0MPP                                                             38.14                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170601                                                          20170701                                     2.250                                                 5.000                                                  2.000
                     281                        No_PP                                      0MPP                                                             54.66                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170601                                                          20170701                                     2.250                                                 5.000                                                  2.000
                     282                        No_PP                                      0MPP                                                             53.09                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170701                                                          20170801                                     2.250                                                 5.000                                                  2.000
                     283                        Prepay                                     36MPP                                                            24.96                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170601                                                          20170701                                     2.250                                                 5.000                                                  2.000
                     284                        Prepay                                     12MPP                                                            37.86                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170601                                                          20170701                                     2.250                                                 5.000                                                  2.000
                     285                        No_PP                                      0MPP                                                             38.23                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170601                                                          20170701                                     2.250                                                 5.000                                                  2.000
                     286                        No_PP                                      0MPP                                                             13.12                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170601                                                          20170701                                     2.250                                                 5.000                                                  2.000
                     287                        No_PP                                      0MPP                                                             34.84                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170701                                                          20170801                                     2.250                                                 5.000                                                  2.000
                     288                        No_PP                                      0MPP                                                             43.77                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170601                                                          20170701                                     2.250                                                 5.000                                                  2.000
                     289                        No_PP                                      0MPP                                                             25.24                        10/1LIBOR                                                              0                        1 YR Libor                                                            12                                            12                                                             20170701                                                          20170801                                     2.250                                                 5.000                                                  2.000
                     290                        No_PP                                      0MPP                                                             19.75                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170601                                                          20170701                                     2.250                                                 5.000                                                  2.000
                     291                        Prepay                                     12MPP                                                            31.12                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170701                                                          20170801                                     2.250                                                 5.000                                                  2.000
                     292                        No_PP                                      0MPP                                                             39.01                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170701                                                          20170801                                     2.250                                                 5.000                                                  2.000
                     293                        No_PP                                      0MPP                                                             33.11                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170601                                                          20170701                                     2.250                                                 5.000                                                  2.000
                     294                        Prepay                                     36MPP                                                            31.77                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170601                                                          20170701                                     2.250                                                 5.000                                                  2.000
                     295                        No_PP                                      0MPP                                                             44.91                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170601                                                          20170701                                     2.250                                                 5.000                                                  2.000
                     296                        Prepay                                     12MPP                                                            44.31                        10/1LIBOR                                                              0                        1 YR Libor                                                            12                                            12                                                             20170701                                                          20170801                                     2.250                                                 5.000                                                  2.000
                     297                        Prepay                                     36MPP                                                            27.78                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170601                                                          20170701                                     2.250                                                 5.000                                                  2.000
                     298                        No_PP                                      0MPP                                                             32.61                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170701                                                          20170801                                     2.250                                                 5.000                                                  2.000
                     299                        Prepay                                     12MPP                                                            43.78                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170701                                                          20170801                                     2.250                                                 5.000                                                  2.000
                     300                        Prepay                                     12MPP                                                            49.36                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170701                                                          20170801                                     2.250                                                 5.000                                                  2.000
                     301                        Prepay                                     12MPP                                                            36.31                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170601                                                          20170701                                     2.250                                                 5.000                                                  2.000
                     302                        No_PP                                      0MPP                                                             39.75                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170601                                                          20170701                                     2.250                                                 5.000                                                  2.000
                     303                        No_PP                                      0MPP                                                             44.90                        7/1LIBOR  IO                                                          84                        1 YR Libor                                                            12                                            12                                                             20140601                                                          20140701                                     2.250                                                 5.000                                                  2.000
                     304                        No_PP                                      0MPP                                                             37.80                        7/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20140601                                                          20140701                                     2.250                                                 5.000                                                  2.000
                     305                        No_PP                                      0MPP                                                             35.28                        7/1LIBOR  IO                                                          84                        1 YR Libor                                                            12                                            12                                                             20140601                                                          20140701                                     2.250                                                 5.000                                                  2.000
                     306                        No_PP                                      0MPP                                                             50.95                        7/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20140601                                                          20140701                                     2.250                                                 5.000                                                  2.000
                     307                        No_PP                                      0MPP                                                             46.11                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170601                                                          20170701                                     2.250                                                 5.000                                                  2.000
                     308                        Prepay                                     36MPP                                                            53.81                        7/6LIBOR  IO                                                         120                        6 Mo Libor                                                             6                                             6                                                             20140601                                                          20140701                                     2.250                                                 6.000                                                  2.000
                     309                        Prepay                                     12MPP                                                            48.42                        7/1LIBOR  IO                                                          84                        1 YR Libor                                                            12                                            12                                                             20140601                                                          20140701                                     2.250                                                 5.000                                                  2.000
                     310                        No_PP                                      0MPP                                                             35.07                        7/1LIBOR  IO                                                          84                        1 YR Libor                                                            12                                            12                                                             20140601                                                          20140701                                     2.250                                                 5.000                                                  2.000
                     311                        No_PP                                      0MPP                                                             38.29                        7/1LIBOR  IO                                                          84                        1 YR Libor                                                            12                                            12                                                             20140601                                                          20140701                                     2.250                                                 5.000                                                  2.000
                     312                        Prepay                                     60MPP                                                            46.90                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170701                                                          20170801                                     2.250                                                 5.000                                                  2.000
                     313                        No_PP                                      0MPP                                                             32.15                        7/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20140601                                                          20140701                                     2.250                                                 5.000                                                  2.000
                     314                        Prepay                                     12MPP                                                            37.09                        7/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20140701                                                          20140801                                     2.250                                                 5.000                                                  2.000
                     315                        No_PP                                      0MPP                                                             26.08                        7/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20140701                                                          20140801                                     2.250                                                 5.000                                                  2.000
                     316                        Prepay                                     12MPP                                                            43.53                        7/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20140601                                                          20140701                                     2.250                                                 5.000                                                  2.000
                     317                        No_PP                                      0MPP                                                             33.30                        7/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20140701                                                          20140801                                     2.250                                                 5.000                                                  2.000
                     318                        Prepay                                     12MPP                                                            38.86                        7/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20140601                                                          20140701                                     2.250                                                 5.000                                                  2.000
                     319                        No_PP                                      0MPP                                                             40.43                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170601                                                          20170701                                     2.250                                                 5.000                                                  2.000
                     320                        Prepay                                     60MPP                                                            52.79                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170701                                                          20170801                                     2.250                                                 5.000                                                  2.000
                     321                        No_PP                                      0MPP                                                             31.78                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170701                                                          20170801                                     2.250                                                 5.000                                                  2.000
                     322                        No_PP                                      0MPP                                                             37.44                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170701                                                          20170801                                     2.250                                                 5.000                                                  2.000
                     323                        No_PP                                      0MPP                                                             41.01                        5/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20120601                                                          20120701                                     2.250                                                 5.000                                                  2.000
                     324                        Prepay                                     12MPP                                                            48.00                        7/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20140601                                                          20140701                                     2.250                                                 5.000                                                  2.000
                     325                        Prepay                                     36MPP                                                            34.20                        5/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20120601                                                          20120701                                     2.250                                                 5.000                                                  2.000
                     326                        No_PP                                      0MPP                                                             47.18                        7/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20140601                                                          20140701                                     2.250                                                 5.000                                                  2.000
                     327                        Prepay                                     12MPP                                                            31.44                        5/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20120601                                                          20120701                                     2.250                                                 5.000                                                  2.000
                     328                        Prepay                                     12MPP                                                            43.83                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170601                                                          20170701                                     2.250                                                 5.000                                                  2.000
                     329                        Prepay                                     36MPP                                                            34.92                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170601                                                          20170701                                     2.250                                                 5.000                                                  2.000
                     330                        No_PP                                      0MPP                                                             44.02                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170601                                                          20170701                                     2.250                                                 5.000                                                  2.000
                     331                        No_PP                                      0MPP                                                             37.10                        7/1LIBOR                                                               0                        1 YR Libor                                                            12                                            12                                                             20140601                                                          20140701                                     2.250                                                 5.000                                                  2.000
                     332                        Prepay                                     60MPP                                                            38.09                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170601                                                          20170701                                     2.250                                                 5.000                                                  2.000
                     333                        Prepay                                     12MPP                                                            30.94                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170601                                                          20170701                                     2.250                                                 5.000                                                  2.000
                     334                        Prepay                                     36MPP                                                            36.20                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170601                                                          20170701                                     2.250                                                 5.000                                                  2.000
                     335                        No_PP                                      0MPP                                                             37.11                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170601                                                          20170701                                     2.250                                                 5.000                                                  2.000
                     336                        Prepay                                     36MPP                                                            18.53                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170601                                                          20170701                                     2.250                                                 5.000                                                  2.000
                     337                        No_PP                                      0MPP                                                             35.51                        7/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20140601                                                          20140701                                     2.250                                                 5.000                                                  2.000
                     338                        No_PP                                      0MPP                                                             38.20                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170601                                                          20170701                                     2.250                                                 5.000                                                  2.000
                     339                        No_PP                                      0MPP                                                             37.60                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170601                                                          20170701                                     2.250                                                 5.000                                                  2.000
                     340                        Prepay                                     12MPP                                                            38.61                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170601                                                          20170701                                     2.250                                                 5.000                                                  2.000
                     341                        Prepay                                     12MPP                                                            44.61                        5/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20120601                                                          20120701                                     2.250                                                 5.000                                                  2.000
                     342                        No_PP                                      0MPP                                                             39.27                        5/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20120601                                                          20120701                                     2.250                                                 5.000                                                  2.000
                     343                        No_PP                                      0MPP                                                             43.62                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170601                                                          20170701                                     2.250                                                 5.000                                                  2.000
                     344                        No_PP                                      0MPP                                                             33.70                        7/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20140501                                                          20140601                                     2.250                                                 5.000                                                  2.000
                     345                        No_PP                                      0MPP                                                             49.12                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170601                                                          20170701                                     2.250                                                 5.000                                                  2.000
                     346                        No_PP                                      0MPP                                                             52.70                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170601                                                          20170701                                     2.250                                                 5.000                                                  2.000
                     347                        Prepay                                     12MPP                                                            46.05                        5/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20120601                                                          20120701                                     2.250                                                 5.000                                                  2.000
                     348                        No_PP                                      0MPP                                                             42.47                        7/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20140601                                                          20140701                                     2.250                                                 5.000                                                  2.000
                     349                        Prepay                                     12MPP                                                            42.44                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170601                                                          20170701                                     2.250                                                 5.000                                                  2.000
                     350                        Prepay                                     60MPP                                                            39.15                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170601                                                          20170701                                     2.250                                                 5.000                                                  2.000
                     351                        No_PP                                      0MPP                                                             28.56                        10/1LIBOR                                                              0                        1 YR Libor                                                            12                                            12                                                             20170601                                                          20170701                                     2.250                                                 5.000                                                  2.000
                     352                        No_PP                                      0MPP                                                             42.74                        5/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20120501                                                          20120601                                     2.250                                                 5.000                                                  2.000
                     353                        No_PP                                      0MPP                                                             36.51                        10/1LIBOR                                                              0                        1 YR Libor                                                            12                                            12                                                             20170601                                                          20170701                                     2.250                                                 5.000                                                  2.000
                     354                        No_PP                                      0MPP                                                             47.40                        5/1LIBOR                                                               0                        1 YR Libor                                                            12                                            12                                                             20120501                                                          20120601                                     2.250                                                 5.000                                                  2.000
                     355                        No_PP                                      0MPP                                                             39.26                        5/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20120601                                                          20120701                                     2.250                                                 5.000                                                  2.000
                     356                        No_PP                                      0MPP                                                             44.95                        5/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20120601                                                          20120701                                     2.250                                                 5.000                                                  2.000
                     357                        Prepay                                     36MPP                                                            15.17                        10/1LIBOR                                                              0                        1 YR Libor                                                            12                                            12                                                             20170601                                                          20170701                                     2.250                                                 5.000                                                  2.000
                     358                        Prepay                                     60MPP                                                            30.85                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170601                                                          20170701                                     2.250                                                 5.000                                                  2.000
                     359                        No_PP                                      0MPP                                                             42.52                        5/1LIBOR                                                               0                        1 YR Libor                                                            12                                            12                                                             20120601                                                          20120701                                     2.250                                                 5.000                                                  2.000
                     360                        Prepay                                     60MPP                                                            43.22                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170601                                                          20170701                                     2.250                                                 5.000                                                  2.000
                     361                        Prepay                                     12MPP                                                            37.71                        7/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20140601                                                          20140701                                     2.250                                                 5.000                                                  2.000
                     362                        Prepay                                     12MPP                                                            32.75                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170601                                                          20170701                                     2.250                                                 5.000                                                  2.000
                     363                        Prepay                                     60MPP                                                            45.92                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170601                                                          20170701                                     2.250                                                 5.000                                                  2.000
                     364                        No_PP                                      0MPP                                                             24.46                        5/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20120601                                                          20120701                                     2.250                                                 5.000                                                  2.000
                     365                        Prepay                                     12MPP                                                            48.12                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170601                                                          20170701                                     2.250                                                 5.000                                                  2.000
                     366                        Prepay                                     60MPP                                                            48.64                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170601                                                          20170701                                     2.250                                                 5.000                                                  2.000
                     367                        Prepay                                     36MPP                                                            20.12                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170601                                                          20170701                                     2.250                                                 5.000                                                  2.000
                     368                        Prepay                                     12MPP                                                            40.28                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170601                                                          20170701                                     2.250                                                 5.000                                                  2.000
                     369                        No_PP                                      0MPP                                                             48.70                        5/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20120501                                                          20120601                                     2.250                                                 5.000                                                  2.000
                     370                        No_PP                                      0MPP                                                             43.07                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170601                                                          20170701                                     2.250                                                 5.000                                                  2.000
                     371                        Prepay                                     12MPP                                                            41.45                        5/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20120601                                                          20120701                                     2.250                                                 5.000                                                  2.000
                     372                        Prepay                                     12MPP                                                            53.58                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170601                                                          20170701                                     2.250                                                 5.000                                                  2.000
                     373                        No_PP                                      0MPP                                                             41.15                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170601                                                          20170701                                     2.250                                                 5.000                                                  2.000
                     374                        Prepay                                     60MPP                                                            35.46                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170601                                                          20170701                                     2.250                                                 5.000                                                  2.000
                     375                        No_PP                                      0MPP                                                             34.67                        7/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20140601                                                          20140701                                     2.250                                                 5.000                                                  2.000
                     376                        No_PP                                      0MPP                                                             19.26                        7/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20140601                                                          20140701                                     2.250                                                 5.000                                                  2.000
                     377                        No_PP                                      0MPP                                                             44.85                        5/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20120501                                                          20120601                                     2.250                                                 5.000                                                  2.000
                     378                        Prepay                                     12MPP                                                            43.80                        5/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20120601                                                          20120701                                     2.250                                                 5.000                                                  2.000
                     379                        Prepay                                     12MPP                                                            46.52                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170601                                                          20170701                                     2.250                                                 5.000                                                  2.000
                     380                        No_PP                                      0MPP                                                             43.84                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170601                                                          20170701                                     2.250                                                 5.000                                                  2.000
                     381                        Prepay                                     36MPP                                                            46.26                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170601                                                          20170701                                     2.250                                                 5.000                                                  2.000
                     382                        No_PP                                      0MPP                                                             32.57                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170501                                                          20170601                                     2.250                                                 5.000                                                  2.000
                     383                        No_PP                                      0MPP                                                             23.30                        5/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20120401                                                          20120501                                     2.250                                                 5.000                                                  2.000
                     384                        No_PP                                      0MPP                                                             49.99                        5/1LIBOR  IO                                                          60                        1 YR Libor                                                            12                                            12                                                             20120501                                                          20120601                                     2.250                                                 5.000                                                  2.000
                     385                        No_PP                                      0MPP                                                             44.77                        7/1LIBOR  IO                                                          84                        1 YR Libor                                                            12                                            12                                                             20140501                                                          20140601                                     2.250                                                 5.000                                                  2.000
                     386                        No_PP                                      0MPP                                                             50.92                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170501                                                          20170601                                     2.250                                                 5.000                                                  2.000
                     387                        Prepay                                     36MPP                                                            45.07                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170601                                                          20170701                                     2.250                                                 5.000                                                  2.000
                     388                        No_PP                                      0MPP                                                             45.18                        5/1LIBOR  IO                                                          60                        1 YR Libor                                                            12                                            12                                                             20120501                                                          20120601                                     2.250                                                 5.000                                                  2.000
                     389                        No_PP                                      0MPP                                                             34.60                        5/1LIBOR  IO                                                          60                        1 YR Libor                                                            12                                            12                                                             20120601                                                          20120701                                     2.250                                                 5.000                                                  2.000
                     390                        No_PP                                      0MPP                                                             47.98                        5/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20120601                                                          20120701                                     2.250                                                 5.000                                                  2.000
                     391                        Prepay                                     12MPP                                                            43.68                        10/1LIBOR                                                              0                        1 YR Libor                                                            12                                            12                                                             20170501                                                          20170601                                     2.250                                                 5.000                                                  2.000
                     392                        No_PP                                      0MPP                                                             53.72                        7/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20140601                                                          20140701                                     2.250                                                 5.000                                                  2.000
                     393                        No_PP                                      0MPP                                                             40.45                        7/1LIBOR                                                               0                        1 YR Libor                                                            12                                            12                                                             20140601                                                          20140701                                     2.250                                                 5.000                                                  2.000
                     394                        No_PP                                      0MPP                                                             47.93                        7/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20140501                                                          20140601                                     2.250                                                 5.000                                                  2.000
                     395                        No_PP                                      0MPP                                                             24.19                        7/1LIBOR                                                               0                        1 YR Libor                                                            12                                            12                                                             20140601                                                          20140701                                     2.250                                                 5.000                                                  2.000
                     396                        No_PP                                      0MPP                                                             48.79                        5/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20120401                                                          20120501                                     2.250                                                 5.000                                                  2.000
                     397                        No_PP                                      0MPP                                                             48.21                        5/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20120401                                                          20120501                                     2.250                                                 5.000                                                  2.000
                     398                        No_PP                                      0MPP                                                             43.81                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170501                                                          20170601                                     2.250                                                 5.000                                                  2.000
                     399                        No_PP                                      0MPP                                                             51.48                        5/1LIBOR  IO                                                          60                        1 YR Libor                                                            12                                            12                                                             20120601                                                          20120701                                     2.250                                                 5.000                                                  2.000
                     400                        No_PP                                      0MPP                                                             21.88                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170501                                                          20170601                                     2.250                                                 5.000                                                  2.000
                     401                        No_PP                                      0MPP                                                             32.14                        5/1LIBOR  IO                                                          60                        1 YR Libor                                                            12                                            12                                                             20120501                                                          20120601                                     2.250                                                 5.000                                                  2.000
                     402                        No_PP                                      0MPP                                                             37.19                        5/1LIBOR  IO                                                          60                        1 YR Libor                                                            12                                            12                                                             20120501                                                          20120601                                     2.250                                                 5.000                                                  2.000
                     403                        Prepay                                     12MPP                                                            42.53                        7/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20140601                                                          20140701                                     2.250                                                 5.000                                                  2.000
                     404                        No_PP                                      0MPP                                                             46.28                        7/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20140601                                                          20140701                                     2.250                                                 5.000                                                  2.000
                     405                        No_PP                                      0MPP                                                             34.70                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170601                                                          20170701                                     2.250                                                 5.000                                                  2.000
                     406                        Prepay                                     36MPP                                                            35.50                        5/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20120501                                                          20120601                                     2.250                                                 5.000                                                  2.000
                     407                        No_PP                                      0MPP                                                             44.50                        5/1LIBOR  IO                                                          60                        1 YR Libor                                                            12                                            12                                                             20120601                                                          20120701                                     2.250                                                 5.000                                                  2.000
                     408                        Prepay                                     12MPP                                                            47.40                        7/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20140601                                                          20140701                                     2.250                                                 5.000                                                  2.000
                     409                        Prepay                                     12MPP                                                            23.40                        7/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20140601                                                          20140701                                     2.250                                                 5.000                                                  2.000
                     410                        Prepay                                     12MPP                                                            42.14                        5/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20120501                                                          20120601                                     2.250                                                 5.000                                                  2.000
                     411                        Prepay                                     12MPP                                                            45.61                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170601                                                          20170701                                     2.250                                                 5.000                                                  2.000
                     412                        No_PP                                      0MPP                                                             43.09                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170601                                                          20170701                                     2.250                                                 5.000                                                  2.000
                     413                        No_PP                                      0MPP                                                             29.63                        7/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20140501                                                          20140601                                     2.250                                                 5.000                                                  2.000
                     414                        No_PP                                      0MPP                                                             30.07                        10/1LIBOR                                                              0                        1 YR Libor                                                            12                                            12                                                             20170501                                                          20170601                                     2.250                                                 5.000                                                  2.000
                     415                        No_PP                                      0MPP                                                             31.52                        7/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20140601                                                          20140701                                     2.250                                                 5.000                                                  2.000
                     416                        No_PP                                      0MPP                                                             43.19                        7/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20140601                                                          20140701                                     2.250                                                 5.000                                                  2.000
                     417                        No_PP                                      0MPP                                                             36.40                        5/1LIBOR  IO                                                          60                        1 YR Libor                                                            12                                            12                                                             20120501                                                          20120601                                     2.250                                                 5.000                                                  2.000
                     418                        No_PP                                      0MPP                                                             49.30                        5/1LIBOR  IO                                                          60                        1 YR Libor                                                            12                                            12                                                             20120501                                                          20120601                                     2.250                                                 5.000                                                  2.000
                     419                        Prepay                                     12MPP                                                            51.73                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170601                                                          20170701                                     2.250                                                 5.000                                                  2.000
                     420                        No_PP                                      0MPP                                                             33.30                        5/1LIBOR  IO                                                          60                        1 YR Libor                                                            12                                            12                                                             20120501                                                          20120601                                     2.250                                                 5.000                                                  2.000
                     421                        No_PP                                      0MPP                                                             14.65                        7/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20140501                                                          20140601                                     2.250                                                 5.000                                                  2.000
                     422                        Prepay                                     12MPP                                                            46.89                        7/6LIBOR  IO                                                         120                        6 Mo Libor                                                             6                                             6                                                             20140801                                                          20140901                                     2.250                                                 5.000                                                  1.000
                     423                        Prepay                                     4MPP                                                             13.12                        5/6LIBOR  IO                                                         120                        6 Mo Libor                                                             6                                             6                                                             20120701                                                          20120801                                     2.250                                                 5.000                                                  1.000
                     424                        Prepay                                     12MPP                                                            41.64                        10/6LIBOR IO                                                         120                        6 Mo Libor                                                             6                                             6                                                             20170701                                                          20170801                                     2.250                                                 5.000                                                  1.000
                     425                        No_PP                                      0MPP                                                             40.01                        5/6LIBOR  IO                                                         120                        6 Mo Libor                                                             6                                             6                                                             20120701                                                          20120801                                     2.250                                                 5.000                                                  1.000
                     426                        No_PP                                      0MPP                                                             43.39                        5/6LIBOR  IO                                                         120                        6 Mo Libor                                                             6                                             6                                                             20120701                                                          20120801                                     2.250                                                 5.000                                                  1.000
                     427                        Prepay                                     4MPP                                                             20.28                        5/6LIBOR  IO                                                         120                        6 Mo Libor                                                             6                                             6                                                             20120601                                                          20120701                                     2.250                                                 5.000                                                  1.000
                     428                        Prepay                                     24MPP                                                            35.05                        5/6LIBOR  IO                                                         120                        6 Mo Libor                                                             6                                             6                                                             20120701                                                          20120801                                     2.250                                                 5.000                                                  1.000
                     429                        Prepay                                     12MPP                                                            33.14                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170701                                                          20170801                                     2.250                                                 5.000                                                  2.000
                     430                        No_PP                                      0MPP                                                             49.91                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170701                                                          20170801                                     2.250                                                 5.000                                                  2.000
                     431                        Prepay                                     60MPP                                                            41.45                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170701                                                          20170801                                     2.250                                                 5.000                                                  2.000
                     432                        No_PP                                      0MPP                                                             41.22                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170701                                                          20170801                                     2.250                                                 5.000                                                  2.000
                     433                        Prepay                                     12MPP                                                            39.66                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170701                                                          20170801                                     2.250                                                 5.000                                                  2.000
                     434                        No_PP                                      0MPP                                                             36.90                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170701                                                          20170801                                     2.250                                                 5.000                                                  2.000
                     435                        No_PP                                      0MPP                                                             51.93                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170701                                                          20170801                                     2.250                                                 5.000                                                  2.000
                     436                        Prepay                                     12MPP                                                            40.50                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170701                                                          20170801                                     2.250                                                 5.000                                                  2.000
                     437                        Prepay                                     36MPP                                                            37.40                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170701                                                          20170801                                     2.250                                                 5.000                                                  2.000
                     438                        No_PP                                      0MPP                                                             22.04                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170701                                                          20170801                                     2.250                                                 5.000                                                  2.000
                     439                        Prepay                                     60MPP                                                            35.87                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170701                                                          20170801                                     2.250                                                 5.000                                                  2.000
                     440                        Prepay                                     12MPP                                                            31.17                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170701                                                          20170801                                     2.250                                                 5.000                                                  2.000
                     441                        No_PP                                      0MPP                                                             15.27                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170701                                                          20170801                                     2.250                                                 5.000                                                  2.000
                     442                        No_PP                                      0MPP                                                             22.96                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170701                                                          20170801                                     2.250                                                 5.000                                                  2.000
                     443                        No_PP                                      0MPP                                                             38.65                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170601                                                          20170701                                     2.250                                                 5.000                                                  2.000
                     444                        Prepay                                     60MPP                                                            42.33                        10/1CMT                                                                0                        1 YR CMT                                                              12                                            12                                                             20170701                                                          20170801                                     2.750                                                 5.000                                                  2.000
                     445                        Prepay                                     12MPP                                                            30.11                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170701                                                          20170801                                     2.250                                                 5.000                                                  2.000
                     446                        Prepay                                     36MPP                                                            52.76                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170701                                                          20170801                                     2.250                                                 5.000                                                  2.000
                     447                        No_PP                                      0MPP                                                             40.72                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170701                                                          20170801                                     2.250                                                 5.000                                                  2.000
                     448                        Prepay                                     12MPP                                                            43.01                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170701                                                          20170801                                     2.250                                                 5.000                                                  2.000
                     449                        No_PP                                      0MPP                                                             42.65                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170701                                                          20170801                                     2.250                                                 5.000                                                  2.000
                     450                        Prepay                                     4MPP                                                             44.67                        7/6LIBOR  IO                                                         120                        6 Mo Libor                                                             6                                             6                                                             20140901                                                          20141001                                     2.250                                                 5.000                                                  1.000
                     451                        Prepay                                     36MPP                                                            38.17                        5/6LIBOR  IO                                                         120                        6 Mo Libor                                                             6                                             6                                                             20120801                                                          20120901                                     2.250                                                 5.000                                                  1.000
                     452                        Prepay                                     36MPP                                                            41.05                        5/6LIBOR  IO                                                         120                        6 Mo Libor                                                             6                                             6                                                             20120901                                                          20121001                                     2.250                                                 5.000                                                  1.000
                     453                        Prepay                                     36MPP                                                            37.92                        7/6LIBOR  IO                                                         120                        6 Mo Libor                                                             6                                             6                                                             20140801                                                          20140901                                     2.250                                                 5.000                                                  1.000
                     454                        Prepay                                     24MPP                                                            38.50                        5/6LIBOR  IO                                                         120                        6 Mo Libor                                                             6                                             6                                                             20120801                                                          20120901                                     2.250                                                 5.000                                                  1.000
                     455                        No_PP                                      0MPP                                                             25.01                        5/6LIBOR  IO                                                         120                        6 Mo Libor                                                             6                                             6                                                             20120801                                                          20120901                                     2.250                                                 5.000                                                  1.000
                     456                        Prepay                                     12MPP                                                            37.60                        10/6LIBOR IO                                                         120                        6 Mo Libor                                                             6                                             6                                                             20170801                                                          20170901                                     2.250                                                 5.000                                                  1.000
                     457                        No_PP                                      0MPP                                                             49.95                        7/6LIBOR  IO                                                         120                        6 Mo Libor                                                             6                                             6                                                             20140801                                                          20140901                                     2.250                                                 5.000                                                  1.000
                     458                        No_PP                                      0MPP                                                             54.20                        5/1CMT                                                                 0                        1 YR CMT                                                              12                                            12                                                             20111101                                                          20111201                                     2.750                                                 5.000                                                  2.000
                     459                        No_PP                                      0MPP                                                             40.50                        5/1LIBOR                                                               0                        1 YR Libor                                                            12                                            12                                                             20120601                                                          20120701                                     2.250                                                 5.000                                                  2.000
                     460                        No_PP                                      0MPP                                                             35.80                        5/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20120601                                                          20120701                                     2.250                                                 5.000                                                  2.000
                     461                        No_PP                                      0MPP                                                             36.00                        5/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20120601                                                          20120701                                     2.250                                                 5.000                                                  2.000
                     462                        No_PP                                      0MPP                                                             33.20                        5/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20120601                                                          20120701                                     2.250                                                 5.000                                                  2.000
                     463                        No_PP                                      0MPP                                                             19.40                        5/1CMT                                                                 0                        1 YR CMT                                                              12                                            12                                                             20120601                                                          20120701                                     2.250                                                 5.000                                                  2.000
                     464                        No_PP                                      0MPP                                                             42.10                        5/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20120501                                                          20120601                                     2.250                                                 5.000                                                  2.000
                     465                        Prepay                                     24MPP                                                            48.14                        5/6LIBOR  IO                                                         120                        6 Mo Libor                                                             6                                             6                                                             20120801                                                          20120901                                     2.250                                                 5.000                                                  1.000
                     466                        No_PP                                      0MPP                                                             49.98                        5/6LIBOR  IO                                                         120                        6 Mo Libor                                                             6                                             6                                                             20120801                                                          20120901                                     2.250                                                 5.000                                                  1.000
                     467                        Prepay                                     36MPP                                                            45.79                        5/6LIBOR  IO                                                         120                        6 Mo Libor                                                             6                                             6                                                             20120801                                                          20120901                                     2.250                                                 5.000                                                  1.000
                     468                        Prepay                                     36MPP                                                            36.04                        5/6LIBOR  IO                                                         120                        6 Mo Libor                                                             6                                             6                                                             20120801                                                          20120901                                     2.250                                                 5.000                                                  1.000
                     469                        No_PP                                      0MPP                                                             33.96                        5/6LIBOR  IO                                                         120                        6 Mo Libor                                                             6                                             6                                                             20120801                                                          20120901                                     2.250                                                 5.000                                                  1.000
                     470                        Prepay                                     12MPP                                                            43.17                        7/6LIBOR  IO                                                         120                        6 Mo Libor                                                             6                                             6                                                             20140901                                                          20141001                                     2.250                                                 5.000                                                  1.000
                     471                        Prepay                                     36MPP                                                            41.71                        5/6LIBOR  IO                                                         120                        6 Mo Libor                                                             6                                             6                                                             20120801                                                          20120901                                     2.250                                                 5.000                                                  1.000
                     472                        Prepay                                     12MPP                                                            47.93                        5/6LIBOR  IO                                                         120                        6 Mo Libor                                                             6                                             6                                                             20120801                                                          20120901                                     2.250                                                 5.000                                                  1.000
                     473                        No_PP                                      0MPP                                                             54.77                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170601                                                          20170701                                     2.250                                                 5.000                                                  2.000
                     474                        No_PP                                      0MPP                                                             38.49                        7/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20140601                                                          20140701                                     2.250                                                 5.000                                                  2.000
                     475                        No_PP                                      0MPP                                                             23.56                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170601                                                          20170701                                     2.250                                                 5.000                                                  2.000
                     476                        No_PP                                      0MPP                                                             49.89                        5/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20120601                                                          20120701                                     2.250                                                 5.000                                                  2.000
                     477                        No_PP                                      0MPP                                                             43.86                        5/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20120601                                                          20120701                                     2.250                                                 5.000                                                  2.000
                     478                        Prepay                                     12MPP                                                            46.45                        5/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20120601                                                          20120701                                     2.250                                                 5.000                                                  2.000
                     479                        No_PP                                      0MPP                                                             49.07                        7/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20140701                                                          20140801                                     2.250                                                 5.000                                                  2.000
                     480                        Prepay                                     12MPP                                                            44.57                        7/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20140601                                                          20140701                                     2.250                                                 5.000                                                  2.000
                     481                        Prepay                                     60MPP                                                            32.82                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170601                                                          20170701                                     2.250                                                 5.000                                                  2.000
                     482                        No_PP                                      0MPP                                                             31.12                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170601                                                          20170701                                     2.250                                                 5.000                                                  2.000
                     483                        No_PP                                      0MPP                                                             51.89                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170601                                                          20170701                                     2.250                                                 5.000                                                  2.000
                     484                        Prepay                                     36MPP                                                            48.36                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170601                                                          20170701                                     2.250                                                 5.000                                                  2.000
                     485                        No_PP                                      0MPP                                                             42.64                        7/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20140601                                                          20140701                                     2.250                                                 5.000                                                  2.000
                     486                        No_PP                                      0MPP                                                             27.60                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170601                                                          20170701                                     2.250                                                 5.000                                                  2.000
                     487                        No_PP                                      0MPP                                                             50.89                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170601                                                          20170701                                     2.250                                                 5.000                                                  2.000
                     488                        Prepay                                     60MPP                                                            54.45                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170601                                                          20170701                                     2.250                                                 5.000                                                  2.000
                     489                        No_PP                                      0MPP                                                             43.49                        7/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20140601                                                          20140701                                     2.250                                                 5.000                                                  2.000
                     490                        No_PP                                      0MPP                                                             23.20                        7/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20140601                                                          20140701                                     2.250                                                 5.000                                                  2.000
                     491                        Prepay                                     36MPP                                                            36.10                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170601                                                          20170701                                     2.250                                                 5.000                                                  2.000
                     492                        Prepay                                     12MPP                                                             5.79                        5/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20120601                                                          20120701                                     2.250                                                 5.000                                                  2.000
                     493                        Prepay                                     12MPP                                                            29.12                        7/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20140601                                                          20140701                                     2.250                                                 5.000                                                  2.000
                     494                        Prepay                                     12MPP                                                            32.32                        7/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20140601                                                          20140701                                     2.250                                                 5.000                                                  2.000
                     495                        No_PP                                      0MPP                                                             23.19                        7/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20140601                                                          20140701                                     2.250                                                 5.000                                                  2.000
                     496                        Prepay                                     12MPP                                                            47.37                        5/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20120601                                                          20120701                                     2.250                                                 5.000                                                  2.000
                     497                        Prepay                                     12MPP                                                            37.40                        7/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20140601                                                          20140701                                     2.250                                                 5.000                                                  2.000
                     498                        No_PP                                      0MPP                                                             47.43                        5/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20120601                                                          20120701                                     2.250                                                 5.000                                                  2.000
                     499                        No_PP                                      0MPP                                                             41.90                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170601                                                          20170701                                     2.250                                                 5.000                                                  2.000
                     500                        Prepay                                     12MPP                                                            45.91                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170601                                                          20170701                                     2.250                                                 5.000                                                  2.000
                     501                        No_PP                                      0MPP                                                             30.37                        7/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20140601                                                          20140701                                     2.250                                                 5.000                                                  2.000
                     502                        Prepay                                     12MPP                                                            37.98                        7/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20140601                                                          20140701                                     2.250                                                 5.000                                                  2.000
                     503                        No_PP                                      0MPP                                                             41.78                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170601                                                          20170701                                     2.250                                                 5.000                                                  2.000
                     504                        No_PP                                      0MPP                                                             44.62                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170201                                                          20170301                                     2.250                                                 5.000                                                  2.000
                     505                        No_PP                                      0MPP                                                             22.46                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170401                                                          20170501                                     2.250                                                 5.000                                                  2.000
                     506                        No_PP                                      0MPP                                                             43.20                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170501                                                          20170601                                     2.250                                                 5.000                                                  2.000
                     507                        Prepay                                     60MPP                                                            25.97                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170201                                                          20170301                                     2.250                                                 5.000                                                  2.000
                     508                        Prepay                                     12MPP                                                            45.80                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170601                                                          20170701                                     2.250                                                 5.000                                                  2.000
                     509                        No_PP                                      0MPP                                                             42.11                        10/1LIBOR                                                              0                        1 YR Libor                                                            12                                            12                                                             20170501                                                          20170601                                     2.250                                                 5.000                                                  2.000
                     510                        No_PP                                      0MPP                                                             37.59                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170601                                                          20170701                                     2.250                                                 5.000                                                  2.000
                     511                        No_PP                                      0MPP                                                             39.90                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170601                                                          20170701                                     2.250                                                 5.000                                                  2.000
                     512                        No_PP                                      0MPP                                                             40.40                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170601                                                          20170701                                     2.250                                                 5.000                                                  2.000
                     513                        Prepay                                     36MPP                                                            44.48                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170601                                                          20170701                                     2.250                                                 5.000                                                  2.000
                     514                        No_PP                                      0MPP                                                             42.65                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170601                                                          20170701                                     2.250                                                 5.000                                                  2.000
                     515                        No_PP                                      0MPP                                                             14.09                        7/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20140601                                                          20140701                                     2.250                                                 5.000                                                  2.000
                     516                        No_PP                                      0MPP                                                             31.56                        7/1LIBOR  IO                                                          84                        1 YR Libor                                                            12                                            12                                                             20140401                                                          20140501                                     2.250                                                 5.000                                                  2.000
                     517                        No_PP                                      0MPP                                                             47.81                        7/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20140601                                                          20140701                                     2.250                                                 5.000                                                  2.000
                     518                        No_PP                                      0MPP                                                             49.61                        7/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20140601                                                          20140701                                     2.250                                                 5.000                                                  2.000
                     519                        No_PP                                      0MPP                                                             41.19                        7/1LIBOR  IO                                                          84                        1 YR Libor                                                            12                                            12                                                             20140601                                                          20140701                                     2.250                                                 5.000                                                  2.000
                     520                        No_PP                                      0MPP                                                             35.00                        7/1LIBOR  IO                                                          84                        1 YR Libor                                                            12                                            12                                                             20140501                                                          20140601                                     2.250                                                 5.000                                                  2.000
                     521                        No_PP                                      0MPP                                                             16.70                        7/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20140601                                                          20140701                                     2.250                                                 5.000                                                  2.000
                     522                        No_PP                                      0MPP                                                             37.98                        7/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20140601                                                          20140701                                     2.250                                                 5.000                                                  2.000
                     523                        Prepay                                     12MPP                                                            30.91                        7/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20140601                                                          20140701                                     2.250                                                 5.000                                                  2.000
                     524                        No_PP                                      0MPP                                                             31.34                        7/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20140601                                                          20140701                                     2.250                                                 5.000                                                  2.000
                     525                        Prepay                                     60MPP                                                             9.83                        7/1LIBOR                                                               0                        1 YR Libor                                                            12                                            12                                                             20140601                                                          20140701                                     2.250                                                 5.000                                                  2.000
                     526                        No_PP                                      0MPP                                                             44.78                        7/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20140601                                                          20140701                                     2.250                                                 5.000                                                  2.000
                     527                        Prepay                                     12MPP                                                            34.78                        7/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20140601                                                          20140701                                     2.250                                                 5.000                                                  2.000
                     528                        Prepay                                     12MPP                                                            39.19                        7/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20140601                                                          20140701                                     2.250                                                 5.000                                                  2.000
                     529                        No_PP                                      0MPP                                                             42.34                        7/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20140601                                                          20140701                                     2.250                                                 5.000                                                  2.000
                     530                        Prepay                                     36MPP                                                            37.10                        7/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20140601                                                          20140701                                     2.250                                                 5.000                                                  2.000
                     531                        Prepay                                     12MPP                                                            36.31                        7/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20140601                                                          20140701                                     2.250                                                 5.000                                                  2.000
                     532                        Prepay                                     12MPP                                                            23.84                        7/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20140601                                                          20140701                                     2.250                                                 5.000                                                  2.000
                     533                        No_PP                                      0MPP                                                             17.36                        7/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20140601                                                          20140701                                     2.250                                                 5.000                                                  2.000
                     534                        No_PP                                      0MPP                                                             25.94                        7/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20140601                                                          20140701                                     2.250                                                 5.000                                                  2.000
                     535                        No_PP                                      0MPP                                                             40.59                        7/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20140601                                                          20140701                                     2.250                                                 5.000                                                  2.000
                     536                        No_PP                                      0MPP                                                             35.84                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170501                                                          20170601                                     2.250                                                 5.000                                                  2.000
                     537                        No_PP                                      0MPP                                                             35.81                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170601                                                          20170701                                     2.250                                                 5.000                                                  2.000
                     538                        Prepay                                     60MPP                                                            44.70                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170601                                                          20170701                                     2.250                                                 5.000                                                  2.000
                     539                        No_PP                                      0MPP                                                             36.82                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170601                                                          20170701                                     2.250                                                 5.000                                                  2.000
                     540                        Prepay                                     12MPP                                                            40.75                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170601                                                          20170701                                     2.250                                                 5.000                                                  2.000
                     541                        Prepay                                     12MPP                                                            49.48                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170601                                                          20170701                                     2.250                                                 5.000                                                  2.000
                     542                        No_PP                                      0MPP                                                             30.47                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170601                                                          20170701                                     2.250                                                 5.000                                                  2.000
                     543                        Prepay                                     12MPP                                                            47.68                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170601                                                          20170701                                     2.250                                                 5.000                                                  2.000
                     544                        No_PP                                      0MPP                                                             38.65                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170701                                                          20170801                                     2.250                                                 5.000                                                  2.000
                     545                        Prepay                                     12MPP                                                            36.90                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170601                                                          20170701                                     2.250                                                 5.000                                                  2.000
                     546                        Prepay                                     60MPP                                                            30.78                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170601                                                          20170701                                     2.250                                                 5.000                                                  2.000
                     547                        Prepay                                     60MPP                                                            47.14                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170601                                                          20170701                                     2.250                                                 5.000                                                  2.000
                     548                        No_PP                                      0MPP                                                             36.50                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170601                                                          20170701                                     2.250                                                 5.000                                                  2.000
                     549                        No_PP                                      0MPP                                                             33.71                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170701                                                          20170801                                     2.250                                                 5.000                                                  2.000
                     550                        No_PP                                      0MPP                                                             37.49                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170601                                                          20170701                                     2.250                                                 5.000                                                  2.000
                     551                        No_PP                                      0MPP                                                             31.40                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170601                                                          20170701                                     2.250                                                 5.000                                                  2.000
                     552                        Prepay                                     12MPP                                                            44.07                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170701                                                          20170801                                     2.250                                                 5.000                                                  2.000
                     553                        Prepay                                     60MPP                                                            51.81                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170601                                                          20170701                                     2.250                                                 5.000                                                  2.000
                     554                        Prepay                                     60MPP                                                            49.87                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170601                                                          20170701                                     2.250                                                 5.000                                                  2.000
                     555                        Prepay                                     36MPP                                                            27.65                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170601                                                          20170701                                     2.250                                                 5.000                                                  2.000
                     556                        No_PP                                      0MPP                                                             30.05                        10/1CMT                                                                0                        1 YR CMT                                                              12                                            12                                                             20170601                                                          20170701                                     2.750                                                 5.000                                                  2.000
                     557                        Prepay                                     12MPP                                                            40.52                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170701                                                          20170801                                     2.250                                                 5.000                                                  2.000
                     558                        Prepay                                     60MPP                                                            41.15                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170601                                                          20170701                                     2.250                                                 5.000                                                  2.000
                     559                        Prepay                                     12MPP                                                            25.86                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170601                                                          20170701                                     2.250                                                 5.000                                                  2.000
                     560                        Prepay                                     36MPP                                                            43.20                        10/1LIBOR                                                              0                        1 YR Libor                                                            12                                            12                                                             20170601                                                          20170701                                     2.250                                                 5.000                                                  2.000
                     561                        Prepay                                     36MPP                                                            35.45                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170601                                                          20170701                                     2.250                                                 5.000                                                  2.000
                     562                        No_PP                                      0MPP                                                             52.60                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170601                                                          20170701                                     2.250                                                 5.000                                                  2.000
                     563                        Prepay                                     12MPP                                                            25.85                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170701                                                          20170801                                     2.250                                                 5.000                                                  2.000
                     564                        No_PP                                      0MPP                                                             45.10                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170601                                                          20170701                                     2.250                                                 5.000                                                  2.000
                     565                        No_PP                                      0MPP                                                             37.02                        10/1LIBOR                                                              0                        1 YR Libor                                                            12                                            12                                                             20170601                                                          20170701                                     2.250                                                 5.000                                                  2.000
                     566                        Prepay                                     12MPP                                                            47.36                        10/1LIBOR                                                              0                        1 YR Libor                                                            12                                            12                                                             20170601                                                          20170701                                     2.250                                                 5.000                                                  2.000
                     567                        No_PP                                      0MPP                                                             41.10                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170601                                                          20170701                                     2.250                                                 5.000                                                  2.000
                     568                        Prepay                                     60MPP                                                            39.39                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170701                                                          20170801                                     2.250                                                 5.000                                                  2.000
                     569                        Prepay                                     12MPP                                                            43.98                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170701                                                          20170801                                     2.250                                                 5.000                                                  2.000
                     570                        No_PP                                      0MPP                                                             44.41                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170601                                                          20170701                                     2.250                                                 5.000                                                  2.000
                     571                        Prepay                                     12MPP                                                            39.71                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170601                                                          20170701                                     2.250                                                 5.000                                                  2.000
                     572                        Prepay                                     36MPP                                                            42.83                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170601                                                          20170701                                     2.250                                                 5.000                                                  2.000
                     573                        No_PP                                      0MPP                                                             46.72                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170601                                                          20170701                                     2.250                                                 5.000                                                  2.000
                     574                        No_PP                                      0MPP                                                             22.55                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170601                                                          20170701                                     2.250                                                 5.000                                                  2.000
                     575                        No_PP                                      0MPP                                                             32.64                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170601                                                          20170701                                     2.250                                                 5.000                                                  2.000
                     576                        No_PP                                      0MPP                                                             43.77                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170601                                                          20170701                                     2.250                                                 5.000                                                  2.000
                     577                        Prepay                                     12MPP                                                            42.19                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170701                                                          20170801                                     2.250                                                 5.000                                                  2.000
                     578                        No_PP                                      0MPP                                                             45.13                        5/1LIBOR  IO                                                          60                        1 YR Libor                                                            12                                            12                                                             20120501                                                          20120601                                     2.250                                                 5.000                                                  2.000
                     579                        No_PP                                      0MPP                                                             40.27                        5/1LIBOR  IO                                                          60                        1 YR Libor                                                            12                                            12                                                             20120501                                                          20120601                                     2.250                                                 5.000                                                  2.000
                     580                        No_PP                                      0MPP                                                             44.48                        5/1LIBOR  IO                                                          60                        1 YR Libor                                                            12                                            12                                                             20120601                                                          20120701                                     2.250                                                 5.000                                                  2.000
                     581                        No_PP                                      0MPP                                                             35.89                        5/1LIBOR                                                               0                        1 YR Libor                                                            12                                            12                                                             20120501                                                          20120601                                     2.250                                                 5.000                                                  2.000
                     582                        No_PP                                      0MPP                                                             43.16                        7/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20140301                                                          20140401                                     2.250                                                 5.000                                                  2.000
                     583                        No_PP                                      0MPP                                                             21.30                        7/1LIBOR  IO                                                          84                        1 YR Libor                                                            12                                            12                                                             20140601                                                          20140701                                     2.250                                                 5.000                                                  2.000
                     584                        No_PP                                      0MPP                                                             42.07                        7/1LIBOR  IO                                                          84                        1 YR Libor                                                            12                                            12                                                             20140601                                                          20140701                                     2.250                                                 5.000                                                  2.000
                     585                        No_PP                                      0MPP                                                             41.60                        7/1LIBOR  IO                                                          84                        1 YR Libor                                                            12                                            12                                                             20140601                                                          20140701                                     2.250                                                 5.000                                                  2.000
                     586                        Prepay                                     12MPP                                                            28.47                        7/1LIBOR                                                               0                        1 YR Libor                                                            12                                            12                                                             20140701                                                          20140801                                     2.250                                                 5.000                                                  2.000
                     587                        No_PP                                      0MPP                                                             27.79                        7/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20140701                                                          20140801                                     2.250                                                 5.000                                                  2.000
                     588                        Prepay                                     12MPP                                                            32.17                        7/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20140701                                                          20140801                                     2.250                                                 5.000                                                  2.000
                     589                        No_PP                                      0MPP                                                             49.34                        10/1LIBOR                                                              0                        1 YR Libor                                                            12                                            12                                                             20170701                                                          20170801                                     2.250                                                 5.000                                                  2.000
                     590                        No_PP                                      0MPP                                                             19.69                        7/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20140701                                                          20140801                                     2.250                                                 5.000                                                  2.000
                     591                        Prepay                                     12MPP                                                            40.15                        7/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20140701                                                          20140801                                     2.250                                                 5.000                                                  2.000
                     592                        No_PP                                      0MPP                                                             33.20                        7/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20140701                                                          20140801                                     2.250                                                 5.000                                                  2.000
                     593                        No_PP                                      0MPP                                                             38.89                        7/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20140701                                                          20140801                                     2.250                                                 5.000                                                  2.000
                     594                        No_PP                                      0MPP                                                             51.00                        7/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20140701                                                          20140801                                     2.250                                                 5.000                                                  2.000
                     595                        No_PP                                      0MPP                                                             40.07                        7/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20140701                                                          20140801                                     2.250                                                 5.000                                                  2.000
                     596                        Prepay                                     12MPP                                                            35.63                        7/1LIBOR                                                               0                        1 YR Libor                                                            12                                            12                                                             20140701                                                          20140801                                     2.250                                                 5.000                                                  2.000
                     597                        No_PP                                      0MPP                                                             46.38                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170701                                                          20170801                                     2.250                                                 5.000                                                  2.000
                     598                        No_PP                                      0MPP                                                             48.06                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170601                                                          20170701                                     2.250                                                 5.000                                                  2.000
                     599                        No_PP                                      0MPP                                                             31.46                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170601                                                          20170701                                     2.250                                                 5.000                                                  2.000
                     600                        Prepay                                     12MPP                                                            33.26                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170601                                                          20170701                                     2.250                                                 5.000                                                  2.000
                     601                        Prepay                                     12MPP                                                            38.72                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170601                                                          20170701                                     2.250                                                 5.000                                                  2.000
                     602                        No_PP                                      0MPP                                                             39.98                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170701                                                          20170801                                     2.250                                                 5.000                                                  2.000
                     603                        No_PP                                      0MPP                                                             48.42                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170601                                                          20170701                                     2.250                                                 5.000                                                  2.000
                     604                        Prepay                                     12MPP                                                            28.96                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170701                                                          20170801                                     2.250                                                 5.000                                                  2.000
                     605                        Prepay                                     60MPP                                                            27.44                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170701                                                          20170801                                     2.250                                                 5.000                                                  2.000
                     606                        No_PP                                      0MPP                                                             47.74                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170701                                                          20170801                                     2.250                                                 5.000                                                  2.000
                     607                        Prepay                                     36MPP                                                            43.71                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170701                                                          20170801                                     2.250                                                 5.000                                                  2.000
                     608                        Prepay                                     60MPP                                                            52.60                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170701                                                          20170801                                     2.250                                                 5.000                                                  2.000
                     609                        No_PP                                      0MPP                                                             26.50                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170701                                                          20170801                                     2.250                                                 5.000                                                  2.000
                     610                        Prepay                                     36MPP                                                            37.23                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170701                                                          20170801                                     2.250                                                 5.000                                                  2.000
                     611                        No_PP                                      0MPP                                                             46.00                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170701                                                          20170801                                     2.250                                                 5.000                                                  2.000
                     612                        Prepay                                     12MPP                                                            25.47                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170701                                                          20170801                                     2.250                                                 5.000                                                  2.000
                     613                        Prepay                                     36MPP                                                            41.08                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170701                                                          20170801                                     2.250                                                 5.000                                                  2.000
                     614                        Prepay                                     12MPP                                                            36.35                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170701                                                          20170801                                     2.250                                                 5.000                                                  2.000
                     615                        No_PP                                      0MPP                                                             37.14                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170701                                                          20170801                                     2.250                                                 5.000                                                  2.000
                     616                        Prepay                                     36MPP                                                            50.23                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170601                                                          20170701                                     2.250                                                 5.000                                                  2.000
                     617                        No_PP                                      0MPP                                                             27.01                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170601                                                          20170701                                     2.250                                                 5.000                                                  2.000
                     618                        Prepay                                     36MPP                                                            45.72                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170601                                                          20170701                                     2.250                                                 5.000                                                  2.000
                     619                        No_PP                                      0MPP                                                             36.81                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170701                                                          20170801                                     2.250                                                 5.000                                                  2.000
                     620                        No_PP                                      0MPP                                                             29.60                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170701                                                          20170801                                     2.250                                                 5.000                                                  2.000
                     621                        No_PP                                      0MPP                                                             48.16                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170701                                                          20170801                                     2.250                                                 5.000                                                  2.000
                     622                        No_PP                                      0MPP                                                             40.44                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170701                                                          20170801                                     2.250                                                 5.000                                                  2.000
                     623                        Prepay                                     60MPP                                                            39.00                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170701                                                          20170801                                     2.250                                                 5.000                                                  2.000
                     624                        Prepay                                     12MPP                                                            43.66                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170701                                                          20170801                                     2.250                                                 5.000                                                  2.000
                     625                        Prepay                                     60MPP                                                            21.80                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170701                                                          20170801                                     2.250                                                 5.000                                                  2.000
                     626                        No_PP                                      0MPP                                                             40.62                        10/1LIBOR IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20170701                                                          20170801                                     2.250                                                 5.000                                                  2.000
                     627                        No_PP                                      0MPP                                                             37.10                        7/1LIBOR  IO                                                          84                        1 YR Libor                                                            12                                            12                                                             20140601                                                          20140701                                     2.250                                                 5.000                                                  2.000
                     628                        Prepay                                     36MPP                                                            25.63                        7/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20140601                                                          20140701                                     2.250                                                 5.000                                                  2.000
                     629                        No_PP                                      0MPP                                                             38.07                        7/1LIBOR  IO                                                          84                        1 YR Libor                                                            12                                            12                                                             20140601                                                          20140701                                     2.250                                                 5.000                                                  2.000
                     630                        No_PP                                      0MPP                                                             38.74                        7/1LIBOR  IO                                                         120                        1 YR Libor                                                            12                                            12                                                             20140701                                                          20140801                                     2.250                                                 5.000                                                  2.000

                LOAN_SEQ                                             GROSS_LIFE_CAP                                      MAX_RATE                                     MIN_RATE                                           ROUNDING_PCT                                        FICO_SCORE                        FRGN_NAT                                      DOCTYPE                                                         LOAN_PURP                                                 OCCTYPE                                                 PROPTYPE                                                        UNITS                       ASSUMABLE                                                  ROLL                                 AGE
                --------                                             --------------                                      --------                                     --------                                           ------------                                        ----------                        --------                                      -------                                                         ---------                                                 -------                                                 --------                                                        -----                       ---------                                                  ----                                 ---
                       1                                                      5.000                                        11.625                                        2.060                                                  0.125                                               728                        N                                             Preferred                                                       Cash Out Refinance                                        Owner Occupied                                          Single Family                                                       1                       Unknown                                                     120                                   0
                       2                                                      5.000                                        11.375                                        2.060                                                  0.125                                               774                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          PUD                                                                 1                       Unknown                                                     121                                   0
                       3                                                      5.000                                        11.625                                        2.060                                                  0.125                                               704                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          Single Family                                                       1                       Unknown                                                     121                                   0
                       4                                                      5.000                                        11.250                                        2.060                                                  0.125                                               764                        N                                             Full/Alternative                                                Purchase                                                  Owner Occupied                                          PUD                                                                 1                       Unknown                                                     120                                   0
                       5                                                      5.000                                        11.000                                        2.060                                                  0.125                                               734                        N                                             Preferred                                                       Cash Out Refinance                                        Owner Occupied                                          Single Family                                                       1                       Unknown                                                     118                                   2
                       6                                                      5.000                                        11.000                                        2.060                                                  0.125                                               792                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          Single Family                                                       1                       Unknown                                                     119                                   1
                       7                                                      5.000                                        11.000                                        2.060                                                  0.125                                               688                        N                                             Full/Alternative                                                Rate/Term Refinance                                       Owner Occupied                                          Single Family                                                       1                       Unknown                                                     119                                   1
                       8                                                      5.000                                        11.375                                        2.060                                                  0.125                                               795                        N                                             Full/Alternative                                                Purchase                                                  Owner Occupied                                          Single Family                                                       1                       Unknown                                                     119                                   1
                       9                                                      5.000                                        11.250                                        2.060                                                  0.125                                               670                        N                                             Full/Alternative                                                Rate/Term Refinance                                       Owner Occupied                                          Single Family                                                       1                       Unknown                                                     119                                   1
                      10                                                      5.000                                        12.875                                        2.060                                                  0.125                                               668                        N                                             Full/Alternative                                                Purchase                                                  Owner Occupied                                          Condominium                                                         1                       Unknown                                                     119                                   1
                      11                                                      5.000                                        11.250                                        2.060                                                  0.125                                               660                        N                                             Full/Alternative                                                Cash Out Refinance                                        Owner Occupied                                          Single Family                                                       1                       Unknown                                                     118                                   2
                      12                                                      5.000                                        10.625                                        2.060                                                  0.125                                               667                        N                                             Full/Alternative                                                Purchase                                                  Owner Occupied                                          Single Family                                                       1                       Unknown                                                      57                                   3
                      13                                                      5.000                                        11.375                                        2.060                                                  0.125                                               702                        N                                             Full/Alternative                                                Purchase                                                  Owner Occupied                                          PUD                                                                 1                       Unknown                                                      57                                   3
                      14                                                      5.000                                        11.125                                        2.060                                                  0.125                                               798                        N                                             Preferred                                                       Cash Out Refinance                                        Owner Occupied                                          Single Family                                                       1                       Unknown                                                     117                                   3
                      15                                                      5.000                                        11.000                                        2.060                                                  0.125                                               810                        N                                             Full/Alternative                                                Rate/Term Refinance                                       Owner Occupied                                          PUD                                                                 1                       Unknown                                                      58                                   2
                      16                                                      5.000                                        11.750                                        2.060                                                  0.125                                               709                        N                                             Full/Alternative                                                Purchase                                                  Owner Occupied                                          Single Family                                                       1                       Unknown                                                      58                                   2
                      17                                                      5.000                                        11.375                                        2.060                                                  0.125                                               800                        N                                             Full/Alternative                                                Purchase                                                  Owner Occupied                                          PUD                                                                 1                       With Consent                                                 82                                   2
                      18                                                      5.000                                        11.500                                        2.060                                                  0.125                                               673                        N                                             Full/Alternative                                                Cash Out Refinance                                        Owner Occupied                                          PUD                                                                 1                       Unknown                                                      82                                   2
                      19                                                      5.000                                        11.750                                        2.060                                                  0.125                                               718                        N                                             Preferred                                                       Rate/Term Refinance                                       Owner Occupied                                          Condominium                                                         1                       Unknown                                                      82                                   2
                      20                                                      5.000                                        11.125                                        2.060                                                  0.125                                               758                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          Single Family                                                       1                       Unknown                                                     118                                   2
                      21                                                      5.000                                        10.125                                        2.060                                                  0.125                                               671                        N                                             Full/Alternative                                                Rate/Term Refinance                                       Owner Occupied                                          Single Family                                                       1                       Unknown                                                      82                                   2
                      22                                                      5.000                                        11.875                                        2.060                                                  0.125                                               814                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          PUD                                                                 1                       Unknown                                                     121                                   0
                      23                                                      5.000                                        11.500                                        2.060                                                  0.125                                               755                        N                                             Preferred                                                       Cash Out Refinance                                        Owner Occupied                                          Single Family                                                       1                       Unknown                                                     119                                   1
                      24                                                      5.000                                        11.750                                        2.060                                                  0.125                                               784                        N                                             Full/Alternative                                                Rate/Term Refinance                                       Owner Occupied                                          PUD                                                                 1                       Unknown                                                     120                                   0
                      25                                                      5.000                                        11.750                                        2.060                                                  0.125                                               705                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          PUD                                                                 1                       Unknown                                                     121                                   0
                      26                                                      5.000                                        11.750                                        2.060                                                  0.125                                               757                        N                                             Preferred                                                       Cash Out Refinance                                        Owner Occupied                                          Single Family                                                       1                       Unknown                                                     120                                   0
                      27                                                      5.000                                        11.750                                        2.060                                                  0.125                                               726                        N                                             Full/Alternative                                                Purchase                                                  Owner Occupied                                          PUD                                                                 1                       Unknown                                                     120                                   0
                      28                                                      5.000                                        11.875                                        2.060                                                  0.125                                               660                        N                                             Full/Alternative                                                Rate/Term Refinance                                       Owner Occupied                                          Single Family                                                       1                       Unknown                                                     119                                   1
                      29                                                      5.000                                        11.125                                        2.060                                                  0.125                                               732                        N                                             Preferred                                                       Rate/Term Refinance                                       Owner Occupied                                          Single Family                                                       1                       Unknown                                                     120                                   0
                      30                                                      5.000                                        11.500                                        2.060                                                  0.125                                               697                        N                                             Full/Alternative                                                Cash Out Refinance                                        Owner Occupied                                          Single Family                                                       1                       Unknown                                                     119                                   1
                      31                                                      5.000                                        11.625                                        2.060                                                  0.125                                               774                        N                                             Preferred                                                       Rate/Term Refinance                                       Owner Occupied                                          Single Family                                                       1                       Unknown                                                     118                                   2
                      32                                                      5.000                                        11.625                                        2.060                                                  0.125                                               684                        N                                             Full/Alternative                                                Cash Out Refinance                                        Owner Occupied                                          PUD                                                                 1                       Unknown                                                     119                                   1
                      33                                                      5.000                                        11.875                                        2.060                                                  0.125                                               755                        N                                             Full/Alternative                                                Purchase                                                  Owner Occupied                                          PUD                                                                 1                       Unknown                                                     120                                   0
                      34                                                      5.000                                        11.625                                        2.060                                                  0.125                                               711                        N                                             Full/Alternative                                                Purchase                                                  Owner Occupied                                          Single Family                                                       1                       Unknown                                                     120                                   0
                      35                                                      5.000                                        12.875                                        2.060                                                  0.125                                               688                        N                                             Full/Alternative                                                Purchase                                                  Owner Occupied                                          Single Family                                                       1                       Unknown                                                     119                                   1
                      36                                                      5.000                                        11.875                                        2.060                                                  0.125                                               704                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          PUD                                                                 1                       Unknown                                                     120                                   0
                      37                                                      5.000                                        12.375                                        2.060                                                  0.125                                               675                        N                                             Full/Alternative                                                Purchase                                                  Owner Occupied                                          Condominium                                                         1                       Unknown                                                     120                                   0
                      38                                                      5.000                                        11.500                                        2.060                                                  0.125                                               756                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          Single Family                                                       1                       Unknown                                                     120                                   0
                      39                                                      5.000                                        11.625                                        2.060                                                  0.125                                               713                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          PUD                                                                 1                       Unknown                                                     120                                   0
                      40                                                      5.000                                        11.875                                        2.060                                                  0.125                                               716                        N                                             Full/Alternative                                                Purchase                                                  Owner Occupied                                          Single Family                                                       1                       Unknown                                                     120                                   0
                      41                                                      5.000                                        11.500                                        2.060                                                  0.125                                               664                        N                                             Full/Alternative                                                Rate/Term Refinance                                       Owner Occupied                                          Single Family                                                       1                       Unknown                                                     120                                   0
                      42                                                      5.000                                        11.375                                        2.060                                                  0.125                                               720                        N                                             Preferred                                                       Rate/Term Refinance                                       Owner Occupied                                          Single Family                                                       1                       Unknown                                                     120                                   0
                      43                                                      5.000                                        11.750                                        2.060                                                  0.125                                               679                        N                                             Full/Alternative                                                Rate/Term Refinance                                       Owner Occupied                                          Single Family                                                       1                       Unknown                                                     120                                   0
                      44                                                      5.000                                        11.500                                        2.060                                                  0.125                                               728                        N                                             Full/Alternative                                                Cash Out Refinance                                        Owner Occupied                                          PUD                                                                 1                       Unknown                                                     120                                   0
                      45                                                      5.000                                        11.625                                        2.060                                                  0.125                                               687                        N                                             Full/Alternative                                                Cash Out Refinance                                        Owner Occupied                                          Single Family                                                       1                       Unknown                                                     119                                   1
                      46                                                      5.000                                        11.250                                        2.060                                                  0.125                                               752                        N                                             Preferred                                                       Rate/Term Refinance                                       Owner Occupied                                          Single Family                                                       1                       Unknown                                                     118                                   2
                      47                                                      5.000                                        11.500                                        2.060                                                  0.125                                               779                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          Single Family                                                       1                       Unknown                                                     119                                   1
                      48                                                      5.000                                        11.750                                        2.060                                                  0.125                                               807                        N                                             Preferred                                                       Rate/Term Refinance                                       Owner Occupied                                          PUD                                                                 1                       Unknown                                                     120                                   0
                      49                                                      5.000                                        11.750                                        2.060                                                  0.125                                               740                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          PUD                                                                 1                       Unknown                                                     119                                   1
                      50                                                      5.000                                        11.500                                        2.060                                                  0.125                                               776                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          PUD                                                                 1                       Unknown                                                     120                                   0
                      51                                                      5.000                                        11.500                                        2.060                                                  0.125                                               666                        N                                             Full/Alternative                                                Purchase                                                  Owner Occupied                                          2-4 Family                                                          2                       Unknown                                                     120                                   0
                      52                                                      5.000                                        12.000                                        2.060                                                  0.125                                               720                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          PUD                                                                 1                       Unknown                                                     120                                   0
                      53                                                      5.000                                        11.125                                        2.060                                                  0.125                                               801                        N                                             Preferred                                                       Cash Out Refinance                                        Owner Occupied                                          Single Family                                                       1                       Unknown                                                     120                                   0
                      54                                                      5.000                                        12.250                                        2.060                                                  0.125                                               768                        N                                             Preferred                                                       Rate/Term Refinance                                       Owner Occupied                                          PUD                                                                 1                       Unknown                                                     120                                   0
                      55                                                      5.000                                        11.375                                        2.060                                                  0.125                                               769                        N                                             Full/Alternative                                                Purchase                                                  Owner Occupied                                          Condominium                                                         1                       Unknown                                                     120                                   0
                      56                                                      5.000                                        11.625                                        2.060                                                  0.125                                               716                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          Condominium                                                         1                       Unknown                                                     121                                   0
                      57                                                      5.000                                         9.875                                        2.060                                                  0.125                                               719                        N                                             Full/Alternative                                                Purchase                                                  Owner Occupied                                          Condominium                                                         1                       With Consent                                                 56                                   4
                      58                                                      5.000                                        11.000                                        2.060                                                  0.125                                               746                        N                                             Full/Alternative                                                Cash Out Refinance                                        Owner Occupied                                          Single Family                                                       1                       Unknown                                                      82                                   2
                      59                                                      5.000                                        11.750                                        2.060                                                  0.125                                               719                        N                                             Full/Alternative                                                Purchase                                                  Owner Occupied                                          Single Family                                                       1                       Unknown                                                      82                                   2
                      60                                                      5.000                                        11.750                                        2.060                                                  0.125                                               792                        N                                             Preferred                                                       Rate/Term Refinance                                       Owner Occupied                                          PUD                                                                 1                       Unknown                                                     119                                   1
                      61                                                      5.000                                        11.625                                        2.060                                                  0.125                                               776                        N                                             Full/Alternative                                                Cash Out Refinance                                        Owner Occupied                                          PUD                                                                 1                       Unknown                                                     120                                   0
                      62                                                      5.000                                        12.000                                        2.060                                                  0.125                                               791                        N                                             Full/Alternative                                                Cash Out Refinance                                        Owner Occupied                                          PUD                                                                 1                       Unknown                                                     120                                   0
                      63                                                      5.000                                        12.000                                        2.060                                                  0.125                                               745                        N                                             Preferred                                                       Purchase                                                  Second Home                                             PUD                                                                 1                       Unknown                                                     120                                   0
                      64                                                      5.000                                        11.500                                        2.060                                                  0.125                                               800                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          Single Family                                                       1                       Unknown                                                     120                                   0
                      65                                                      5.000                                        11.750                                        2.060                                                  0.125                                               752                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          Condominium                                                         1                       Unknown                                                     120                                   0
                      66                                                      5.000                                        11.500                                        2.060                                                  0.125                                               710                        N                                             Full/Alternative                                                Rate/Term Refinance                                       Owner Occupied                                          Single Family                                                       1                       Unknown                                                     118                                   2
                      67                                                      5.000                                        11.750                                        2.060                                                  0.125                                               782                        N                                             Streamline                                                      Rate/Term Refinance                                       Owner Occupied                                          PUD                                                                 1                       Unknown                                                     120                                   0
                      68                                                      5.000                                        12.250                                        2.060                                                  0.125                                               709                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          PUD                                                                 1                       Unknown                                                     120                                   0
                      69                                                      5.000                                        11.750                                        2.060                                                  0.125                                               782                        N                                             Preferred                                                       Purchase                                                  Second Home                                             Single Family                                                       1                       Unknown                                                     120                                   0
                      70                                                      5.000                                        12.375                                        2.060                                                  0.125                                               700                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          Single Family                                                       1                       Unknown                                                     120                                   0
                      71                                                      5.000                                        11.375                                        2.060                                                  0.125                                               769                        N                                             Preferred                                                       Rate/Term Refinance                                       Owner Occupied                                          Single Family                                                       1                       Unknown                                                     119                                   1
                      72                                                      5.000                                        11.750                                        2.060                                                  0.125                                               713                        N                                             Preferred                                                       Rate/Term Refinance                                       Owner Occupied                                          Single Family                                                       1                       Unknown                                                     118                                   2
                      73                                                      5.000                                        11.500                                        2.060                                                  0.125                                               770                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          PUD                                                                 1                       Unknown                                                     120                                   0
                      74                                                      5.000                                        11.500                                        2.060                                                  0.125                                               766                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          Single Family                                                       1                       Unknown                                                     120                                   0
                      75                                                      5.000                                        11.875                                        2.060                                                  0.125                                               752                        N                                             Preferred                                                       Rate/Term Refinance                                       Owner Occupied                                          Single Family                                                       1                       Unknown                                                     120                                   0
                      76                                                      5.000                                        11.625                                        2.060                                                  0.125                                               699                        N                                             Full/Alternative                                                Cash Out Refinance                                        Owner Occupied                                          Single Family                                                       1                       Unknown                                                     120                                   0
                      77                                                      5.000                                        12.000                                        2.060                                                  0.125                                               739                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          Single Family                                                       1                       Unknown                                                     120                                   0
                      78                                                      5.000                                        11.625                                        2.060                                                  0.125                                               715                        N                                             Full/Alternative                                                Rate/Term Refinance                                       Owner Occupied                                          PUD                                                                 1                       Unknown                                                     120                                   0
                      79                                                      5.000                                        11.250                                        2.060                                                  0.125                                               706                        N                                             Full/Alternative                                                Purchase                                                  Owner Occupied                                          Single Family                                                       1                       Unknown                                                     120                                   0
                      80                                                      5.000                                        12.125                                        2.060                                                  0.125                                               690                        N                                             Full/Alternative                                                Purchase                                                  Owner Occupied                                          PUD                                                                 1                       Unknown                                                     119                                   1
                      81                                                      5.000                                        11.750                                        2.060                                                  0.125                                               758                        N                                             Full/Alternative                                                Cash Out Refinance                                        Owner Occupied                                          Single Family                                                       1                       Unknown                                                     120                                   0
                      82                                                      5.000                                        11.875                                        2.060                                                  0.125                                               792                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          Single Family                                                       1                       Unknown                                                     120                                   0
                      83                                                      5.000                                        11.875                                        2.060                                                  0.125                                               694                        N                                             Full/Alternative                                                Purchase                                                  Owner Occupied                                          Single Family                                                       1                       Unknown                                                     120                                   0
                      84                                                      5.000                                        11.750                                        2.060                                                  0.125                                               804                        N                                             Full/Alternative                                                Purchase                                                  Second Home                                             Single Family                                                       1                       Unknown                                                     120                                   0
                      85                                                      5.000                                        11.625                                        2.060                                                  0.125                                               806                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          CO-OP                                                               1                       Unknown                                                     121                                   0
                      86                                                      5.000                                        10.875                                        2.060                                                  0.125                                               805                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          PUD                                                                 1                       Unknown                                                     120                                   0
                      87                                                      5.000                                        12.375                                        2.060                                                  0.125                                               754                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          Single Family                                                       1                       Unknown                                                     120                                   0
                      88                                                      5.000                                        11.250                                        2.060                                                  0.125                                               742                        N                                             Preferred                                                       Rate/Term Refinance                                       Owner Occupied                                          Single Family                                                       1                       Unknown                                                     118                                   2
                      89                                                      5.000                                        10.875                                        2.060                                                  0.125                                               683                        N                                             Full/Alternative                                                Cash Out Refinance                                        Owner Occupied                                          PUD                                                                 1                       Unknown                                                     120                                   0
                      90                                                      5.000                                        12.125                                        2.060                                                  0.125                                               702                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          Single Family                                                       1                       Unknown                                                     119                                   1
                      91                                                      5.000                                        11.500                                        2.060                                                  0.125                                               767                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          Single Family                                                       1                       Unknown                                                     120                                   0
                      92                                                      5.000                                        12.000                                        2.060                                                  0.125                                               666                        N                                             Full/Alternative                                                Rate/Term Refinance                                       Owner Occupied                                          Single Family                                                       1                       Unknown                                                     118                                   2
                      93                                                      5.000                                        11.500                                        2.060                                                  0.125                                               751                        N                                             Preferred                                                       Rate/Term Refinance                                       Owner Occupied                                          Single Family                                                       1                       Unknown                                                     120                                   0
                      94                                                      5.000                                        11.750                                        2.060                                                  0.125                                               798                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          Single Family                                                       1                       Unknown                                                     120                                   0
                      95                                                      5.000                                        11.500                                        2.060                                                  0.125                                               739                        N                                             Preferred                                                       Cash Out Refinance                                        Owner Occupied                                          PUD                                                                 1                       Unknown                                                     120                                   0
                      96                                                      5.000                                        11.750                                        2.060                                                  0.125                                               757                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          PUD                                                                 1                       Unknown                                                     120                                   0
                      97                                                      5.000                                        11.750                                        2.060                                                  0.125                                               793                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          Single Family                                                       1                       Unknown                                                     120                                   0
                      98                                                      5.000                                        11.750                                        2.060                                                  0.125                                               783                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          Single Family                                                       1                       Unknown                                                     120                                   0
                      99                                                      5.000                                        11.500                                        2.060                                                  0.125                                               750                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          Single Family                                                       1                       Unknown                                                     120                                   0
                     100                                                      5.000                                        11.625                                        2.060                                                  0.125                                               787                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          PUD                                                                 1                       Unknown                                                     121                                   0
                     101                                                      5.000                                        11.500                                        2.060                                                  0.125                                               760                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          Single Family                                                       1                       Unknown                                                     119                                   1
                     102                                                      5.000                                        11.875                                        2.060                                                  0.125                                               751                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          PUD                                                                 1                       Unknown                                                     119                                   1
                     103                                                      5.000                                        11.125                                        2.060                                                  0.125                                               685                        N                                             Full/Alternative                                                Purchase                                                  Owner Occupied                                          Single Family                                                       1                       Unknown                                                     119                                   1
                     104                                                      5.000                                        11.250                                        2.060                                                  0.125                                               698                        Y                                             Full/Alternative                                                Cash Out Refinance                                        Owner Occupied                                          PUD                                                                 1                       No                                                           84                                   0
                     105                                                      5.000                                        11.375                                        2.060                                                  0.125                                               784                        N                                             Full/Alternative                                                Purchase                                                  Owner Occupied                                          Single Family                                                       1                       Unknown                                                      84                                   0
                     106                                                      5.000                                        11.875                                        2.060                                                  0.125                                               709                        N                                             Preferred                                                       Cash Out Refinance                                        Owner Occupied                                          Single Family                                                       1                       Unknown                                                      84                                   0
                     107                                                      5.000                                        11.750                                        2.060                                                  0.125                                               700                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          Single Family                                                       1                       Unknown                                                      84                                   0
                     108                                                      5.000                                        11.875                                        2.060                                                  0.125                                               779                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          Single Family                                                       1                       Unknown                                                      84                                   0
                     109                                                      5.000                                        11.375                                        2.060                                                  0.125                                               704                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          Condominium                                                         1                       Unknown                                                      84                                   0
                     110                                                      5.000                                        11.625                                        2.060                                                  0.125                                               768                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          PUD                                                                 1                       Unknown                                                      84                                   0
                     111                                                      5.000                                        11.750                                        2.060                                                  0.125                                               774                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          PUD                                                                 1                       Unknown                                                      84                                   0
                     112                                                      5.000                                        12.500                                        2.060                                                  0.125                                               750                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          Single Family                                                       1                       Unknown                                                      84                                   0
                     113                                                      5.000                                        11.000                                        2.060                                                  0.125                                               763                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          Single Family                                                       1                       Unknown                                                      84                                   0
                     114                                                      5.000                                        11.250                                        2.060                                                  0.125                                               740                        N                                             Preferred                                                       Cash Out Refinance                                        Owner Occupied                                          PUD                                                                 1                       Unknown                                                      84                                   0
                     115                                                      5.000                                        11.750                                        2.060                                                  0.125                                               784                        Y                                             Preferred                                                       Rate/Term Refinance                                       Owner Occupied                                          PUD                                                                 1                       No                                                           84                                   0
                     116                                                      5.000                                        11.125                                        2.060                                                  0.125                                               805                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          PUD                                                                 1                       Unknown                                                      83                                   1
                     117                                                      5.000                                        11.875                                        2.060                                                  0.125                                               727                        N                                             Preferred                                                       Purchase                                                  Second Home                                             PUD                                                                 1                       Unknown                                                      84                                   0
                     118                                                      5.000                                        11.250                                        2.060                                                  0.125                                               787                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          Single Family                                                       1                       Unknown                                                      84                                   0
                     119                                                      5.000                                        11.000                                        2.060                                                  0.125                                               693                        N                                             Full/Alternative                                                Purchase                                                  Owner Occupied                                          PUD                                                                 1                       Unknown                                                      84                                   0
                     120                                                      5.000                                        11.125                                        2.060                                                  0.125                                               804                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          PUD                                                                 1                       Unknown                                                      84                                   0
                     121                                                      5.000                                        10.875                                        2.060                                                  0.125                                               776                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          PUD                                                                 1                       Unknown                                                      84                                   0
                     122                                                      5.000                                        11.250                                        2.060                                                  0.125                                               771                        N                                             Full/Alternative                                                Purchase                                                  Owner Occupied                                          Single Family                                                       1                       Unknown                                                      84                                   0
                     123                                                      5.000                                        11.375                                        2.060                                                  0.125                                               763                        N                                             Full/Alternative                                                Purchase                                                  Owner Occupied                                          PUD                                                                 1                       Unknown                                                      84                                   0
                     124                                                      5.000                                        11.750                                        2.060                                                  0.125                                               701                        Y                                             Preferred                                                       Purchase                                                  Owner Occupied                                          Single Family                                                       1                       No                                                           83                                   1
                     125                                                      5.000                                        11.125                                        2.060                                                  0.125                                               757                        N                                             Preferred                                                       Purchase                                                  Second Home                                             Single Family                                                       1                       Unknown                                                      84                                   0
                     126                                                      5.000                                        12.375                                        2.060                                                  0.125                                               733                        N                                             Full/Alternative                                                Purchase                                                  Owner Occupied                                          Condominium                                                         1                       Unknown                                                      84                                   0
                     127                                                      5.000                                        13.750                                        2.060                                                  0.125                                               673                        N                                             Full/Alternative                                                Cash Out Refinance                                        Owner Occupied                                          PUD                                                                 1                       Unknown                                                      84                                   0
                     128                                                      5.000                                        11.125                                        2.060                                                  0.125                                               736                        N                                             Full/Alternative                                                Purchase                                                  Owner Occupied                                          Single Family                                                       1                       Unknown                                                      83                                   1
                     129                                                      5.000                                        11.250                                        2.060                                                  0.125                                               718                        N                                             Preferred                                                       Cash Out Refinance                                        Owner Occupied                                          Single Family                                                       1                       Unknown                                                      84                                   0
                     130                                                      5.000                                        11.625                                        2.060                                                  0.125                                               706                        N                                             Full/Alternative                                                Cash Out Refinance                                        Owner Occupied                                          Single Family                                                       1                       Unknown                                                      84                                   0
                     131                                                      5.000                                        11.500                                        2.060                                                  0.125                                               787                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          Single Family                                                       1                       Unknown                                                      84                                   0
                     132                                                      5.000                                        12.375                                        2.060                                                  0.125                                               767                        N                                             Preferred                                                       Rate/Term Refinance                                       Owner Occupied                                          PUD                                                                 1                       Unknown                                                      83                                   1
                     133                                                      5.000                                        10.000                                        2.060                                                  0.125                                               753                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          PUD                                                                 1                       Unknown                                                      83                                   1
                     134                                                      5.000                                        11.750                                        2.060                                                  0.125                                               808                        N                                             Preferred                                                       Cash Out Refinance                                        Owner Occupied                                          Single Family                                                       1                       Unknown                                                      83                                   1
                     135                                                      5.000                                        10.125                                        2.060                                                  0.125                                               704                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          PUD                                                                 1                       Unknown                                                      84                                   0
                     136                                                      5.000                                        11.500                                        2.060                                                  0.125                                               756                        Y                                             Preferred                                                       Purchase                                                  Owner Occupied                                          PUD                                                                 1                       No                                                           84                                   0
                     137                                                      5.000                                        11.125                                        2.060                                                  0.125                                               693                        N                                             Full/Alternative                                                Purchase                                                  Owner Occupied                                          PUD                                                                 1                       Unknown                                                      84                                   0
                     138                                                      5.000                                        11.250                                        2.060                                                  0.125                                               806                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          PUD                                                                 1                       Unknown                                                      83                                   1
                     139                                                      5.000                                        11.125                                        2.060                                                  0.125                                               739                        N                                             Full/Alternative                                                Purchase                                                  Owner Occupied                                          Single Family                                                       1                       No                                                           83                                   1
                     140                                                      5.000                                        11.500                                        2.060                                                  0.125                                               777                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          Single Family                                                       1                       Unknown                                                      84                                   0
                     141                                                      5.000                                        11.750                                        2.060                                                  0.125                                               690                        N                                             Full/Alternative                                                Purchase                                                  Owner Occupied                                          PUD                                                                 1                       Unknown                                                      83                                   1
                     142                                                      5.000                                        10.625                                        2.060                                                  0.125                                               707                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          PUD                                                                 1                       Unknown                                                      83                                   1
                     143                                                      5.000                                        10.250                                        2.060                                                  0.125                                               712                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          Single Family                                                       1                       Unknown                                                      83                                   1
                     144                                                      5.000                                        10.875                                        2.060                                                  0.125                                               778                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          PUD                                                                 1                       Unknown                                                      84                                   0
                     145                                                      5.000                                        11.750                                        2.060                                                  0.125                                               742                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          Condominium                                                         1                       Unknown                                                      84                                   0
                     146                                                      5.000                                        11.250                                        2.060                                                  0.125                                               765                        N                                             Preferred                                                       Rate/Term Refinance                                       Owner Occupied                                          Single Family                                                       1                       Unknown                                                      84                                   0
                     147                                                      5.000                                        10.625                                        2.060                                                  0.125                                               789                        Y                                             Preferred                                                       Purchase                                                  Owner Occupied                                          Single Family                                                       1                       No                                                           83                                   1
                     148                                                      5.000                                        11.125                                        2.060                                                  0.125                                               682                        Y                                             Preferred                                                       Rate/Term Refinance                                       Owner Occupied                                          PUD                                                                 1                       No                                                           84                                   0
                     149                                                      5.000                                        10.625                                        2.060                                                  0.125                                               708                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          Single Family                                                       1                       Unknown                                                      83                                   1
                     150                                                      5.000                                        11.875                                        2.060                                                  0.125                                               825                        N                                             Preferred                                                       Purchase                                                  Second Home                                             Single Family                                                       1                       Unknown                                                      84                                   0
                     151                                                      5.000                                        12.000                                        2.060                                                  0.125                                               690                        N                                             Full/Alternative                                                Purchase                                                  Owner Occupied                                          Single Family                                                       1                       Unknown                                                      84                                   0
                     152                                                      5.000                                        11.125                                        2.060                                                  0.125                                               763                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          Condominium                                                         1                       Unknown                                                      84                                   0
                     153                                                      5.000                                        11.125                                        2.060                                                  0.125                                               730                        Y                                             Full/Alternative                                                Purchase                                                  Owner Occupied                                          Condominium                                                         1                       No                                                           83                                   1
                     154                                                      5.000                                        11.500                                        2.060                                                  0.125                                               790                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          PUD                                                                 1                       Unknown                                                      84                                   0
                     155                                                      5.000                                        11.250                                        2.060                                                  0.125                                               777                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          PUD                                                                 1                       Unknown                                                      84                                   0
                     156                                                      5.000                                        12.625                                        2.060                                                  0.125                                               685                        N                                             Full/Alternative                                                Purchase                                                  Owner Occupied                                          Condominium                                                         1                       Unknown                                                      84                                   0
                     157                                                      5.000                                        12.625                                        2.060                                                  0.125                                               718                        N                                             Preferred                                                       Rate/Term Refinance                                       Owner Occupied                                          Single Family                                                       1                       Unknown                                                      84                                   0
                     158                                                      5.000                                        11.375                                        2.060                                                  0.125                                               747                        N                                             Preferred                                                       Rate/Term Refinance                                       Owner Occupied                                          PUD                                                                 1                       Unknown                                                      83                                   1
                     159                                                      5.000                                        11.500                                        2.060                                                  0.125                                               703                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          Single Family                                                       1                       Unknown                                                      84                                   0
                     160                                                      5.000                                        11.250                                        2.060                                                  0.125                                               758                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          Condominium                                                         1                       Unknown                                                      85                                   0
                     161                                                      5.000                                        11.625                                        2.060                                                  0.125                                               754                        N                                             Preferred                                                       Purchase                                                  Second Home                                             Single Family                                                       1                       Unknown                                                      84                                   0
                     162                                                      5.000                                        11.500                                        2.060                                                  0.125                                               741                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          Single Family                                                       1                       Unknown                                                      84                                   0
                     163                                                      5.000                                        11.375                                        2.060                                                  0.125                                               784                        N                                             Full/Alternative                                                Purchase                                                  Owner Occupied                                          PUD                                                                 1                       Unknown                                                      84                                   0
                     164                                                      5.000                                        10.000                                        2.060                                                  0.125                                               757                        N                                             Full/Alternative                                                Cash Out Refinance                                        Owner Occupied                                          Single Family                                                       1                       Unknown                                                      57                                   3
                     165                                                      5.000                                         9.875                                        2.060                                                  0.125                                               668                        N                                             Full/Alternative                                                Purchase                                                  Owner Occupied                                          Single Family                                                       1                       Unknown                                                      56                                   4
                     166                                                      5.000                                        11.250                                        2.060                                                  0.125                                               715                        N                                             Preferred                                                       Rate/Term Refinance                                       Owner Occupied                                          PUD                                                                 1                       Unknown                                                     118                                   2
                     167                                                      5.000                                        10.500                                        2.060                                                  0.125                                               780                        N                                             Full/Alternative                                                Rate/Term Refinance                                       Owner Occupied                                          PUD                                                                 1                       Unknown                                                      56                                   4
                     168                                                      5.000                                        11.375                                        1.860                                                  0.125                                               740                        N                                             Stated Income                                                   Rate/Term Refinance                                       Owner Occupied                                          Single Family                                                       1                       No                                                           60                                   0
                     169                                                      5.000                                        11.375                                        1.860                                                  0.125                                               728                        N                                             Full/Alternative                                                Purchase                                                  Second Home                                             Single Family                                                       1                       No                                                           60                                   0
                     170                                                      5.000                                        11.250                                        2.060                                                  0.125                                               787                        N                                             Full/Alternative                                                Cash Out Refinance                                        Owner Occupied                                          Single Family                                                       1                       Unknown                                                     121                                   0
                     171                                                      5.000                                        11.375                                        2.060                                                  0.125                                               731                        N                                             Full/Alternative                                                Cash Out Refinance                                        Owner Occupied                                          Single Family                                                       1                       Unknown                                                     120                                   0
                     172                                                      5.000                                        11.250                                        2.060                                                  0.125                                               735                        N                                             Preferred                                                       Rate/Term Refinance                                       Owner Occupied                                          PUD                                                                 1                       Unknown                                                     119                                   1
                     173                                                      5.000                                        11.875                                        2.060                                                  0.125                                               665                        N                                             Full/Alternative                                                Rate/Term Refinance                                       Owner Occupied                                          Single Family                                                       1                       Unknown                                                     119                                   1
                     174                                                      5.000                                        11.000                                        2.060                                                  0.125                                               702                        N                                             Full/Alternative                                                Purchase                                                  Owner Occupied                                          PUD                                                                 1                       Unknown                                                     120                                   0
                     175                                                      5.000                                        11.375                                        2.060                                                  0.125                                               712                        N                                             Full/Alternative                                                Cash Out Refinance                                        Owner Occupied                                          PUD                                                                 1                       Unknown                                                     119                                   1
                     176                                                      5.000                                        10.750                                        2.060                                                  0.125                                               704                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          PUD                                                                 1                       Unknown                                                     121                                   0
                     177                                                      5.000                                        11.875                                        2.060                                                  0.125                                               708                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          Single Family                                                       1                       Unknown                                                     120                                   0
                     178                                                      5.000                                        12.625                                        2.060                                                  0.125                                               756                        N                                             Preferred                                                       Rate/Term Refinance                                       Owner Occupied                                          PUD                                                                 1                       Unknown                                                     121                                   0
                     179                                                      5.000                                        12.000                                        2.060                                                  0.125                                               737                        N                                             Full/Alternative                                                Cash Out Refinance                                        Owner Occupied                                          Single Family                                                       1                       Unknown                                                     120                                   0
                     180                                                      5.000                                        12.125                                        2.060                                                  0.125                                               674                        N                                             Full/Alternative                                                Cash Out Refinance                                        Owner Occupied                                          Condominium                                                         1                       Unknown                                                     120                                   0
                     181                                                      5.000                                        11.750                                        2.060                                                  0.125                                               762                        N                                             Preferred                                                       Rate/Term Refinance                                       Owner Occupied                                          PUD                                                                 1                       Unknown                                                     121                                   0
                     182                                                      5.000                                        11.875                                        2.060                                                  0.125                                               731                        N                                             Preferred                                                       Rate/Term Refinance                                       Owner Occupied                                          Single Family                                                       1                       Unknown                                                     121                                   0
                     183                                                      5.000                                        11.125                                        2.060                                                  0.125                                               742                        N                                             Full/Alternative                                                Purchase                                                  Owner Occupied                                          Single Family                                                       1                       Unknown                                                     119                                   1
                     184                                                      5.000                                        11.250                                        2.060                                                  0.125                                               784                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          Single Family                                                       1                       Unknown                                                     120                                   0
                     185                                                      5.000                                        11.625                                        2.060                                                  0.125                                               753                        N                                             Preferred                                                       Cash Out Refinance                                        Owner Occupied                                          Single Family                                                       1                       Unknown                                                     120                                   0
                     186                                                      5.000                                        11.875                                        2.060                                                  0.125                                               799                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          PUD                                                                 1                       Unknown                                                     121                                   0
                     187                                                      5.000                                        11.750                                        2.195                                                  0.125                                               660                        N                                             Full/Alternative                                                Cash Out Refinance                                        Owner Occupied                                          Single Family                                                       1                       Unknown                                                     119                                   1
                     188                                                      5.000                                        12.000                                        2.060                                                  0.125                                               726                        N                                             Preferred                                                       Rate/Term Refinance                                       Owner Occupied                                          Single Family                                                       1                       Unknown                                                     120                                   0
                     189                                                      5.000                                        11.750                                        2.060                                                  0.125                                               798                        N                                             Full/Alternative                                                Purchase                                                  Second Home                                             Single Family                                                       1                       Unknown                                                     120                                   0
                     190                                                      5.000                                        11.750                                        2.060                                                  0.125                                               754                        N                                             Full/Alternative                                                Rate/Term Refinance                                       Owner Occupied                                          PUD                                                                 1                       Unknown                                                     120                                   0
                     191                                                      5.000                                        11.625                                        2.060                                                  0.125                                               716                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          PUD                                                                 1                       Unknown                                                     121                                   0
                     192                                                      5.000                                        12.000                                        2.060                                                  0.125                                               762                        N                                             Full/Alternative                                                Rate/Term Refinance                                       Owner Occupied                                          Single Family                                                       1                       Unknown                                                     119                                   1
                     193                                                      5.000                                        11.750                                        2.060                                                  0.125                                               756                        N                                             Preferred                                                       Cash Out Refinance                                        Owner Occupied                                          Single Family                                                       1                       Unknown                                                     119                                   1
                     194                                                      5.000                                        11.750                                        2.060                                                  0.125                                               709                        N                                             Preferred                                                       Rate/Term Refinance                                       Owner Occupied                                          Single Family                                                       1                       Unknown                                                     119                                   1
                     195                                                      5.000                                        11.875                                        2.060                                                  0.125                                               702                        N                                             Preferred                                                       Rate/Term Refinance                                       Owner Occupied                                          Single Family                                                       1                       Unknown                                                     120                                   0
                     196                                                      5.000                                        10.500                                        2.060                                                  0.125                                               756                        N                                             Full/Alternative                                                Purchase                                                  Second Home                                             PUD                                                                 1                       Unknown                                                     120                                   0
                     197                                                      5.000                                        11.625                                        2.060                                                  0.125                                               696                        N                                             Full/Alternative                                                Rate/Term Refinance                                       Owner Occupied                                          PUD                                                                 1                       Unknown                                                     119                                   1
                     198                                                      5.000                                        11.250                                        1.860                                                  0.125                                               732                        N                                             Full/Alternative                                                Cash Out Refinance                                        Owner Occupied                                          Single Family                                                       1                       No                                                           61                                   0
                     199                                                      5.000                                        11.875                                        2.060                                                  0.125                                               703                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          Single Family                                                       1                       Unknown                                                     120                                   0
                     200                                                      5.000                                        11.875                                        2.060                                                  0.125                                               773                        N                                             Preferred                                                       Rate/Term Refinance                                       Owner Occupied                                          Single Family                                                       1                       Unknown                                                     121                                   0
                     201                                                      5.000                                        11.625                                        2.060                                                  0.125                                               742                        N                                             Preferred                                                       Cash Out Refinance                                        Owner Occupied                                          Single Family                                                       1                       Unknown                                                     120                                   0
                     202                                                      5.000                                        12.250                                        2.060                                                  0.125                                               723                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          Condominium                                                         1                       Unknown                                                     121                                   0
                     203                                                      5.000                                        11.875                                        2.060                                                  0.125                                               710                        N                                             Preferred                                                       Rate/Term Refinance                                       Owner Occupied                                          Single Family                                                       1                       Unknown                                                     121                                   0
                     204                                                      5.000                                        11.625                                        2.060                                                  0.125                                               768                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          CO-OP                                                               1                       Unknown                                                     120                                   0
                     205                                                      5.000                                        11.000                                        2.060                                                  0.125                                               798                        N                                             Preferred                                                       Rate/Term Refinance                                       Owner Occupied                                          PUD                                                                 1                       Unknown                                                     121                                   0
                     206                                                      5.000                                        11.750                                        2.060                                                  0.125                                               758                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          Condominium                                                         1                       Unknown                                                     120                                   0
                     207                                                      5.000                                        11.625                                        2.060                                                  0.125                                               718                        N                                             Full/Alternative                                                Purchase                                                  Owner Occupied                                          Condominium                                                         1                       Unknown                                                     120                                   0
                     208                                                      5.000                                        12.000                                        2.060                                                  0.125                                               767                        N                                             Preferred                                                       Rate/Term Refinance                                       Owner Occupied                                          PUD                                                                 1                       Unknown                                                     121                                   0
                     209                                                      5.000                                        10.750                                        1.860                                                  0.125                                               728                        N                                             Full/Alternative                                                Rate/Term Refinance                                       Owner Occupied                                          PUD                                                                 1                       With Consent                                                 58                                   2
                     210                                                      5.000                                        10.625                                        1.860                                                  0.125                                               727                        N                                             Stated Income                                                   Rate/Term Refinance                                       Owner Occupied                                          Single Family                                                       1                       With Consent                                                 58                                   2
                     211                                                      5.000                                        11.750                                        1.860                                                  0.125                                               660                        N                                             Stated Income                                                   Rate/Term Refinance                                       Owner Occupied                                          Single Family                                                       1                       With Consent                                                 58                                   2
                     212                                                      5.000                                        11.250                                        1.860                                                  0.125                                               697                        N                                             Stated Income                                                   Rate/Term Refinance                                       Owner Occupied                                          Single Family                                                       1                       No                                                           58                                   2
                     213                                                      5.000                                        11.500                                        1.860                                                  0.125                                               694                        N                                             Stated Income                                                   Cash Out Refinance                                        Owner Occupied                                          PUD                                                                 1                       With Consent                                                 58                                   2
                     214                                                      5.000                                        11.625                                        1.860                                                  0.125                                               721                        N                                             Stated Income                                                   Rate/Term Refinance                                       Owner Occupied                                          Condominium                                                         1                       With Consent                                                 58                                   2
                     215                                                      5.000                                        10.875                                        1.860                                                  0.125                                               759                        N                                             Stated Income                                                   Cash Out Refinance                                        Owner Occupied                                          Single Family                                                       1                       With Consent                                                 58                                   2
                     216                                                      5.000                                        11.000                                        1.860                                                  0.125                                               783                        N                                             Full/Alternative                                                Cash Out Refinance                                        Owner Occupied                                          Single Family                                                       1                       With Consent                                                 58                                   2
                     217                                                      5.000                                        10.750                                        1.860                                                  0.125                                               772                        N                                             Full/Alternative                                                Cash Out Refinance                                        Owner Occupied                                          PUD                                                                 1                       With Consent                                                 58                                   2
                     218                                                      5.000                                        11.500                                        1.860                                                  0.125                                               714                        N                                             Stated Income                                                   Rate/Term Refinance                                       Second Home                                             Single Family                                                       1                       No                                                           58                                   2
                     219                                                      5.000                                        11.250                                        1.860                                                  0.125                                               687                        N                                             Stated Income                                                   Purchase                                                  Second Home                                             Single Family                                                       1                       With Consent                                                 58                                   2
                     220                                                      5.000                                        12.125                                        1.860                                                  0.125                                               714                        N                                             Stated Income                                                   Purchase                                                  Owner Occupied                                          Single Family                                                       1                       Yes                                                          59                                   1
                     221                                                      5.000                                        12.125                                        2.360                                                  0.125                                               701                        N                                             Stated Income                                                   Purchase                                                  Owner Occupied                                          2-4 Family                                                          2                       Yes                                                          59                                   1
                     222                                                      5.000                                        11.000                                        2.060                                                  0.125                                               785                        N                                             Preferred                                                       Rate/Term Refinance                                       Owner Occupied                                          Single Family                                                       1                       Unknown                                                      83                                   1
                     223                                                      5.000                                        11.125                                        2.060                                                  0.125                                               666                        N                                             Full/Alternative                                                Purchase                                                  Owner Occupied                                          Single Family                                                       1                       Unknown                                                      83                                   1
                     224                                                      5.000                                        11.500                                        2.060                                                  0.125                                               705                        N                                             Full/Alternative                                                Purchase                                                  Second Home                                             Single Family                                                       1                       Unknown                                                      83                                   1
                     225                                                      5.000                                        12.000                                        2.060                                                  0.125                                               728                        N                                             Full/Alternative                                                Purchase                                                  Owner Occupied                                          PUD                                                                 1                       Unknown                                                      83                                   1
                     226                                                      5.000                                        10.250                                        2.060                                                  0.125                                               773                        N                                             Full/Alternative                                                Cash Out Refinance                                        Owner Occupied                                          Single Family                                                       1                       Unknown                                                      83                                   1
                     227                                                      5.000                                        10.250                                        2.060                                                  0.125                                               780                        N                                             Preferred                                                       Cash Out Refinance                                        Owner Occupied                                          Single Family                                                       1                       Unknown                                                      84                                   0
                     228                                                      5.000                                        11.625                                        2.060                                                  0.125                                               744                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          Single Family                                                       1                       Unknown                                                      83                                   1
                     229                                                      5.000                                        11.750                                        2.060                                                  0.125                                               675                        N                                             Full/Alternative                                                Purchase                                                  Owner Occupied                                          Single Family                                                       1                       Unknown                                                      83                                   1
                     230                                                      5.000                                        11.375                                        2.060                                                  0.125                                               698                        Y                                             Full/Alternative                                                Rate/Term Refinance                                       Owner Occupied                                          Single Family                                                       1                       No                                                           83                                   1
                     231                                                      5.000                                        11.375                                        2.060                                                  0.125                                               755                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          Single Family                                                       1                       Unknown                                                      83                                   1
                     232                                                      5.000                                        11.875                                        2.060                                                  0.125                                               716                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          Single Family                                                       1                       Unknown                                                      83                                   1
                     233                                                      5.000                                        11.500                                        2.060                                                  0.125                                               713                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          Condominium                                                         1                       Unknown                                                      83                                   1
                     234                                                      5.000                                        11.500                                        2.060                                                  0.125                                               746                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          Single Family                                                       1                       Unknown                                                      83                                   1
                     235                                                      5.000                                        10.625                                        2.060                                                  0.125                                               763                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          PUD                                                                 1                       Unknown                                                      83                                   1
                     236                                                      5.000                                        11.375                                        2.060                                                  0.125                                               746                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          PUD                                                                 1                       Unknown                                                      83                                   1
                     237                                                      5.000                                        10.750                                        2.060                                                  0.125                                               795                        N                                             Full/Alternative                                                Purchase                                                  Owner Occupied                                          Single Family                                                       1                       Unknown                                                      79                                   5
                     238                                                      5.000                                        11.750                                        2.060                                                  0.125                                               753                        N                                             Preferred                                                       Rate/Term Refinance                                       Owner Occupied                                          Single Family                                                       1                       Unknown                                                      83                                   1
                     239                                                      5.000                                        11.625                                        2.060                                                  0.125                                               801                        N                                             Preferred                                                       Rate/Term Refinance                                       Owner Occupied                                          Single Family                                                       1                       Unknown                                                      83                                   1
                     240                                                      5.000                                        10.750                                        2.060                                                  0.125                                               770                        N                                             Full/Alternative                                                Rate/Term Refinance                                       Second Home                                             Single Family                                                       1                       Unknown                                                      83                                   1
                     241                                                      5.000                                        11.375                                        2.060                                                  0.125                                               804                        N                                             Full/Alternative                                                Rate/Term Refinance                                       Owner Occupied                                          PUD                                                                 1                       Unknown                                                      84                                   0
                     242                                                      5.000                                        10.125                                        2.060                                                  0.125                                               724                        N                                             Full/Alternative                                                Purchase                                                  Owner Occupied                                          Single Family                                                       1                       Unknown                                                      84                                   0
                     243                                                      5.000                                        11.250                                        2.060                                                  0.125                                               804                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          PUD                                                                 1                       Unknown                                                      84                                   0
                     244                                                      5.000                                        10.875                                        2.060                                                  0.125                                               751                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          PUD                                                                 1                       Unknown                                                      81                                   3
                     245                                                      5.000                                        11.125                                        2.060                                                  0.125                                               797                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          Single Family                                                       1                       Unknown                                                      83                                   1
                     246                                                      5.000                                        11.250                                        2.060                                                  0.125                                               710                        N                                             Preferred                                                       Rate/Term Refinance                                       Owner Occupied                                          Single Family                                                       1                       Unknown                                                      58                                   2
                     247                                                      5.000                                        10.750                                        2.060                                                  0.125                                               764                        N                                             Preferred                                                       Cash Out Refinance                                        Owner Occupied                                          Single Family                                                       1                       Unknown                                                     118                                   2
                     248                                                      5.000                                        11.250                                        2.060                                                  0.125                                               689                        N                                             Full/Alternative                                                Cash Out Refinance                                        Owner Occupied                                          PUD                                                                 1                       Unknown                                                      58                                   2
                     249                                                      5.000                                        10.750                                        2.060                                                  0.125                                               796                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          Single Family                                                       1                       Unknown                                                      82                                   2
                     250                                                      5.000                                        11.500                                        2.060                                                  0.125                                               814                        N                                             Full/Alternative                                                Purchase                                                  Second Home                                             Single Family                                                       1                       Unknown                                                     118                                   2
                     251                                                      5.000                                        11.500                                        2.060                                                  0.125                                               753                        N                                             Full/Alternative                                                Purchase                                                  Owner Occupied                                          Single Family                                                       1                       With Consent                                                 82                                   2
                     252                                                      5.000                                        11.875                                        2.060                                                  0.125                                               709                        N                                             Full/Alternative                                                Purchase                                                  Owner Occupied                                          Single Family                                                       1                       With Consent                                                118                                   2
                     253                                                      5.000                                        11.250                                        2.060                                                  0.125                                               711                        N                                             Preferred                                                       Rate/Term Refinance                                       Owner Occupied                                          PUD                                                                 1                       Unknown                                                     118                                   2
                     254                                                      5.000                                        11.500                                        2.060                                                  0.125                                               758                        N                                             Full/Alternative                                                Cash Out Refinance                                        Owner Occupied                                          Condominium                                                         1                       Unknown                                                      58                                   2
                     255                                                      5.000                                        11.125                                        2.060                                                  0.125                                               799                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          PUD                                                                 1                       Unknown                                                     118                                   2
                     256                                                      5.000                                        11.250                                        2.060                                                  0.125                                               754                        N                                             Preferred                                                       Rate/Term Refinance                                       Owner Occupied                                          Single Family                                                       1                       Unknown                                                     118                                   2
                     257                                                      5.000                                        11.250                                        2.060                                                  0.125                                               712                        N                                             Preferred                                                       Cash Out Refinance                                        Owner Occupied                                          Single Family                                                       1                       With Consent                                                118                                   2
                     258                                                      5.000                                        11.375                                        2.060                                                  0.125                                               705                        N                                             Preferred                                                       Cash Out Refinance                                        Owner Occupied                                          PUD                                                                 1                       Unknown                                                     118                                   2
                     259                                                      5.000                                        11.250                                        2.060                                                  0.125                                               759                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          PUD                                                                 1                       Unknown                                                      58                                   2
                     260                                                      5.000                                        10.875                                        2.060                                                  0.125                                               727                        N                                             Full/Alternative                                                Cash Out Refinance                                        Owner Occupied                                          Single Family                                                       1                       Unknown                                                      58                                   2
                     261                                                      5.000                                        10.500                                        2.060                                                  0.125                                               745                        N                                             Full/Alternative                                                Purchase                                                  Owner Occupied                                          PUD                                                                 1                       Unknown                                                      58                                   2
                     262                                                      5.000                                        10.875                                        2.060                                                  0.125                                               712                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          PUD                                                                 1                       Unknown                                                      58                                   2
                     263                                                      5.000                                        11.250                                        2.060                                                  0.125                                               675                        N                                             Full/Alternative                                                Purchase                                                  Owner Occupied                                          Single Family                                                       1                       Unknown                                                      58                                   2
                     264                                                      5.000                                        10.750                                        2.060                                                  0.125                                               753                        N                                             Full/Alternative                                                Cash Out Refinance                                        Owner Occupied                                          Single Family                                                       1                       Unknown                                                      58                                   2
                     265                                                      5.000                                        10.000                                        2.060                                                  0.125                                               701                        N                                             Full/Alternative                                                Rate/Term Refinance                                       Owner Occupied                                          Single Family                                                       1                       Unknown                                                      58                                   2
                     266                                                      5.000                                        11.000                                        2.060                                                  0.125                                               816                        N                                             Preferred                                                       Rate/Term Refinance                                       Owner Occupied                                          Single Family                                                       1                       Unknown                                                      58                                   2
                     267                                                      5.000                                        10.875                                        2.060                                                  0.125                                               697                        N                                             Full/Alternative                                                Rate/Term Refinance                                       Owner Occupied                                          Single Family                                                       1                       Unknown                                                      58                                   2
                     268                                                      5.000                                        11.625                                        2.060                                                  0.125                                               780                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          PUD                                                                 1                       Unknown                                                      58                                   2
                     269                                                      5.000                                        11.875                                        2.060                                                  0.125                                               812                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          Single Family                                                       1                       Unknown                                                      59                                   1
                     270                                                      5.000                                        10.875                                        2.060                                                  0.125                                               713                        N                                             Full/Alternative                                                Rate/Term Refinance                                       Owner Occupied                                          Single Family                                                       1                       Unknown                                                      58                                   2
                     271                                                      5.000                                        11.250                                        2.060                                                  0.125                                               791                        N                                             Full/Alternative                                                Rate/Term Refinance                                       Owner Occupied                                          2-4 Family                                                          2                       Unknown                                                      58                                   2
                     272                                                      5.000                                        11.250                                        2.060                                                  0.125                                               795                        N                                             Full/Alternative                                                Cash Out Refinance                                        Owner Occupied                                          PUD                                                                 1                       Unknown                                                      58                                   2
                     273                                                      5.000                                        10.875                                        2.060                                                  0.125                                               782                        N                                             Preferred                                                       Rate/Term Refinance                                       Owner Occupied                                          Single Family                                                       1                       Unknown                                                      59                                   1
                     274                                                      5.000                                        11.625                                        2.060                                                  0.125                                               780                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          PUD                                                                 1                       Unknown                                                      59                                   1
                     275                                                      5.000                                        11.875                                        2.060                                                  0.125                                               786                        N                                             Preferred                                                       Rate/Term Refinance                                       Owner Occupied                                          PUD                                                                 1                       Unknown                                                     117                                   3
                     276                                                      5.000                                        11.625                                        2.060                                                  0.125                                               791                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          Single Family                                                       1                       Unknown                                                     118                                   2
                     277                                                      5.000                                        11.375                                        2.060                                                  0.125                                               765                        N                                             Full/Alternative                                                Rate/Term Refinance                                       Owner Occupied                                          Condominium                                                         1                       Unknown                                                     117                                   3
                     278                                                      5.000                                        11.875                                        2.060                                                  0.125                                               735                        N                                             Preferred                                                       Cash Out Refinance                                        Owner Occupied                                          Single Family                                                       1                       Unknown                                                     117                                   3
                     279                                                      5.000                                        12.000                                        2.060                                                  0.125                                               702                        N                                             Preferred                                                       Rate/Term Refinance                                       Owner Occupied                                          Single Family                                                       1                       Unknown                                                     118                                   2
                     280                                                      5.000                                        11.250                                        2.060                                                  0.125                                               703                        N                                             Preferred                                                       Cash Out Refinance                                        Owner Occupied                                          Single Family                                                       1                       Unknown                                                     118                                   2
                     281                                                      5.000                                        11.500                                        2.060                                                  0.125                                               702                        N                                             Full/Alternative                                                Cash Out Refinance                                        Owner Occupied                                          Condominium                                                         1                       Unknown                                                     118                                   2
                     282                                                      5.000                                        11.375                                        2.060                                                  0.125                                               808                        N                                             Full/Alternative                                                Purchase                                                  Second Home                                             Single Family                                                       1                       Unknown                                                     119                                   1
                     283                                                      5.000                                        11.000                                        2.060                                                  0.125                                               703                        N                                             Full/Alternative                                                Rate/Term Refinance                                       Owner Occupied                                          Single Family                                                       1                       Unknown                                                     118                                   2
                     284                                                      5.000                                        10.875                                        2.060                                                  0.125                                               766                        N                                             Preferred                                                       Rate/Term Refinance                                       Owner Occupied                                          Single Family                                                       1                       Unknown                                                     118                                   2
                     285                                                      5.000                                        11.250                                        2.060                                                  0.125                                               711                        N                                             Full/Alternative                                                Rate/Term Refinance                                       Owner Occupied                                          Single Family                                                       1                       Unknown                                                     118                                   2
                     286                                                      5.000                                        11.250                                        2.060                                                  0.125                                               808                        N                                             Full/Alternative                                                Purchase                                                  Second Home                                             PUD                                                                 1                       Unknown                                                     118                                   2
                     287                                                      5.000                                        11.500                                        2.060                                                  0.125                                               702                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          Single Family                                                       1                       Unknown                                                     119                                   1
                     288                                                      5.000                                        11.500                                        2.060                                                  0.125                                               792                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          Condominium                                                         1                       Unknown                                                     118                                   2
                     289                                                      5.000                                        11.125                                        2.060                                                  0.125                                               745                        N                                             Preferred                                                       Cash Out Refinance                                        Owner Occupied                                          Single Family                                                       1                       Unknown                                                     119                                   1
                     290                                                      5.000                                        11.750                                        2.060                                                  0.125                                               726                        N                                             Preferred                                                       Cash Out Refinance                                        Owner Occupied                                          Single Family                                                       1                       Unknown                                                     118                                   2
                     291                                                      5.000                                        11.250                                        2.060                                                  0.125                                               771                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          Single Family                                                       1                       Unknown                                                     119                                   1
                     292                                                      5.000                                        11.250                                        2.060                                                  0.125                                               734                        N                                             Preferred                                                       Rate/Term Refinance                                       Owner Occupied                                          Single Family                                                       1                       Unknown                                                     119                                   1
                     293                                                      5.000                                        11.250                                        2.060                                                  0.125                                               693                        N                                             Full/Alternative                                                Purchase                                                  Owner Occupied                                          Condominium                                                         1                       Unknown                                                     118                                   2
                     294                                                      5.000                                        11.250                                        2.060                                                  0.125                                               779                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          Single Family                                                       1                       Unknown                                                     118                                   2
                     295                                                      5.000                                        11.625                                        2.060                                                  0.125                                               747                        N                                             Preferred                                                       Rate/Term Refinance                                       Owner Occupied                                          Single Family                                                       1                       Unknown                                                     118                                   2
                     296                                                      5.000                                        11.000                                        2.060                                                  0.125                                               728                        N                                             Full/Alternative                                                Rate/Term Refinance                                       Owner Occupied                                          Single Family                                                       1                       Unknown                                                     119                                   1
                     297                                                      5.000                                        11.000                                        2.060                                                  0.125                                               729                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          Single Family                                                       1                       Unknown                                                     118                                   2
                     298                                                      5.000                                        11.250                                        2.060                                                  0.125                                               800                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          Single Family                                                       1                       Unknown                                                     119                                   1
                     299                                                      5.000                                        11.250                                        2.060                                                  0.125                                               777                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          PUD                                                                 1                       Unknown                                                     119                                   1
                     300                                                      5.000                                        11.375                                        2.060                                                  0.125                                               737                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          Single Family                                                       1                       Unknown                                                     119                                   1
                     301                                                      5.000                                        11.625                                        2.060                                                  0.125                                               699                        N                                             Full/Alternative                                                Rate/Term Refinance                                       Owner Occupied                                          Single Family                                                       1                       Unknown                                                     118                                   2
                     302                                                      5.000                                        11.750                                        2.060                                                  0.125                                               754                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          Single Family                                                       1                       Unknown                                                     118                                   2
                     303                                                      5.000                                        11.375                                        2.060                                                  0.125                                               691                        N                                             Full/Alternative                                                Purchase                                                  Owner Occupied                                          Single Family                                                       1                       Unknown                                                      82                                   2
                     304                                                      5.000                                        11.000                                        2.060                                                  0.125                                               690                        N                                             Full/Alternative                                                Purchase                                                  Owner Occupied                                          Single Family                                                       1                       Unknown                                                      82                                   2
                     305                                                      5.000                                        11.125                                        2.060                                                  0.125                                               790                        N                                             Preferred                                                       Cash Out Refinance                                        Owner Occupied                                          Single Family                                                       1                       Unknown                                                      82                                   2
                     306                                                      5.000                                        10.875                                        2.060                                                  0.125                                               734                        N                                             Full/Alternative                                                Cash Out Refinance                                        Owner Occupied                                          PUD                                                                 1                       Unknown                                                      82                                   2
                     307                                                      5.000                                        11.750                                        2.060                                                  0.125                                               764                        N                                             Preferred                                                       Purchase                                                  Second Home                                             Single Family                                                       1                       Unknown                                                     118                                   2
                     308                                                      6.000                                        12.000                                        2.060                                                  0.125                                               692                        N                                             Full/Alternative                                                Cash Out Refinance                                        Owner Occupied                                          PUD                                                                 1                       Unknown                                                      82                                   2
                     309                                                      5.000                                        11.000                                        2.060                                                  0.125                                               788                        N                                             Full/Alternative                                                Purchase                                                  Owner Occupied                                          Single Family                                                       1                       Unknown                                                      82                                   2
                     310                                                      5.000                                        11.000                                        2.060                                                  0.125                                               733                        N                                             Preferred                                                       Cash Out Refinance                                        Owner Occupied                                          Single Family                                                       1                       Unknown                                                      82                                   2
                     311                                                      5.000                                        11.250                                        2.060                                                  0.125                                               791                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          Condominium                                                         1                       Unknown                                                      82                                   2
                     312                                                      5.000                                        11.500                                        2.060                                                  0.125                                               747                        N                                             Preferred                                                       Purchase                                                  Second Home                                             Condominium                                                         1                       Unknown                                                     119                                   1
                     313                                                      5.000                                        10.000                                        2.060                                                  0.125                                               737                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          Condominium                                                         1                       Unknown                                                      82                                   2
                     314                                                      5.000                                        10.875                                        2.060                                                  0.125                                               752                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          PUD                                                                 1                       Unknown                                                      83                                   1
                     315                                                      5.000                                        10.875                                        2.060                                                  0.125                                               798                        N                                             Preferred                                                       Purchase                                                  Second Home                                             Single Family                                                       1                       Unknown                                                      83                                   1
                     316                                                      5.000                                        11.125                                        2.060                                                  0.125                                               731                        N                                             Streamline                                                      Rate/Term Refinance                                       Owner Occupied                                          Single Family                                                       1                       Unknown                                                      82                                   2
                     317                                                      5.000                                        10.875                                        2.060                                                  0.125                                               764                        N                                             Full/Alternative                                                Rate/Term Refinance                                       Investor                                                Single Family                                                       1                       Unknown                                                      83                                   1
                     318                                                      5.000                                        11.375                                        2.060                                                  0.125                                               706                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          PUD                                                                 1                       Unknown                                                      82                                   2
                     319                                                      5.000                                        11.125                                        2.060                                                  0.125                                               705                        N                                             Preferred                                                       Rate/Term Refinance                                       Owner Occupied                                          Condominium                                                         1                       Unknown                                                     118                                   2
                     320                                                      5.000                                        11.375                                        2.060                                                  0.125                                               706                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          Single Family                                                       1                       Unknown                                                     119                                   1
                     321                                                      5.000                                        11.875                                        2.060                                                  0.125                                               712                        N                                             Full/Alternative                                                Purchase                                                  Owner Occupied                                          Single Family                                                       1                       Unknown                                                     119                                   1
                     322                                                      5.000                                        11.125                                        2.060                                                  0.125                                               790                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          Single Family                                                       1                       Unknown                                                     119                                   1
                     323                                                      5.000                                        10.500                                        2.060                                                  0.125                                               805                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          Single Family                                                       1                       Unknown                                                      58                                   2
                     324                                                      5.000                                        10.875                                        2.060                                                  0.125                                               768                        N                                             Full/Alternative                                                Cash Out Refinance                                        Owner Occupied                                          Single Family                                                       1                       Unknown                                                      82                                   2
                     325                                                      5.000                                        10.875                                        2.060                                                  0.125                                               779                        N                                             Preferred                                                       Cash Out Refinance                                        Owner Occupied                                          PUD                                                                 1                       Unknown                                                      58                                   2
                     326                                                      5.000                                        11.750                                        2.060                                                  0.125                                               699                        N                                             Full/Alternative                                                Cash Out Refinance                                        Owner Occupied                                          PUD                                                                 1                       Unknown                                                      82                                   2
                     327                                                      5.000                                        11.000                                        2.060                                                  0.125                                               732                        N                                             Full/Alternative                                                Rate/Term Refinance                                       Owner Occupied                                          Single Family                                                       1                       Unknown                                                      58                                   2
                     328                                                      5.000                                        11.375                                        2.060                                                  0.125                                               660                        N                                             Full/Alternative                                                Purchase                                                  Owner Occupied                                          Single Family                                                       1                       Unknown                                                     118                                   2
                     329                                                      5.000                                        11.375                                        2.060                                                  0.125                                               814                        N                                             Preferred                                                       Cash Out Refinance                                        Owner Occupied                                          Single Family                                                       1                       Unknown                                                     118                                   2
                     330                                                      5.000                                        11.500                                        2.060                                                  0.125                                               728                        N                                             Full/Alternative                                                Cash Out Refinance                                        Owner Occupied                                          PUD                                                                 1                       Unknown                                                     118                                   2
                     331                                                      5.000                                        11.375                                        2.060                                                  0.125                                               792                        N                                             Preferred                                                       Rate/Term Refinance                                       Owner Occupied                                          Single Family                                                       1                       Unknown                                                      82                                   2
                     332                                                      5.000                                        11.250                                        2.060                                                  0.125                                               789                        N                                             Preferred                                                       Rate/Term Refinance                                       Owner Occupied                                          PUD                                                                 1                       Unknown                                                     118                                   2
                     333                                                      5.000                                        11.500                                        2.060                                                  0.125                                               755                        N                                             Preferred                                                       Rate/Term Refinance                                       Owner Occupied                                          Single Family                                                       1                       Unknown                                                     118                                   2
                     334                                                      5.000                                        11.375                                        2.060                                                  0.125                                               707                        N                                             Preferred                                                       Rate/Term Refinance                                       Owner Occupied                                          Single Family                                                       1                       With Consent                                                118                                   2
                     335                                                      5.000                                        10.500                                        2.060                                                  0.125                                               724                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          Single Family                                                       1                       Unknown                                                     118                                   2
                     336                                                      5.000                                        11.375                                        2.060                                                  0.125                                               800                        N                                             Preferred                                                       Rate/Term Refinance                                       Owner Occupied                                          Single Family                                                       1                       Unknown                                                     118                                   2
                     337                                                      5.000                                        11.250                                        2.060                                                  0.125                                               764                        N                                             Full/Alternative                                                Cash Out Refinance                                        Owner Occupied                                          PUD                                                                 1                       Unknown                                                      82                                   2
                     338                                                      5.000                                        11.250                                        2.060                                                  0.125                                               721                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          PUD                                                                 1                       With Consent                                                118                                   2
                     339                                                      5.000                                        11.000                                        2.060                                                  0.125                                               673                        N                                             Full/Alternative                                                Purchase                                                  Owner Occupied                                          PUD                                                                 1                       No                                                          118                                   2
                     340                                                      5.000                                        11.000                                        2.060                                                  0.125                                               728                        N                                             Preferred                                                       Rate/Term Refinance                                       Owner Occupied                                          PUD                                                                 1                       Unknown                                                     118                                   2
                     341                                                      5.000                                        10.875                                        2.060                                                  0.125                                               739                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          Condominium                                                         1                       Unknown                                                      58                                   2
                     342                                                      5.000                                        11.375                                        2.060                                                  0.125                                               678                        N                                             Full/Alternative                                                Cash Out Refinance                                        Owner Occupied                                          Single Family                                                       1                       Unknown                                                      58                                   2
                     343                                                      5.000                                        11.125                                        2.060                                                  0.125                                               819                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          PUD                                                                 1                       Unknown                                                     118                                   2
                     344                                                      5.000                                        10.500                                        2.060                                                  0.125                                               765                        N                                             Preferred                                                       Rate/Term Refinance                                       Owner Occupied                                          PUD                                                                 1                       With Consent                                                 81                                   3
                     345                                                      5.000                                        10.750                                        2.060                                                  0.125                                               767                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          PUD                                                                 1                       Unknown                                                     118                                   2
                     346                                                      5.000                                        11.125                                        2.060                                                  0.125                                               755                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          Single Family                                                       1                       With Consent                                                118                                   2
                     347                                                      5.000                                        11.750                                        2.060                                                  0.125                                               765                        N                                             Preferred                                                       Rate/Term Refinance                                       Owner Occupied                                          PUD                                                                 1                       Unknown                                                      58                                   2
                     348                                                      5.000                                        11.375                                        2.060                                                  0.125                                               793                        N                                             Full/Alternative                                                Purchase                                                  Owner Occupied                                          Single Family                                                       1                       Unknown                                                      82                                   2
                     349                                                      5.000                                        10.625                                        2.060                                                  0.125                                               705                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          PUD                                                                 1                       Unknown                                                     118                                   2
                     350                                                      5.000                                        11.125                                        2.060                                                  0.125                                               740                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          Single Family                                                       1                       Unknown                                                     118                                   2
                     351                                                      5.000                                        11.125                                        2.060                                                  0.125                                               791                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          PUD                                                                 1                       Unknown                                                     118                                   2
                     352                                                      5.000                                        10.750                                        2.060                                                  0.125                                               750                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          PUD                                                                 1                       Unknown                                                      57                                   3
                     353                                                      5.000                                        11.250                                        2.060                                                  0.125                                               763                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          PUD                                                                 1                       Unknown                                                     118                                   2
                     354                                                      5.000                                        10.500                                        2.060                                                  0.125                                               777                        N                                             Preferred                                                       Rate/Term Refinance                                       Owner Occupied                                          PUD                                                                 1                       Unknown                                                      57                                   3
                     355                                                      5.000                                        11.125                                        2.060                                                  0.125                                               721                        N                                             Full/Alternative                                                Cash Out Refinance                                        Owner Occupied                                          Single Family                                                       1                       Unknown                                                      58                                   2
                     356                                                      5.000                                        11.000                                        2.060                                                  0.125                                               711                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          Single Family                                                       1                       Unknown                                                      58                                   2
                     357                                                      5.000                                        11.250                                        2.060                                                  0.125                                               804                        N                                             Full/Alternative                                                Rate/Term Refinance                                       Owner Occupied                                          Single Family                                                       1                       Unknown                                                     118                                   2
                     358                                                      5.000                                        11.000                                        2.060                                                  0.125                                               769                        N                                             Full/Alternative                                                Cash Out Refinance                                        Owner Occupied                                          Single Family                                                       1                       Unknown                                                     118                                   2
                     359                                                      5.000                                        10.500                                        2.060                                                  0.125                                               802                        N                                             Full/Alternative                                                Cash Out Refinance                                        Owner Occupied                                          PUD                                                                 1                       With Consent                                                 58                                   2
                     360                                                      5.000                                        11.000                                        2.060                                                  0.125                                               775                        N                                             Preferred                                                       Rate/Term Refinance                                       Owner Occupied                                          PUD                                                                 1                       Unknown                                                     118                                   2
                     361                                                      5.000                                        11.000                                        2.060                                                  0.125                                               747                        N                                             Preferred                                                       Cash Out Refinance                                        Owner Occupied                                          PUD                                                                 1                       Unknown                                                      82                                   2
                     362                                                      5.000                                        11.625                                        2.060                                                  0.125                                               734                        N                                             Preferred                                                       Purchase                                                  Second Home                                             Condominium                                                         1                       Unknown                                                     118                                   2
                     363                                                      5.000                                        11.125                                        2.060                                                  0.125                                               786                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          Single Family                                                       1                       Unknown                                                     118                                   2
                     364                                                      5.000                                        10.750                                        2.060                                                  0.125                                               748                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          Condominium                                                         1                       Unknown                                                      58                                   2
                     365                                                      5.000                                        11.375                                        2.060                                                  0.125                                               702                        N                                             Full/Alternative                                                Purchase                                                  Owner Occupied                                          Single Family                                                       1                       Unknown                                                     118                                   2
                     366                                                      5.000                                        11.250                                        2.060                                                  0.125                                               766                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          PUD                                                                 1                       Unknown                                                     118                                   2
                     367                                                      5.000                                        11.500                                        2.060                                                  0.125                                               771                        N                                             Preferred                                                       Rate/Term Refinance                                       Owner Occupied                                          Single Family                                                       1                       Unknown                                                     118                                   2
                     368                                                      5.000                                        11.625                                        2.060                                                  0.125                                               762                        N                                             Full/Alternative                                                Rate/Term Refinance                                       Owner Occupied                                          PUD                                                                 1                       Unknown                                                     118                                   2
                     369                                                      5.000                                        11.125                                        2.060                                                  0.125                                               752                        N                                             Full/Alternative                                                Rate/Term Refinance                                       Owner Occupied                                          Single Family                                                       1                       With Consent                                                 57                                   3
                     370                                                      5.000                                        11.500                                        2.060                                                  0.125                                               717                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          PUD                                                                 1                       Unknown                                                     118                                   2
                     371                                                      5.000                                        10.000                                        2.060                                                  0.125                                               683                        N                                             Full/Alternative                                                Purchase                                                  Owner Occupied                                          Condominium                                                         1                       Unknown                                                      58                                   2
                     372                                                      5.000                                        11.750                                        2.060                                                  0.125                                               758                        N                                             Full/Alternative                                                Purchase                                                  Owner Occupied                                          Condominium                                                         1                       Unknown                                                     118                                   2
                     373                                                      5.000                                        11.375                                        2.060                                                  0.125                                               730                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          PUD                                                                 1                       Unknown                                                     118                                   2
                     374                                                      5.000                                        11.250                                        2.060                                                  0.125                                               737                        N                                             Full/Alternative                                                Cash Out Refinance                                        Owner Occupied                                          Single Family                                                       1                       Unknown                                                     118                                   2
                     375                                                      5.000                                        11.250                                        2.060                                                  0.125                                               739                        N                                             Full/Alternative                                                Cash Out Refinance                                        Owner Occupied                                          Single Family                                                       1                       Unknown                                                      82                                   2
                     376                                                      5.000                                        10.250                                        2.060                                                  0.125                                               756                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          PUD                                                                 1                       Unknown                                                      82                                   2
                     377                                                      5.000                                        10.500                                        2.060                                                  0.125                                               684                        N                                             Full/Alternative                                                Purchase                                                  Owner Occupied                                          Single Family                                                       1                       Unknown                                                      57                                   3
                     378                                                      5.000                                         9.875                                        2.060                                                  0.125                                               783                        N                                             Full/Alternative                                                Purchase                                                  Owner Occupied                                          PUD                                                                 1                       Unknown                                                      58                                   2
                     379                                                      5.000                                        11.125                                        2.060                                                  0.125                                               764                        N                                             Full/Alternative                                                Purchase                                                  Second Home                                             Condominium                                                         1                       Unknown                                                     118                                   2
                     380                                                      5.000                                        11.250                                        2.060                                                  0.125                                               690                        N                                             Full/Alternative                                                Cash Out Refinance                                        Owner Occupied                                          Single Family                                                       1                       Unknown                                                     118                                   2
                     381                                                      5.000                                        11.250                                        2.060                                                  0.125                                               748                        N                                             Preferred                                                       Rate/Term Refinance                                       Owner Occupied                                          PUD                                                                 1                       Unknown                                                     118                                   2
                     382                                                      5.000                                        11.875                                        2.060                                                  0.125                                               699                        N                                             Full/Alternative                                                Cash Out Refinance                                        Owner Occupied                                          Single Family                                                       1                       Unknown                                                     117                                   3
                     383                                                      5.000                                        10.875                                        2.060                                                  0.125                                               782                        N                                             Full/Alternative                                                Cash Out Refinance                                        Owner Occupied                                          PUD                                                                 1                       No                                                           56                                   4
                     384                                                      5.000                                        11.125                                        2.060                                                  0.125                                               726                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          PUD                                                                 1                       Unknown                                                      57                                   3
                     385                                                      5.000                                        11.750                                        2.060                                                  0.125                                               795                        N                                             Full/Alternative                                                Purchase                                                  Owner Occupied                                          Single Family                                                       1                       Unknown                                                      81                                   3
                     386                                                      5.000                                        11.000                                        2.060                                                  0.125                                               740                        N                                             Full/Alternative                                                Purchase                                                  Owner Occupied                                          PUD                                                                 1                       Unknown                                                     117                                   3
                     387                                                      5.000                                        11.000                                        2.060                                                  0.125                                               805                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          PUD                                                                 1                       Unknown                                                     118                                   2
                     388                                                      5.000                                        10.625                                        2.060                                                  0.125                                               736                        N                                             Full/Alternative                                                Purchase                                                  Owner Occupied                                          Condominium                                                         1                       Unknown                                                      57                                   3
                     389                                                      5.000                                        11.125                                        2.060                                                  0.125                                               772                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          Condominium                                                         1                       Unknown                                                      58                                   2
                     390                                                      5.000                                        10.750                                        2.060                                                  0.125                                               758                        N                                             Full/Alternative                                                Cash Out Refinance                                        Owner Occupied                                          PUD                                                                 1                       Unknown                                                      58                                   2
                     391                                                      5.000                                        10.875                                        2.060                                                  0.125                                               733                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          PUD                                                                 1                       Unknown                                                     117                                   3
                     392                                                      5.000                                        11.250                                        2.060                                                  0.125                                               744                        N                                             Full/Alternative                                                Cash Out Refinance                                        Owner Occupied                                          Single Family                                                       1                       Unknown                                                      82                                   2
                     393                                                      5.000                                        11.000                                        2.060                                                  0.125                                               772                        N                                             Full/Alternative                                                Purchase                                                  Owner Occupied                                          Single Family                                                       1                       Unknown                                                      82                                   2
                     394                                                      5.000                                        10.750                                        2.060                                                  0.125                                               709                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          PUD                                                                 1                       Unknown                                                      81                                   3
                     395                                                      5.000                                        10.875                                        2.060                                                  0.125                                               766                        N                                             Preferred                                                       Rate/Term Refinance                                       Owner Occupied                                          Single Family                                                       1                       Unknown                                                      82                                   2
                     396                                                      5.000                                         8.875                                        2.060                                                  0.125                                               679                        N                                             Full/Alternative                                                Purchase                                                  Owner Occupied                                          Single Family                                                       1                       Unknown                                                      56                                   4
                     397                                                      5.000                                        10.250                                        2.060                                                  0.125                                               733                        N                                             Full/Alternative                                                Purchase                                                  Owner Occupied                                          PUD                                                                 1                       Unknown                                                      56                                   4
                     398                                                      5.000                                        11.625                                        2.060                                                  0.125                                               761                        N                                             Preferred                                                       Cash Out Refinance                                        Owner Occupied                                          Single Family                                                       1                       Unknown                                                     117                                   3
                     399                                                      5.000                                        10.625                                        2.060                                                  0.125                                               737                        N                                             Full/Alternative                                                Purchase                                                  Owner Occupied                                          PUD                                                                 1                       Unknown                                                      58                                   2
                     400                                                      5.000                                        11.375                                        2.060                                                  0.125                                               813                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          Condominium                                                         1                       Unknown                                                     117                                   3
                     401                                                      5.000                                        11.250                                        2.060                                                  0.125                                               812                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          PUD                                                                 1                       Unknown                                                      57                                   3
                     402                                                      5.000                                        10.875                                        2.060                                                  0.125                                               713                        N                                             Full/Alternative                                                Cash Out Refinance                                        Owner Occupied                                          PUD                                                                 1                       Unknown                                                      57                                   3
                     403                                                      5.000                                        11.125                                        2.060                                                  0.125                                               764                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          PUD                                                                 1                       Unknown                                                      82                                   2
                     404                                                      5.000                                        12.000                                        2.060                                                  0.125                                               748                        N                                             Preferred                                                       Cash Out Refinance                                        Owner Occupied                                          Single Family                                                       1                       Unknown                                                      82                                   2
                     405                                                      5.000                                        11.750                                        2.060                                                  0.125                                               704                        N                                             Full/Alternative                                                Purchase                                                  Owner Occupied                                          Single Family                                                       1                       With Consent                                                118                                   2
                     406                                                      5.000                                        11.750                                        2.060                                                  0.125                                               710                        N                                             Full/Alternative                                                Purchase                                                  Owner Occupied                                          PUD                                                                 1                       Unknown                                                      57                                   3
                     407                                                      5.000                                        11.375                                        2.060                                                  0.125                                               739                        N                                             Full/Alternative                                                Purchase                                                  Second Home                                             Single Family                                                       1                       With Consent                                                 58                                   2
                     408                                                      5.000                                        11.750                                        2.060                                                  0.125                                               724                        N                                             Preferred                                                       Rate/Term Refinance                                       Second Home                                             PUD                                                                 1                       With Consent                                                 82                                   2
                     409                                                      5.000                                        11.875                                        2.060                                                  0.125                                               766                        N                                             Preferred                                                       Purchase                                                  Second Home                                             PUD                                                                 1                       No                                                           82                                   2
                     410                                                      5.000                                        10.125                                        2.060                                                  0.125                                               776                        N                                             Full/Alternative                                                Purchase                                                  Second Home                                             PUD                                                                 1                       Unknown                                                      57                                   3
                     411                                                      5.000                                        11.125                                        2.060                                                  0.125                                               803                        N                                             Full/Alternative                                                Purchase                                                  Owner Occupied                                          Single Family                                                       1                       Unknown                                                     118                                   2
                     412                                                      5.000                                        11.500                                        2.060                                                  0.125                                               780                        N                                             Full/Alternative                                                Purchase                                                  Owner Occupied                                          Condominium                                                         1                       Unknown                                                     118                                   2
                     413                                                      5.000                                        11.500                                        2.060                                                  0.125                                               815                        N                                             Full/Alternative                                                Cash Out Refinance                                        Owner Occupied                                          Single Family                                                       1                       Unknown                                                      81                                   3
                     414                                                      5.000                                        10.875                                        2.060                                                  0.125                                               758                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          Condominium                                                         1                       Unknown                                                     117                                   3
                     415                                                      5.000                                        10.750                                        2.060                                                  0.125                                               794                        N                                             Full/Alternative                                                Purchase                                                  Owner Occupied                                          Condominium                                                         1                       Unknown                                                      82                                   2
                     416                                                      5.000                                        11.500                                        2.060                                                  0.125                                               703                        N                                             Full/Alternative                                                Purchase                                                  Owner Occupied                                          PUD                                                                 1                       Unknown                                                      82                                   2
                     417                                                      5.000                                        11.250                                        2.060                                                  0.125                                               708                        N                                             Full/Alternative                                                Rate/Term Refinance                                       Owner Occupied                                          Single Family                                                       1                       With Consent                                                 57                                   3
                     418                                                      5.000                                        11.000                                        2.060                                                  0.125                                               732                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          PUD                                                                 1                       Unknown                                                      57                                   3
                     419                                                      5.000                                        11.250                                        2.060                                                  0.125                                               759                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          Single Family                                                       1                       Unknown                                                     118                                   2
                     420                                                      5.000                                        11.375                                        2.060                                                  0.125                                               777                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          PUD                                                                 1                       Unknown                                                      57                                   3
                     421                                                      5.000                                        11.500                                        1.860                                                  0.125                                               786                        N                                             Stated Income                                                   Cash Out Refinance                                        Owner Occupied                                          PUD                                                                 1                       Yes                                                          81                                   3
                     422                                                      5.000                                        11.625                                        1.860                                                  0.125                                               706                        N                                             Stated Income                                                   Cash Out Refinance                                        Owner Occupied                                          Single Family                                                       1                       No                                                           84                                   0
                     423                                                      5.000                                        12.000                                        1.860                                                  0.125                                               682                        N                                             Full/Alternative                                                Purchase                                                  Owner Occupied                                          Single Family                                                       1                       No                                                           59                                   1
                     424                                                      5.000                                        11.125                                        1.860                                                  0.125                                               716                        N                                             Full/Alternative                                                Purchase                                                  Owner Occupied                                          Single Family                                                       1                       No                                                          119                                   1
                     425                                                      5.000                                        12.000                                        1.860                                                  0.125                                               783                        N                                             Stated Income                                                   Rate/Term Refinance                                       Owner Occupied                                          Single Family                                                       1                       No                                                           59                                   1
                     426                                                      5.000                                        11.250                                        1.860                                                  0.125                                               760                        N                                             Full/Alternative                                                Rate/Term Refinance                                       Owner Occupied                                          Single Family                                                       1                       No                                                           59                                   1
                     427                                                      5.000                                        12.250                                        1.860                                                  0.125                                               687                        N                                             Stated Income                                                   Purchase                                                  Owner Occupied                                          Single Family                                                       1                       No                                                           58                                   2
                     428                                                      5.000                                        11.375                                        1.860                                                  0.125                                               722                        N                                             Stated Income                                                   Rate/Term Refinance                                       Owner Occupied                                          Single Family                                                       1                       No                                                           59                                   1
                     429                                                      5.000                                        11.625                                        2.060                                                  0.125                                               675                        N                                             Full/Alternative                                                Purchase                                                  Owner Occupied                                          Single Family                                                       1                       Unknown                                                     119                                   1
                     430                                                      5.000                                        11.625                                        2.060                                                  0.125                                               734                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          Single Family                                                       1                       Unknown                                                     119                                   1
                     431                                                      5.000                                        11.250                                        2.060                                                  0.125                                               714                        N                                             Preferred                                                       Rate/Term Refinance                                       Owner Occupied                                          Single Family                                                       1                       Unknown                                                     119                                   1
                     432                                                      5.000                                        11.625                                        2.060                                                  0.125                                               786                        N                                             Preferred                                                       Rate/Term Refinance                                       Second Home                                             PUD                                                                 1                       Unknown                                                     119                                   1
                     433                                                      5.000                                        11.125                                        2.060                                                  0.125                                               741                        N                                             Full/Alternative                                                Cash Out Refinance                                        Owner Occupied                                          Single Family                                                       1                       Unknown                                                     119                                   1
                     434                                                      5.000                                        11.250                                        2.060                                                  0.125                                               722                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          PUD                                                                 1                       Unknown                                                     119                                   1
                     435                                                      5.000                                        11.375                                        2.060                                                  0.125                                               769                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          Single Family                                                       1                       Unknown                                                     119                                   1
                     436                                                      5.000                                        11.375                                        2.060                                                  0.125                                               745                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          Single Family                                                       1                       Unknown                                                     119                                   1
                     437                                                      5.000                                        11.875                                        2.060                                                  0.125                                               749                        N                                             Preferred                                                       Rate/Term Refinance                                       Owner Occupied                                          PUD                                                                 1                       Unknown                                                     119                                   1
                     438                                                      5.000                                        11.375                                        2.060                                                  0.125                                               705                        N                                             Preferred                                                       Rate/Term Refinance                                       Owner Occupied                                          Single Family                                                       1                       Unknown                                                     119                                   1
                     439                                                      5.000                                        11.250                                        2.060                                                  0.125                                               762                        N                                             Preferred                                                       Rate/Term Refinance                                       Owner Occupied                                          Single Family                                                       1                       Unknown                                                     119                                   1
                     440                                                      5.000                                        11.375                                        2.060                                                  0.125                                               732                        N                                             Full/Alternative                                                Purchase                                                  Owner Occupied                                          Single Family                                                       1                       Unknown                                                     119                                   1
                     441                                                      5.000                                        11.750                                        2.060                                                  0.125                                               747                        N                                             Preferred                                                       Rate/Term Refinance                                       Owner Occupied                                          Condominium                                                         1                       Unknown                                                     119                                   1
                     442                                                      5.000                                        11.375                                        2.060                                                  0.125                                               724                        N                                             Preferred                                                       Cash Out Refinance                                        Owner Occupied                                          Single Family                                                       1                       Unknown                                                     119                                   1
                     443                                                      5.000                                        11.000                                        2.060                                                  0.125                                               685                        N                                             Full/Alternative                                                Cash Out Refinance                                        Owner Occupied                                          Single Family                                                       1                       Unknown                                                     118                                   2
                     444                                                      5.000                                        11.375                                        2.560                                                  0.125                                               794                        N                                             Full/Alternative                                                Rate/Term Refinance                                       Owner Occupied                                          PUD                                                                 1                       Unknown                                                     119                                   1
                     445                                                      5.000                                        11.250                                        2.060                                                  0.125                                               802                        N                                             Full/Alternative                                                Cash Out Refinance                                        Owner Occupied                                          Single Family                                                       1                       Unknown                                                     119                                   1
                     446                                                      5.000                                        11.250                                        2.060                                                  0.125                                               718                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          Single Family                                                       1                       Unknown                                                     119                                   1
                     447                                                      5.000                                        11.125                                        2.060                                                  0.125                                               737                        N                                             Full/Alternative                                                Cash Out Refinance                                        Owner Occupied                                          PUD                                                                 1                       Unknown                                                     119                                   1
                     448                                                      5.000                                        11.250                                        2.060                                                  0.125                                               711                        N                                             Preferred                                                       Rate/Term Refinance                                       Second Home                                             Condominium                                                         1                       Unknown                                                     119                                   1
                     449                                                      5.000                                        11.625                                        2.060                                                  0.125                                               754                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          Single Family                                                       1                       Unknown                                                     119                                   1
                     450                                                      5.000                                        12.375                                        1.860                                                  0.125                                               684                        N                                             Stated Income                                                   Rate/Term Refinance                                       Owner Occupied                                          Single Family                                                       1                       No                                                           85                                   0
                     451                                                      5.000                                        11.500                                        1.860                                                  0.125                                               674                        N                                             Full/Alternative                                                Rate/Term Refinance                                       Owner Occupied                                          Single Family                                                       1                       No                                                           60                                   0
                     452                                                      5.000                                        11.375                                        1.860                                                  0.125                                               772                        N                                             Stated Income                                                   Rate/Term Refinance                                       Owner Occupied                                          Single Family                                                       1                       No                                                           61                                   0
                     453                                                      5.000                                        11.375                                        1.860                                                  0.125                                               750                        N                                             Full/Alternative                                                Rate/Term Refinance                                       Owner Occupied                                          Single Family                                                       1                       No                                                           84                                   0
                     454                                                      5.000                                        11.500                                        1.860                                                  0.125                                               761                        N                                             Stated Income                                                   Rate/Term Refinance                                       Owner Occupied                                          PUD                                                                 1                       No                                                           60                                   0
                     455                                                      5.000                                        11.125                                        1.860                                                  0.125                                               733                        N                                             Stated Income                                                   Purchase                                                  Owner Occupied                                          Single Family                                                       1                       No                                                           60                                   0
                     456                                                      5.000                                        11.500                                        1.860                                                  0.125                                               704                        N                                             Stated Income                                                   Rate/Term Refinance                                       Owner Occupied                                          Single Family                                                       1                       No                                                          120                                   0
                     457                                                      5.000                                        11.375                                        1.860                                                  0.125                                               752                        N                                             Full/Alternative                                                Purchase                                                  Owner Occupied                                          PUD                                                                 1                       No                                                           84                                   0
                     458                                                      5.000                                        10.875                                        2.360                                                  0.125                                               767                        N                                             Limited                                                         Rate/Term Refinance                                       Owner Occupied                                          Condominium                                                         1                       With Consent                                                 51                                   9
                     459                                                      5.000                                        10.875                                        1.860                                                  0.125                                               783                        Y                                             Full/Alternative                                                Purchase                                                  Owner Occupied                                          Single Family                                                       1                       With Consent                                                 58                                   2
                     460                                                      5.000                                        10.250                                        1.860                                                  0.125                                               792                        N                                             Stated Income                                                   Purchase                                                  Owner Occupied                                          Single Family                                                       1                       With Consent                                                 58                                   2
                     461                                                      5.000                                        11.875                                        1.860                                                  0.125                                               749                        N                                             Stated Income                                                   Purchase                                                  Owner Occupied                                          Single Family                                                       1                       With Consent                                                 58                                   2
                     462                                                      5.000                                        10.875                                        1.860                                                  0.125                                               777                        N                                             Full/Alternative                                                Cash Out Refinance                                        Owner Occupied                                          Single Family                                                       1                       With Consent                                                 58                                   2
                     463                                                      5.000                                        10.750                                        1.860                                                  0.125                                               750                        N                                             Stated Income                                                   Purchase                                                  Owner Occupied                                          Single Family                                                       1                       With Consent                                                 58                                   2
                     464                                                      5.000                                        10.875                                        1.860                                                  0.125                                               668                        N                                             Stated Income                                                   Rate/Term Refinance                                       Investor                                                PUD                                                                 1                       With Consent                                                 57                                   3
                     465                                                      5.000                                        12.000                                        1.860                                                  0.125                                               762                        N                                             Full/Alternative                                                Purchase                                                  Owner Occupied                                          Single Family                                                       1                       No                                                           60                                   0
                     466                                                      5.000                                        11.625                                        1.860                                                  0.125                                               663                        N                                             Full/Alternative                                                Purchase                                                  Owner Occupied                                          Single Family                                                       1                       No                                                           60                                   0
                     467                                                      5.000                                        12.250                                        1.860                                                  0.125                                               689                        N                                             Full/Alternative                                                Cash Out Refinance                                        Owner Occupied                                          Single Family                                                       1                       No                                                           60                                   0
                     468                                                      5.000                                        11.750                                        1.860                                                  0.125                                               668                        N                                             Full/Alternative                                                Cash Out Refinance                                        Owner Occupied                                          Townhouse                                                           1                       No                                                           60                                   0
                     469                                                      5.000                                        11.250                                        1.860                                                  0.125                                               709                        N                                             Stated Income                                                   Rate/Term Refinance                                       Owner Occupied                                          Single Family                                                       1                       No                                                           60                                   0
                     470                                                      5.000                                        11.500                                        1.860                                                  0.125                                               744                        N                                             Full/Alternative                                                Rate/Term Refinance                                       Owner Occupied                                          PUD                                                                 1                       No                                                           85                                   0
                     471                                                      5.000                                        11.875                                        1.860                                                  0.125                                               665                        N                                             Full/Alternative                                                Rate/Term Refinance                                       Owner Occupied                                          Single Family                                                       1                       No                                                           60                                   0
                     472                                                      5.000                                        11.500                                        1.860                                                  0.125                                               695                        N                                             Stated Income                                                   Rate/Term Refinance                                       Owner Occupied                                          Single Family                                                       1                       No                                                           60                                   0
                     473                                                      5.000                                        11.125                                        2.060                                                  0.125                                               775                        N                                             Full/Alternative                                                Cash Out Refinance                                        Owner Occupied                                          Single Family                                                       1                       Unknown                                                     118                                   2
                     474                                                      5.000                                        11.500                                        2.060                                                  0.125                                               699                        N                                             Full/Alternative                                                Purchase                                                  Owner Occupied                                          PUD                                                                 1                       Unknown                                                      82                                   2
                     475                                                      5.000                                        11.750                                        2.060                                                  0.125                                               810                        N                                             Preferred                                                       Purchase                                                  Second Home                                             Single Family                                                       1                       Unknown                                                     118                                   2
                     476                                                      5.000                                        11.750                                        2.060                                                  0.125                                               680                        N                                             Full/Alternative                                                Cash Out Refinance                                        Owner Occupied                                          Single Family                                                       1                       Unknown                                                      58                                   2
                     477                                                      5.000                                        11.750                                        2.060                                                  0.125                                               802                        N                                             Preferred                                                       Rate/Term Refinance                                       Owner Occupied                                          PUD                                                                 1                       Unknown                                                      58                                   2
                     478                                                      5.000                                        11.125                                        2.060                                                  0.125                                               728                        N                                             Preferred                                                       Rate/Term Refinance                                       Owner Occupied                                          Single Family                                                       1                       Unknown                                                      58                                   2
                     479                                                      5.000                                        11.250                                        2.060                                                  0.125                                               801                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          Single Family                                                       1                       Unknown                                                      83                                   1
                     480                                                      5.000                                        11.500                                        2.060                                                  0.125                                               741                        N                                             Preferred                                                       Purchase                                                  Second Home                                             PUD                                                                 1                       Unknown                                                      82                                   2
                     481                                                      5.000                                        11.625                                        2.060                                                  0.125                                               758                        N                                             Full/Alternative                                                Rate/Term Refinance                                       Owner Occupied                                          Single Family                                                       1                       Unknown                                                     118                                   2
                     482                                                      5.000                                        11.875                                        2.060                                                  0.125                                               739                        N                                             Preferred                                                       Rate/Term Refinance                                       Owner Occupied                                          Single Family                                                       1                       Unknown                                                     118                                   2
                     483                                                      5.000                                        11.375                                        2.060                                                  0.125                                               674                        N                                             Full/Alternative                                                Cash Out Refinance                                        Owner Occupied                                          Single Family                                                       1                       Unknown                                                     118                                   2
                     484                                                      5.000                                        11.250                                        2.060                                                  0.125                                               785                        N                                             Preferred                                                       Rate/Term Refinance                                       Owner Occupied                                          Single Family                                                       1                       Unknown                                                     118                                   2
                     485                                                      5.000                                        10.875                                        2.060                                                  0.125                                               758                        N                                             Full/Alternative                                                Rate/Term Refinance                                       Owner Occupied                                          Single Family                                                       1                       Unknown                                                      82                                   2
                     486                                                      5.000                                        10.875                                        2.060                                                  0.125                                               813                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          Single Family                                                       1                       Unknown                                                     118                                   2
                     487                                                      5.000                                        11.500                                        2.060                                                  0.125                                               796                        N                                             Full/Alternative                                                Purchase                                                  Owner Occupied                                          Condominium                                                         1                       Unknown                                                     118                                   2
                     488                                                      5.000                                        11.125                                        2.060                                                  0.125                                               660                        N                                             Full/Alternative                                                Cash Out Refinance                                        Owner Occupied                                          Single Family                                                       1                       Unknown                                                     118                                   2
                     489                                                      5.000                                        10.875                                        2.060                                                  0.125                                               792                        N                                             Preferred                                                       Cash Out Refinance                                        Owner Occupied                                          Single Family                                                       1                       Unknown                                                      82                                   2
                     490                                                      5.000                                        11.375                                        2.060                                                  0.125                                               779                        N                                             Preferred                                                       Rate/Term Refinance                                       Owner Occupied                                          PUD                                                                 1                       With Consent                                                 82                                   2
                     491                                                      5.000                                        11.375                                        2.060                                                  0.125                                               698                        N                                             Full/Alternative                                                Purchase                                                  Owner Occupied                                          Single Family                                                       1                       With Consent                                                118                                   2
                     492                                                      5.000                                        11.750                                        2.060                                                  0.125                                               784                        N                                             Full/Alternative                                                Rate/Term Refinance                                       Owner Occupied                                          PUD                                                                 1                       Unknown                                                      58                                   2
                     493                                                      5.000                                        11.000                                        2.060                                                  0.125                                               785                        N                                             Preferred                                                       Rate/Term Refinance                                       Owner Occupied                                          Condominium                                                         1                       Unknown                                                      82                                   2
                     494                                                      5.000                                        11.000                                        2.060                                                  0.125                                               758                        N                                             Preferred                                                       Rate/Term Refinance                                       Owner Occupied                                          Single Family                                                       1                       Unknown                                                      82                                   2
                     495                                                      5.000                                        11.000                                        2.060                                                  0.125                                               662                        N                                             Full/Alternative                                                Purchase                                                  Owner Occupied                                          Single Family                                                       1                       Unknown                                                      82                                   2
                     496                                                      5.000                                        10.875                                        2.060                                                  0.125                                               775                        N                                             Full/Alternative                                                Rate/Term Refinance                                       Owner Occupied                                          Single Family                                                       1                       Unknown                                                      58                                   2
                     497                                                      5.000                                        11.250                                        2.060                                                  0.125                                               773                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          PUD                                                                 1                       Unknown                                                      82                                   2
                     498                                                      5.000                                        10.750                                        2.060                                                  0.125                                               739                        N                                             Full/Alternative                                                Cash Out Refinance                                        Owner Occupied                                          Single Family                                                       1                       Unknown                                                      58                                   2
                     499                                                      5.000                                        11.500                                        2.060                                                  0.125                                               761                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          PUD                                                                 1                       Unknown                                                     118                                   2
                     500                                                      5.000                                        11.375                                        2.060                                                  0.125                                               690                        N                                             Full/Alternative                                                Rate/Term Refinance                                       Owner Occupied                                          Single Family                                                       1                       Unknown                                                     118                                   2
                     501                                                      5.000                                        11.500                                        2.060                                                  0.125                                               717                        N                                             Preferred                                                       Rate/Term Refinance                                       Owner Occupied                                          Single Family                                                       1                       Unknown                                                      82                                   2
                     502                                                      5.000                                        11.375                                        2.060                                                  0.125                                               797                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          Condominium                                                         1                       Unknown                                                      82                                   2
                     503                                                      5.000                                        11.625                                        2.060                                                  0.125                                               688                        N                                             Full/Alternative                                                Purchase                                                  Owner Occupied                                          PUD                                                                 1                       Unknown                                                     118                                   2
                     504                                                      5.000                                        12.625                                        2.060                                                  0.125                                               715                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          Single Family                                                       1                       Unknown                                                     114                                   6
                     505                                                      5.000                                        11.000                                        2.060                                                  0.125                                               779                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          Single Family                                                       1                       Unknown                                                     116                                   4
                     506                                                      5.000                                        11.500                                        2.060                                                  0.125                                               794                        N                                             Full/Alternative                                                Cash Out Refinance                                        Owner Occupied                                          PUD                                                                 1                       No                                                          117                                   3
                     507                                                      5.000                                        11.250                                        2.060                                                  0.125                                               738                        N                                             Full/Alternative                                                Rate/Term Refinance                                       Owner Occupied                                          Single Family                                                       1                       Unknown                                                     114                                   6
                     508                                                      5.000                                        11.625                                        2.060                                                  0.125                                               809                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          Single Family                                                       1                       With Consent                                                118                                   2
                     509                                                      5.000                                        11.125                                        2.060                                                  0.125                                               724                        N                                             Preferred                                                       Cash Out Refinance                                        Owner Occupied                                          Single Family                                                       1                       Unknown                                                     117                                   3
                     510                                                      5.000                                        11.250                                        2.060                                                  0.125                                               803                        N                                             Preferred                                                       Cash Out Refinance                                        Owner Occupied                                          Single Family                                                       1                       Unknown                                                     118                                   2
                     511                                                      5.000                                        11.375                                        2.060                                                  0.125                                               755                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          Single Family                                                       1                       Unknown                                                     118                                   2
                     512                                                      5.000                                        11.000                                        2.060                                                  0.125                                               793                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          Single Family                                                       1                       With Consent                                                118                                   2
                     513                                                      5.000                                        11.375                                        2.060                                                  0.125                                               747                        N                                             Full/Alternative                                                Purchase                                                  Owner Occupied                                          Single Family                                                       1                       Unknown                                                     118                                   2
                     514                                                      5.000                                        11.375                                        2.060                                                  0.125                                               809                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          Single Family                                                       1                       Unknown                                                     118                                   2
                     515                                                      5.000                                        11.500                                        2.060                                                  0.125                                               795                        N                                             Full/Alternative                                                Cash Out Refinance                                        Owner Occupied                                          Single Family                                                       1                       Unknown                                                      82                                   2
                     516                                                      5.000                                        10.000                                        2.060                                                  0.125                                               775                        N                                             Full/Alternative                                                Purchase                                                  Owner Occupied                                          Condominium                                                         1                       Unknown                                                      80                                   4
                     517                                                      5.000                                        11.125                                        2.060                                                  0.125                                               774                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          Single Family                                                       1                       Unknown                                                      82                                   2
                     518                                                      5.000                                        11.250                                        2.060                                                  0.125                                               764                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          PUD                                                                 1                       Unknown                                                      82                                   2
                     519                                                      5.000                                        11.000                                        2.060                                                  0.125                                               706                        N                                             Full/Alternative                                                Rate/Term Refinance                                       Owner Occupied                                          Single Family                                                       1                       Unknown                                                      82                                   2
                     520                                                      5.000                                        10.875                                        2.060                                                  0.125                                               763                        N                                             Full/Alternative                                                Purchase                                                  Owner Occupied                                          Single Family                                                       1                       Unknown                                                      81                                   3
                     521                                                      5.000                                        11.125                                        2.060                                                  0.125                                               797                        N                                             Full/Alternative                                                Cash Out Refinance                                        Owner Occupied                                          Single Family                                                       1                       Unknown                                                      82                                   2
                     522                                                      5.000                                        10.375                                        2.060                                                  0.125                                               685                        N                                             Full/Alternative                                                Purchase                                                  Owner Occupied                                          Condominium                                                         1                       Unknown                                                      82                                   2
                     523                                                      5.000                                        11.125                                        2.060                                                  0.125                                               808                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          PUD                                                                 1                       Unknown                                                      82                                   2
                     524                                                      5.000                                        10.875                                        2.060                                                  0.125                                               803                        N                                             Preferred                                                       Purchase                                                  Second Home                                             Single Family                                                       1                       Unknown                                                      82                                   2
                     525                                                      5.000                                        11.250                                        2.060                                                  0.125                                               797                        N                                             Preferred                                                       Rate/Term Refinance                                       Owner Occupied                                          Single Family                                                       1                       Unknown                                                      82                                   2
                     526                                                      5.000                                        11.500                                        2.060                                                  0.125                                               765                        N                                             Full/Alternative                                                Purchase                                                  Owner Occupied                                          PUD                                                                 1                       Unknown                                                      82                                   2
                     527                                                      5.000                                        11.000                                        2.060                                                  0.125                                               733                        N                                             Preferred                                                       Rate/Term Refinance                                       Owner Occupied                                          Single Family                                                       1                       Unknown                                                      82                                   2
                     528                                                      5.000                                        10.500                                        2.060                                                  0.125                                               709                        N                                             Preferred                                                       Cash Out Refinance                                        Owner Occupied                                          Single Family                                                       1                       Unknown                                                      82                                   2
                     529                                                      5.000                                        11.000                                        2.060                                                  0.125                                               703                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          Single Family                                                       1                       Unknown                                                      82                                   2
                     530                                                      5.000                                        11.125                                        2.060                                                  0.125                                               719                        N                                             Preferred                                                       Cash Out Refinance                                        Owner Occupied                                          Single Family                                                       1                       Unknown                                                      82                                   2
                     531                                                      5.000                                        11.000                                        2.060                                                  0.125                                               756                        N                                             Preferred                                                       Rate/Term Refinance                                       Owner Occupied                                          Single Family                                                       1                       Unknown                                                      82                                   2
                     532                                                      5.000                                        11.250                                        2.060                                                  0.125                                               805                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          Single Family                                                       1                       Unknown                                                      82                                   2
                     533                                                      5.000                                        10.875                                        2.060                                                  0.125                                               781                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          PUD                                                                 1                       Unknown                                                      82                                   2
                     534                                                      5.000                                        11.000                                        2.060                                                  0.125                                               724                        N                                             Full/Alternative                                                Cash Out Refinance                                        Owner Occupied                                          Single Family                                                       1                       Unknown                                                      82                                   2
                     535                                                      5.000                                        10.625                                        2.060                                                  0.125                                               755                        N                                             Full/Alternative                                                Cash Out Refinance                                        Owner Occupied                                          Single Family                                                       1                       Unknown                                                      82                                   2
                     536                                                      5.000                                        11.625                                        2.060                                                  0.125                                               711                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          PUD                                                                 1                       Unknown                                                     117                                   3
                     537                                                      5.000                                        11.500                                        2.060                                                  0.125                                               750                        N                                             Full/Alternative                                                Cash Out Refinance                                        Owner Occupied                                          Single Family                                                       1                       Unknown                                                     118                                   2
                     538                                                      5.000                                        12.500                                        2.060                                                  0.125                                               783                        N                                             Preferred                                                       Purchase                                                  Second Home                                             Condominium                                                         1                       With Consent                                                118                                   2
                     539                                                      5.000                                        11.375                                        2.060                                                  0.125                                               712                        N                                             Preferred                                                       Cash Out Refinance                                        Owner Occupied                                          Single Family                                                       1                       Unknown                                                     118                                   2
                     540                                                      5.000                                        10.625                                        2.060                                                  0.125                                               773                        N                                             Full/Alternative                                                Rate/Term Refinance                                       Owner Occupied                                          Single Family                                                       1                       Unknown                                                     118                                   2
                     541                                                      5.000                                        11.250                                        2.060                                                  0.125                                               682                        N                                             Full/Alternative                                                Purchase                                                  Owner Occupied                                          Single Family                                                       1                       Unknown                                                     118                                   2
                     542                                                      5.000                                        11.000                                        2.060                                                  0.125                                               705                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          Single Family                                                       1                       Unknown                                                     118                                   2
                     543                                                      5.000                                        11.125                                        2.060                                                  0.125                                               706                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          Single Family                                                       1                       Unknown                                                     118                                   2
                     544                                                      5.000                                        11.750                                        2.060                                                  0.125                                               715                        N                                             Full/Alternative                                                Cash Out Refinance                                        Owner Occupied                                          PUD                                                                 1                       Unknown                                                     119                                   1
                     545                                                      5.000                                        11.250                                        2.060                                                  0.125                                               680                        N                                             Full/Alternative                                                Rate/Term Refinance                                       Owner Occupied                                          Single Family                                                       1                       With Consent                                                118                                   2
                     546                                                      5.000                                        11.000                                        2.060                                                  0.125                                               781                        N                                             Full/Alternative                                                Cash Out Refinance                                        Owner Occupied                                          Single Family                                                       1                       Unknown                                                     118                                   2
                     547                                                      5.000                                        11.375                                        2.060                                                  0.125                                               734                        N                                             Preferred                                                       Rate/Term Refinance                                       Owner Occupied                                          Single Family                                                       1                       Unknown                                                     118                                   2
                     548                                                      5.000                                        10.625                                        2.060                                                  0.125                                               769                        N                                             Full/Alternative                                                Purchase                                                  Owner Occupied                                          PUD                                                                 1                       With Consent                                                118                                   2
                     549                                                      5.000                                        10.625                                        2.060                                                  0.125                                               753                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          PUD                                                                 1                       Unknown                                                     119                                   1
                     550                                                      5.000                                        10.875                                        2.060                                                  0.125                                               797                        N                                             Full/Alternative                                                Cash Out Refinance                                        Owner Occupied                                          PUD                                                                 1                       Unknown                                                     118                                   2
                     551                                                      5.000                                        11.000                                        2.060                                                  0.125                                               805                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          Single Family                                                       1                       With Consent                                                118                                   2
                     552                                                      5.000                                        11.375                                        2.060                                                  0.125                                               746                        N                                             Preferred                                                       Cash Out Refinance                                        Owner Occupied                                          Single Family                                                       1                       Unknown                                                     119                                   1
                     553                                                      5.000                                        11.000                                        2.060                                                  0.125                                               811                        N                                             Preferred                                                       Rate/Term Refinance                                       Owner Occupied                                          PUD                                                                 1                       Unknown                                                     118                                   2
                     554                                                      5.000                                        11.125                                        2.060                                                  0.125                                               743                        N                                             Preferred                                                       Cash Out Refinance                                        Owner Occupied                                          Single Family                                                       1                       Unknown                                                     118                                   2
                     555                                                      5.000                                        11.250                                        2.060                                                  0.125                                               786                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          PUD                                                                 1                       Unknown                                                     118                                   2
                     556                                                      5.000                                        11.750                                        2.560                                                  0.125                                               746                        N                                             Full/Alternative                                                Cash Out Refinance                                        Owner Occupied                                          PUD                                                                 1                       Unknown                                                     118                                   2
                     557                                                      5.000                                        11.500                                        2.060                                                  0.125                                               765                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          Single Family                                                       1                       Unknown                                                     119                                   1
                     558                                                      5.000                                        11.500                                        2.060                                                  0.125                                               766                        N                                             Preferred                                                       Rate/Term Refinance                                       Owner Occupied                                          Single Family                                                       1                       Unknown                                                     118                                   2
                     559                                                      5.000                                        11.125                                        2.060                                                  0.125                                               740                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          Single Family                                                       1                       Unknown                                                     118                                   2
                     560                                                      5.000                                        11.125                                        2.060                                                  0.125                                               705                        N                                             Full/Alternative                                                Cash Out Refinance                                        Owner Occupied                                          PUD                                                                 1                       With Consent                                                118                                   2
                     561                                                      5.000                                        11.375                                        2.060                                                  0.125                                               772                        N                                             Full/Alternative                                                Purchase                                                  Owner Occupied                                          Single Family                                                       1                       Unknown                                                     118                                   2
                     562                                                      5.000                                        11.000                                        2.060                                                  0.125                                               787                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          Single Family                                                       1                       With Consent                                                118                                   2
                     563                                                      5.000                                        11.250                                        2.060                                                  0.125                                               790                        N                                             Preferred                                                       Cash Out Refinance                                        Owner Occupied                                          Single Family                                                       1                       Unknown                                                     119                                   1
                     564                                                      5.000                                        11.250                                        2.060                                                  0.125                                               731                        N                                             Full/Alternative                                                Rate/Term Refinance                                       Owner Occupied                                          Single Family                                                       1                       With Consent                                                118                                   2
                     565                                                      5.000                                        11.125                                        2.060                                                  0.125                                               713                        N                                             Preferred                                                       Rate/Term Refinance                                       Owner Occupied                                          Single Family                                                       1                       Unknown                                                     118                                   2
                     566                                                      5.000                                        11.250                                        2.060                                                  0.125                                               727                        N                                             Full/Alternative                                                Purchase                                                  Owner Occupied                                          PUD                                                                 1                       Unknown                                                     118                                   2
                     567                                                      5.000                                        11.375                                        2.060                                                  0.125                                               798                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          Single Family                                                       1                       With Consent                                                118                                   2
                     568                                                      5.000                                        10.750                                        2.060                                                  0.125                                               731                        N                                             Preferred                                                       Rate/Term Refinance                                       Owner Occupied                                          PUD                                                                 1                       Unknown                                                     119                                   1
                     569                                                      5.000                                        11.500                                        2.060                                                  0.125                                               790                        N                                             Full/Alternative                                                Purchase                                                  Owner Occupied                                          Single Family                                                       1                       Unknown                                                     119                                   1
                     570                                                      5.000                                        12.125                                        2.060                                                  0.125                                               692                        N                                             Full/Alternative                                                Purchase                                                  Owner Occupied                                          Single Family                                                       1                       Unknown                                                     118                                   2
                     571                                                      5.000                                        11.875                                        2.060                                                  0.125                                               693                        N                                             Full/Alternative                                                Purchase                                                  Owner Occupied                                          Single Family                                                       1                       Unknown                                                     118                                   2
                     572                                                      5.000                                        11.500                                        2.060                                                  0.125                                               764                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          Single Family                                                       1                       Unknown                                                     118                                   2
                     573                                                      5.000                                        11.375                                        2.060                                                  0.125                                               767                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          PUD                                                                 1                       Unknown                                                     118                                   2
                     574                                                      5.000                                        10.875                                        2.060                                                  0.125                                               735                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          Condominium                                                         1                       Unknown                                                     118                                   2
                     575                                                      5.000                                        13.125                                        2.060                                                  0.125                                               705                        N                                             Preferred                                                       Rate/Term Refinance                                       Owner Occupied                                          PUD                                                                 1                       Unknown                                                     118                                   2
                     576                                                      5.000                                        11.875                                        2.060                                                  0.125                                               724                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          PUD                                                                 1                       Unknown                                                     118                                   2
                     577                                                      5.000                                        11.500                                        2.060                                                  0.125                                               778                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          Single Family                                                       1                       Unknown                                                     119                                   1
                     578                                                      5.000                                        10.750                                        2.060                                                  0.125                                               726                        N                                             Preferred                                                       Purchase                                                  Second Home                                             PUD                                                                 1                       Unknown                                                      57                                   3
                     579                                                      5.000                                        10.500                                        2.060                                                  0.125                                               753                        N                                             Preferred                                                       Purchase                                                  Second Home                                             PUD                                                                 1                       Unknown                                                      57                                   3
                     580                                                      5.000                                        11.625                                        2.060                                                  0.125                                               770                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          Single Family                                                       1                       Unknown                                                      58                                   2
                     581                                                      5.000                                        11.000                                        2.060                                                  0.125                                               738                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          Single Family                                                       1                       Unknown                                                      57                                   3
                     582                                                      5.000                                        11.500                                        2.060                                                  0.125                                               712                        N                                             Full/Alternative                                                Purchase                                                  Owner Occupied                                          Condominium                                                         1                       Unknown                                                      79                                   5
                     583                                                      5.000                                        11.375                                        2.060                                                  0.125                                               766                        N                                             Full/Alternative                                                Rate/Term Refinance                                       Owner Occupied                                          Single Family                                                       1                       Unknown                                                      82                                   2
                     584                                                      5.000                                        10.875                                        2.060                                                  0.125                                               790                        N                                             Full/Alternative                                                Purchase                                                  Second Home                                             PUD                                                                 1                       Unknown                                                      82                                   2
                     585                                                      5.000                                        11.250                                        2.060                                                  0.125                                               685                        N                                             Full/Alternative                                                Purchase                                                  Owner Occupied                                          PUD                                                                 1                       Unknown                                                      82                                   2
                     586                                                      5.000                                        11.375                                        2.060                                                  0.125                                               713                        N                                             Preferred                                                       Rate/Term Refinance                                       Owner Occupied                                          Single Family                                                       1                       Unknown                                                      83                                   1
                     587                                                      5.000                                        11.125                                        2.060                                                  0.125                                               793                        N                                             Preferred                                                       Purchase                                                  Second Home                                             Condominium                                                         1                       Unknown                                                      83                                   1
                     588                                                      5.000                                        10.000                                        2.060                                                  0.125                                               737                        N                                             Preferred                                                       Rate/Term Refinance                                       Owner Occupied                                          Single Family                                                       1                       Unknown                                                      83                                   1
                     589                                                      5.000                                        10.750                                        2.060                                                  0.125                                               741                        N                                             Preferred                                                       Rate/Term Refinance                                       Owner Occupied                                          Single Family                                                       1                       Unknown                                                     119                                   1
                     590                                                      5.000                                        10.000                                        2.060                                                  0.125                                               790                        N                                             Preferred                                                       Purchase                                                  Second Home                                             Condominium                                                         1                       Unknown                                                      83                                   1
                     591                                                      5.000                                        11.375                                        2.060                                                  0.125                                               784                        N                                             Full/Alternative                                                Purchase                                                  Owner Occupied                                          Condominium                                                         1                       Unknown                                                      83                                   1
                     592                                                      5.000                                        11.250                                        2.060                                                  0.125                                               726                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          Single Family                                                       1                       Unknown                                                      83                                   1
                     593                                                      5.000                                        11.625                                        2.060                                                  0.125                                               760                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          PUD                                                                 1                       Unknown                                                      83                                   1
                     594                                                      5.000                                        10.875                                        2.060                                                  0.125                                               792                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          Single Family                                                       1                       Unknown                                                      83                                   1
                     595                                                      5.000                                        11.625                                        2.060                                                  0.125                                               729                        N                                             Preferred                                                       Rate/Term Refinance                                       Owner Occupied                                          Single Family                                                       1                       Unknown                                                      83                                   1
                     596                                                      5.000                                        11.875                                        2.060                                                  0.125                                               683                        N                                             Full/Alternative                                                Purchase                                                  Owner Occupied                                          Condominium                                                         1                       Unknown                                                      83                                   1
                     597                                                      5.000                                        11.250                                        2.060                                                  0.125                                               779                        N                                             Full/Alternative                                                Purchase                                                  Owner Occupied                                          Single Family                                                       1                       Unknown                                                     119                                   1
                     598                                                      5.000                                        11.500                                        2.060                                                  0.125                                               820                        N                                             Preferred                                                       Purchase                                                  Second Home                                             Condominium                                                         1                       Unknown                                                     118                                   2
                     599                                                      5.000                                        11.250                                        2.060                                                  0.125                                               768                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          PUD                                                                 1                       Unknown                                                     118                                   2
                     600                                                      5.000                                        11.625                                        2.060                                                  0.125                                               756                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          PUD                                                                 1                       Unknown                                                     118                                   2
                     601                                                      5.000                                        11.750                                        2.060                                                  0.125                                               735                        N                                             Preferred                                                       Rate/Term Refinance                                       Owner Occupied                                          PUD                                                                 1                       Unknown                                                     118                                   2
                     602                                                      5.000                                        11.625                                        2.060                                                  0.125                                               762                        N                                             Preferred                                                       Rate/Term Refinance                                       Owner Occupied                                          Single Family                                                       1                       Unknown                                                     119                                   1
                     603                                                      5.000                                        11.500                                        2.060                                                  0.125                                               665                        N                                             Full/Alternative                                                Cash Out Refinance                                        Owner Occupied                                          Single Family                                                       1                       Unknown                                                     118                                   2
                     604                                                      5.000                                        11.125                                        2.060                                                  0.125                                               809                        N                                             Preferred                                                       Cash Out Refinance                                        Owner Occupied                                          Single Family                                                       1                       Unknown                                                     119                                   1
                     605                                                      5.000                                        11.375                                        2.060                                                  0.125                                               758                        N                                             Preferred                                                       Rate/Term Refinance                                       Owner Occupied                                          Single Family                                                       1                       Unknown                                                     119                                   1
                     606                                                      5.000                                        11.375                                        2.060                                                  0.125                                               783                        N                                             Preferred                                                       Rate/Term Refinance                                       Owner Occupied                                          Condominium                                                         1                       Unknown                                                     119                                   1
                     607                                                      5.000                                        11.250                                        2.060                                                  0.125                                               711                        N                                             Preferred                                                       Rate/Term Refinance                                       Owner Occupied                                          Condominium                                                         1                       Unknown                                                     119                                   1
                     608                                                      5.000                                        11.875                                        2.060                                                  0.125                                               736                        N                                             Full/Alternative                                                Cash Out Refinance                                        Owner Occupied                                          Condominium                                                         1                       Unknown                                                     119                                   1
                     609                                                      5.000                                        11.250                                        2.060                                                  0.125                                               755                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          Single Family                                                       1                       Unknown                                                     119                                   1
                     610                                                      5.000                                        11.000                                        2.060                                                  0.125                                               721                        N                                             Preferred                                                       Rate/Term Refinance                                       Owner Occupied                                          Single Family                                                       1                       Unknown                                                     119                                   1
                     611                                                      5.000                                        11.625                                        2.060                                                  0.125                                               725                        N                                             Preferred                                                       Rate/Term Refinance                                       Owner Occupied                                          Single Family                                                       1                       Unknown                                                     119                                   1
                     612                                                      5.000                                        11.750                                        2.060                                                  0.125                                               687                        N                                             Full/Alternative                                                Rate/Term Refinance                                       Owner Occupied                                          PUD                                                                 1                       Unknown                                                     119                                   1
                     613                                                      5.000                                        11.375                                        2.060                                                  0.125                                               743                        N                                             Preferred                                                       Purchase                                                  Second Home                                             Single Family                                                       1                       Unknown                                                     119                                   1
                     614                                                      5.000                                        11.375                                        2.060                                                  0.125                                               729                        N                                             Full/Alternative                                                Cash Out Refinance                                        Owner Occupied                                          Single Family                                                       1                       Unknown                                                     119                                   1
                     615                                                      5.000                                        11.250                                        2.060                                                  0.125                                               748                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          PUD                                                                 1                       Unknown                                                     119                                   1
                     616                                                      5.000                                        11.875                                        2.060                                                  0.125                                               722                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          Single Family                                                       1                       Unknown                                                     118                                   2
                     617                                                      5.000                                        10.875                                        2.060                                                  0.125                                               732                        N                                             Full/Alternative                                                Cash Out Refinance                                        Owner Occupied                                          Single Family                                                       1                       Unknown                                                     118                                   2
                     618                                                      5.000                                        12.250                                        2.060                                                  0.125                                               678                        N                                             Full/Alternative                                                Rate/Term Refinance                                       Owner Occupied                                          PUD                                                                 1                       Unknown                                                     118                                   2
                     619                                                      5.000                                        11.625                                        2.060                                                  0.125                                               665                        N                                             Full/Alternative                                                Purchase                                                  Owner Occupied                                          Single Family                                                       1                       Unknown                                                     119                                   1
                     620                                                      5.000                                        11.500                                        2.060                                                  0.125                                               799                        N                                             Full/Alternative                                                Purchase                                                  Owner Occupied                                          Single Family                                                       1                       Unknown                                                     119                                   1
                     621                                                      5.000                                        10.625                                        2.060                                                  0.125                                               803                        N                                             Full/Alternative                                                Purchase                                                  Owner Occupied                                          Single Family                                                       1                       Unknown                                                     119                                   1
                     622                                                      5.000                                        12.625                                        2.060                                                  0.125                                               782                        N                                             Full/Alternative                                                Purchase                                                  Owner Occupied                                          Single Family                                                       1                       Unknown                                                     119                                   1
                     623                                                      5.000                                        11.500                                        2.060                                                  0.125                                               752                        N                                             Full/Alternative                                                Rate/Term Refinance                                       Owner Occupied                                          Single Family                                                       1                       Unknown                                                     119                                   1
                     624                                                      5.000                                        11.500                                        2.060                                                  0.125                                               808                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          Condominium                                                         1                       Unknown                                                     119                                   1
                     625                                                      5.000                                        11.125                                        2.060                                                  0.125                                               703                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          Single Family                                                       1                       Unknown                                                     119                                   1
                     626                                                      5.000                                        11.875                                        2.060                                                  0.125                                               749                        N                                             Preferred                                                       Rate/Term Refinance                                       Owner Occupied                                          Single Family                                                       1                       Unknown                                                     119                                   1
                     627                                                      5.000                                        11.125                                        2.060                                                  0.125                                               767                        N                                             Preferred                                                       Purchase                                                  Second Home                                             PUD                                                                 1                       Unknown                                                      82                                   2
                     628                                                      5.000                                        11.000                                        2.060                                                  0.125                                               757                        N                                             Full/Alternative                                                Cash Out Refinance                                        Owner Occupied                                          Single Family                                                       1                       Unknown                                                      82                                   2
                     629                                                      5.000                                        10.250                                        2.060                                                  0.125                                               692                        N                                             Full/Alternative                                                Purchase                                                  Owner Occupied                                          PUD                                                                 1                       Unknown                                                      82                                   2
                     630                                                      5.000                                        10.750                                        2.060                                                  0.125                                               707                        N                                             Preferred                                                       Purchase                                                  Owner Occupied                                          PUD                                                                 1                       Unknown                                                      83                                   1

STATEMENT REGARDING FREE WRITING PROSPECTUS
The issuer has filed a registration statement (including a prospectus) with the
SEC for the offering to which this free writing prospectus relates. Before you
invest, you should read the prospectus in the registration statement and other
documents the depositor has filed with the SEC for more complete information
about the depositor, the issuer and this offering. You may get these documents
for free by visiting EDGAR on the SEC Web site at WWW.SEC.GOV. ALTERNATIVELY,
THE DEPOSITOR, ANY UNDERWRITER OR ANY DEALER PARTICIPATING IN THE OFFERING WILL
ARRANGE TO SEND YOU THE PROSPECTUS YOU REQUEST IT by calling toll free
1-866-803-9204.
This free writing prospectus does not contain all information that is required
to be included in the base prospectus and the prospectus supplement. Please
click here http://www.bearstearns.com/prospectus/sami or visit the following
website: www.bearstearns.com/prospectus/sami for a copy of the base prospectus
applicable to this offering.

This free writing prospectus is not an offer to sell or solicitation of an offer
to buy these securities in any state where such offer, solicitation or sale is
not Permitted.

The Information in this free writing prospectus supersedes information contained
in any prior similar free writing prospectus relating to these securities prior
to the time of your commitment to purchase.

This free writing prospectus is being delivered to you solely to provide you
with information about the offering of the Certificates referred to in this free
writing prospectus and to solicit an offer to purchase the Certificates, when,
as and if issued. Any such offer to purchase made by you will not be accepted
and will not constitute a contractual commitment by you to purchase any of the
Certificates until we have accepted your offer to purchase Certificates. We will
not accept any offer by you to purchase Certificates, and you will not have any
contractual commitment to purchase any of the Certificates until after you have
received the preliminary prospectus. You may withdraw your offer to purchase
Certificates at any time prior to our acceptance of your offer

     

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    EXHIBIT
      C

     

    [RESERVED]

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    EXHIBIT
      D-1

    REQUEST
      FOR RELEASE OF DOCUMENTS

     

    
      	
              To:

            	
              Wells
                Fargo Bank, N.A.

            

    

    1015
      10th Avenue
      S.E.

    Minneapolis,
      MN 55414-0031

    Attn:  Inventory
      Control

     

    
      	
              RE:

            	
              Custodial
                Agreement, dated as of

            

    

    August
      31, 2007, among SAMI II,

    EMC
      Mortgage Corporation, as a Seller and Master Servicer,

    Wells
      Fargo Bank, N.A., as Trustee,

    and
      Custodian,

    

     

    In
      connection with the administration of the Mortgage Loans held by you pursuant
      to
      the above-captioned Custodial 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 and proceeds have been deposited into the Custodial
                Account

               

            
	
              _____

               

            	
              2.

               

            	
              Foreclosure

               

            
	
              _____

               

            	
              3.

               

            	
              Substitution

               

            
	
              _____

               

            	
              4.

               

            	
              Other
                Liquidation

               

            
	
              _____

               

            	
              5.

               

            	
              Nonliquidation                                           Reason:
                ______________________

               

            
	
              _____

            	
              6.

            	
              California
                Mortgage Loan paid in full

            

    

     

    
      	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	 	
              (authorized
                signer)

            
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	
              Issuer:

            	 
	 	 	 	 	 	 	
              Address:

            	 
	 	 	 	 	 	 	
              Date:

            	 

    

     

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    EXHIBIT
      D-2

    REQUEST
      FOR RELEASE OF DOCUMENTS

     

    
      	
              To:

            	
              Treasury
                Bank, A Division of Countrywide Bank
                FSB

            

    

    4100
      E. Los Angeles Avenue

    Simi
      Valley, California
      93063

    Facsimile:  (805)
      577-6069

    

    
      	
              RE:

            	
              Custodial
                Agreement, dated as of

            

    

    August
      31, 2007, among SAMI II,

    EMC
      Mortgage Corporation, as a Seller and Master Servicer,

    Wells
      Fargo Bank, N.A., as Trustee,

    and
      Treasury Bank, A Division of Countrywide Bank, FSB, as Custodian,

    

     

    In
      connection with the administration of the Mortgage Loans held by you pursuant
      to
      the above-captioned Custodial 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 and proceeds have been deposited into the Custodial
                Account

               

            
	
              _____

               

            	
              2.

               

            	
              Foreclosure

               

            
	
              _____

               

            	
              3.

               

            	
              Substitution

               

            
	
              _____

               

            	
              4.

               

            	
              Other
                Liquidation

               

            
	
              _____

               

            	
              5.

               

            	
              Nonliquidation                                           Reason:
                ______________________

               

            
	
              _____

            	
              6.

            	
              California
                Mortgage Loan paid in full

            

    

    

     

    
      	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	 	
              (authorized
                signer)

            
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	
              Issuer:

            	 
	 	 	 	 	 	 	
              Address:

            	 
	 	 	 	 	 	 	
              Date:

            	 

    

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    EXHIBIT
      E-1

    

    FORM
      OF
      TRANSFEREE AFFIDAVIT AND AGREEMENT

     

    

    
      	 	 	 	
              Affidavit
                pursuant to

              Section
                860E(e)(4) of

              the
                Internal Revenue

              Code
                of 1986, as

              amended,
                and for other purposes

            

    

     

    
      
        	
                STATE
                  OF NEW YORK

              	
                )

              	 
	 	
                )

              	
                ss.:

              
	
                COUNTY
                  OF NEW YORK

              	
                )

              	 

      

    

    

    The
      undersigned is the [Title of Officer] of [_________] (the “Investor”), the
      proposed transferee of an ownership interest in the Bear Stearns Arm Trust
      Mortgage Pass-Through Certificates, Series 2007-5, Class [R-I][R-II][R-III]
      Certificates (the “Certificates”) issued pursuant to the Pooling and Servicing
      Agreement, dated as of August 1, 2007 (the “Agreement”), among Structured Asset
      Mortgage Investments II Inc. as depositor (the “Depositor”), Wells Fargo Bank,
      N.A., as trustee (the “Trustee”) and EMC Mortgage Corporation, as seller and as
      master servicer, and makes this affidavit on behalf of the Investor for the
      benefit of the Depositor and the Trustee.  Capitalized terms used, but
      not defined herein, shall have the meanings ascribed to such terms in the
      Agreement.

     

     

    1.  The
      Investor is, as of the date hereof, and will be, as of the date of the Transfer,
      a Permitted Transferee.  The Investor is not acquiring its ownership
      interest in the Certificates for the account of a Person other than a Permitted
      Transferee.

     

    2.  The
      Investor has been advised and understands that (i) a tax will be imposed on
      transfers of the Certificates to Persons that are not Permitted Transferees;
      (ii) such tax will be imposed on the transferor, or, if such transfer is
      through an agent (which includes a broker, nominee or middleman) for a Person
      that is not a Permitted Transferee, on the agent; and (iii) the Person
      otherwise liable for the tax shall be relieved of liability for the tax if
      a
      subsequent transferee furnishes to such Person an affidavit that such subsequent
      transferee is a Permitted Transferee, and at the time of transfer, such Person
      does not have actual knowledge that the affidavit is false.

     

    3.  The
      Investor has been advised and understands that a tax will be imposed on a
“pass-through entity” holding the Certificates if at any time during the taxable
      year of the pass-through entity a Person that is not a Permitted Transferee
      is
      the record holder of an interest in such entity.  The Investor
      understands that such tax will not be imposed for any period with respect to
      which the record holder furnishes to the pass-through entity an affidavit that
      such record holder is a Permitted Transferee and the pass-through entity does
      not have actual knowledge that such affidavit is false.  (For this
      purpose, a “pass-through entity” includes a regulated investment company, a real
      estate investment trust or common trust fund, a partnership, trust or estate,
      and certain cooperatives and, except as may be provided in Treasury regulations,
      Persons holding interests in pass-through entities as a nominee for another
      Person.)

     

    4.  The
      Investor has reviewed the provisions of Section 5.05 of the Agreement and
      understands the legal consequences of the acquisition of an ownership interest
      in the Certificates, including, without limitation, the restrictions on
      subsequent transfers and the provisions regarding voiding any prohibited
      transfers and mandatory sales.  The Investor expressly agrees to be
      bound by, and to abide by, such provisions of the Agreement and the restrictions
      noted on the face of the Certificates.  The Investor understands and
      agrees that any breach of any of the representations included herein shall
      render the transfer of the Certificates to the Investor contemplated hereby
      null
      and void. The Investor consents to any amendment of the Agreement that shall
      be
      deemed necessary by the Tax Matters Person, the Trustee or the Depositor (upon
      advice of nationally recognized counsel) to constitute a reasonable arrangement
      to ensure that the Certificates will not be owned directly or indirectly by
      a
      Person other than a Permitted Transferee.

     

    5.  The
      Investor agrees not to transfer the Certificates, or cause the transfer of
      the
      Certificates by a Person for whom the Investor is acting as nominee, trustee
      or
      agent, in each case unless it has received an affidavit and agreement in
      substantially the same form as this affidavit and agreement containing these
      same representations and covenants from the subsequent transferee.  In
      connection with any such transfer by the Investor, the Investor agrees to
      deliver to the Trustee and the Depositor an affidavit substantially in the
      form
      set forth as Exhibit P to the Agreement to the effect that the Investor has
      no actual knowledge that the Person to which the transfer is to be made is
      not a
      Permitted Transferee.

     

    6.  The
      Investor has historically paid its debts as they have come due, intends to
      pay
      its debts as they come due in the future, and understands that the taxes
      associated with holder an ownership interest in the Certificates may exceed
      the
      cash flow with respect thereto in some or all periods and intends to pay such
      taxes as they become due.  The Investor does not have the intention,
      and no purpose of the transfer of the Certificates to the Investor is, to impede
      the assessment or collection of any tax legally required to be paid with respect
      to the Certificates.

     

    7.  The
      Investor’s U.S. taxpayer identification number is #[__________].

     

    8.  The
      Investor is a “United States person” within the meaning of Section 7701(a)(30)
      of the Code (a “United State Person”).

     

    9.  The
      Investor is aware that the Certificates may be a “noneconomic residual interest”
within the meaning of Treasury regulations promulgated under Section 860E of
      the
      Code and that the transferor of a noneconomic residual interest will remain
      liable for any taxes due with respect to the income on such residual interest,
      unless no significant purpose of the transfer was to impede the assessment
      or
      collection of tax.

     

    10.  The
      Investor will not cause income from the Certificates to be attributable to
      a
      foreign permanent establishment or fixed base, within the meaning of an
      applicable income tax treaty, of the Investor or any other United States
      Person.

     

    11.  Check
      one
      of the following:

     

    o    The
      transfer of the Certificates complies with U.S. Treasury Regulation Sections
      1.860E-1(c)(7) and (8) and, accordingly:

     

    (i)           the
      present value of the anticipated tax liabilities associated with holding the
      Certificates does not exceed the sum of:

     

    
      	
              (a)           

            	
              the
                present value of any consideration given to the Investor to acquire
                such
                Certificates;

            

    

     

    
      	(b)           	
              the
                present value of the expected future distributions on such Certificates;
                and

            

    

     

    
      	(c)           	
              the
                present value of the anticipated tax savings associated with holding
                such
                Certificates as the related REMIC generates losses;
                and

            

    

     

    (ii)           the
      transfer of the Certificates will not result in such Certificates being held,
      directly or indirectly, by a foreign permanent establishment or fixed base,
      within the meaning of an applicable income tax treaty, of the Investor or any
      other United States Person.

     

    For
      purposes of the calculation in clause (i) above, (x) the Investor is assumed
      to
      pay tax at the highest rate currently specified in Section 11(b)(1) of the
      Code
      (but the tax rate in Section 55(b)(1)(B) of the Code may be used in lieu of
      the highest rate specified in Section 11(b)(1) of the Code if the Investor
      has
      been subject to the alternative minimum tax under Section 55 of the Code in
      the
      preceding two years and will compute its taxable income in the current taxable
      year using the alternative minimum tax rate) and (y) present values are computed
      using a discount rate equal to the short-term Federal rate prescribed by Section
      1274(d) of the Code for the month of the transfer and the compounding period
      used by the Investor.

     

    o    The
      transfer of the Certificates complies with U.S. Treasury Regulation Sections
      1.860E-1(c)(5) and (6) and, accordingly:

     

    
      	
              (i)  

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

            

    

     

    
      	
              (ii)  

            	
              at
                the time of the transfer, and at the close of the Investor’s two fiscal
                years preceding the fiscal year of the transfer, the Investor had
                gross
                assets for financial reporting purposes (excluding any obligation
                of a
                “related person” to the Investor within the meaning of U.S. Treasury
                Regulation Section 1.860E-1(c)(6)(ii) and any other asset the principal
                purpose of which is to permit the Investor to satisfy the condition
                of
                this clause (ii)) in excess of $100 million and net assets in excess
                of
                $10 million;

            

    

     

    
      	
              (iii)  

            	
              the
                Investor will transfer the Certificates only to another “eligible
                corporation,” as defined in U.S. Treasury Regulation Section
                1.860E-1(c)(6)(i), in a transaction in which the requirements of
                U.S. Treasury Regulation Sections 1.860E-1(c)(4)(i), (ii) and (iii)
                and -1(c)(5) are satisfied and, accordingly, the subsequent transferee
                provides a similar affidavit with this box checked;
                and

            

    

     

    
      	
              (iv)  

            	
              the
                Investor determined the consideration paid to it to acquire the
                Certificates based on reasonable market assumptions (including, but
                not
                limited to, borrowing and investment rates, prepayment and loss
                assumptions, expense and reinvestment assumptions, tax rates and
                other
                factors specific to the Investor) that it has determined in good
                faith and
                has concluded that such consideration, together with other assets
                of the
                Investor, will be sufficient to cover the taxes associated with the
                Certificates.

            

    

     

    o    None
      of the above.

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    IN
      WITNESS WHEREOF, the Investor has caused this instrument to be executed on
      its
      behalf, pursuant to the authority of its Board of Directors, by its managing
      director as of the ___ day of ___________, 2____.

     

    
      	 	[__________________________]	 
	 	 	 	 
	
               

            	
              By:
                

            	 	 
	 	Name:	 	 
	 	Title:	 	 
	 	 	 	 
	 	
              [Address]

              

              

              Address
                of Investor for

              receipt
                of tax information:

              [_________]

            	 

    

     

    

    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 Managing
      Director of the Owner, and acknowledged to me that he executed the same as
      his
      free act and deed and the free act and deed of the Investor.

     

    Subscribed
      and sworn before me this ___ day of ___________, 2____.

     

    

    ________________________

    NOTARY
      PUBLIC

    

    COUNTY
      OF
      NEW YORK

    STATE
      OF
      NEW YORK

    

    My
      commission expires the    day
      of                                ,
      ______.

    

    [SEAL]

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    EXHIBIT
      E-2

     

    FORM
      OF TRANSFEROR CERTIFICATE

     

    ______________,200___

     

    Wells
      Fargo Bank, N.A.

    Sixth
      Street and Marquette Avenue

    Minneapolis,
      Minnesota 55479

     

    Structured
      Asset Mortgage Investments II Inc.

    383
      Madison Avenue

    New
      York,
      New York 10179

     

    Attention:
      Structured Asset Mortgage Investments II Inc. 2007-5

     

    
      	
               

            	
              Re:

            	
              Structured
                Asset Mortgage Investments II Inc.

              
                Bear
                  Stearns ARM Trust, Mortgage Pass-Through Certificates,

                Series
                  2007-5, Class

              

            

    

                                                                                                               

    Ladies
      and Gentlemen:

     

    In
      connection with the sale by ___________ (the “[Transferor]”) to ________ (the
“Purchaser”) of $_________ Initial Certificate Principal Balance of Bear Stearns
      ARM Trust, Mortgage Pass-Through Certificates, Series 2007-5, Class _____ (the
      “Certificates”), issued pursuant to the Pooling and Servicing Agreement (the
“Pooling and Servicing Agreement”), dated as of August 1, 2007, among Structured
      Asset Mortgage Investments II Inc., as depositor (the “Depositor”), EMC Mortgage
      Corporation, as master servicer and seller, and Wells Fargo Bank, National
      Association, as trustee (the “Trustee”). The [Transferor] hereby certifies,
      represents and warrants to, and covenants with, the Depositor, the Certificate
      Registrar and the Trustee that:

     

    Neither
      the [Transferor] nor anyone acting on its behalf has (a) offered, pledged,
      sold,
      disposed of or otherwise transferred any Certificate, any interest in any
      Certificate or any other similar security to any person in any manner, (b)
      has
      solicited any offer to buy or to accept a pledge, disposition or other transfer
      of any Certificate, any interest in any Certificate or any other similar
      security from any person in any manner, (c) has otherwise approached or
      negotiated with respect to any Certificate, any interest in any Certificate
      or
      any other similar security with any person in any manner, (d) has made any
      general solicitation by means of general advertising or in any other manner,
      or
      (e) has taken any other action, that (as to any of (a) through (e) above) would
      constitute a distribution of the Certificates under the Securities Act of 1933
      (the “Act”), that would render the disposition of any Certificate a violation of
      Section 5 of the Act or any state securities law, or that would require
      registration or qualification pursuant thereto. The [Transferor] will not act
      in
      any manner set forth in the foregoing sentence with respect to any Certificate.
      The [Transferor] has not and will not sell or otherwise transfer any of the
      Certificates, except in compliance with the provisions of the Pooling and
      Servicing Agreement.

     

    

    
      	 	 	 	 	 	 	 	
              Very
                truly yours,

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              ([Transferor])

            	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	
              Name:

            	 
	 	 	 	 	 	 	 	
              Title:

            	 

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    EXHIBIT
      F-1

     

    FORM
      OF
      INVESTMENT LETTER

     

     [Date]

    [SELLER]

     

    Wells
      Fargo Bank, N.A.

    Sixth
      Street and Marquette Avenue

    Minneapolis,
      Minnesota 55479

     

    Structured
      Asset Mortgage Investments II Inc.

    383
      Madison Avenue

    New
      York,
      New York 10179

     

    
      	
               

            	
              Re:

            	
              Structured
                Asset Mortgage Investments II Inc., Bear Stearns ARM
                Trust,

            

    

    
      	
               

            	
              Series
                2007-5 Mortgage Pass-Through Certificates (the
                “Certificates”),

            

    

    
      	
               

            	
              including
                the Class B-4, Class B-5 and Class B-6 Certificates (the “Privately
                Offered Certificates”)

            

    

     

    Dear
      Ladies and Gentlemen:

     

    In
      connection with our purchase of Privately Offered Certificates, we confirm
      that:

     

    
      	
               

            	
              (i)

            	
              we
                understand that the Privately Offered Certificates are not being
                registered under the Securities Act of 1933, as amended (the “Act”) or any
                applicable state securities or “Blue Sky” laws, and are being sold to us
                in a transaction that is exempt from the registration requirements
                of such
                laws;

            

    

     

    
      	
               

            	
              (ii)

            	
              any
                information we desired concerning the Certificates, including the
                Privately Offered Certificates, the trust in which the Certificates
                represent the entire beneficial ownership interest (the “Trust”) or any
                other matter we deemed relevant to our decision to purchase Privately
                Offered Certificates has been made available to
                us;

            

    

     

    
      	
               

            	
              (iii)

            	
              we
                are able to bear the economic risk of investment in Privately Offered
                Certificates; we are an institutional “accredited investor” as defined in
                Section 501(a) of Regulation D promulgated under the Act and a
                sophisticated institutional
                investor;

            

    

     

    
      	
               

            	
              (iv)

            	
              we
                are acquiring Privately Offered Certificates for our own account,
                not as
                nominee for any other person, and not with a present view to any
                distribution or other disposition of the Privately Offered
                Certificates;

            

    

     

    
      	
               

            	
              (v)

            	
              we
                agree the Privately Offered Certificates must be held indefinitely
                by us
                (and may not be sold, pledged, hypothecated or in any way disposed
                of)
                unless subsequently registered under the Act and any applicable state
                securities or “Blue Sky” laws or an exemption from the registration
                requirements of the Act and any applicable state securities or “Blue Sky”
                laws is available;

            

    

     

    
      	
               

            	
              (vi)

            	
              we
                agree that in the event that at some future time we wish to dispose
                of or
                exchange any of the Privately Offered Certificates (such disposition
                or
                exchange not being currently foreseen or contemplated), we will not
                transfer or exchange any of the Privately Offered Certificates
                unless:

            

    

     

    (A)
      (1)
      the sale is to an Eligible Purchaser (as defined below), (2) if required by
      the
      Pooling and Servicing Agreement (as defined below) a letter to substantially
      the
      same effect as either this letter or, if the Eligible Purchaser is a Qualified
      Institutional Buyer as defined under Rule 144A of the Act, the Rule 144A and
      Related Matters Certificate in the form attached to the Pooling and Servicing
      Agreement (as defined below) (or such other documentation as may be acceptable
      to the Trustee) is executed promptly by the purchaser and delivered to the
      addressees hereof and (3) all offers or solicitations in connection with the
      sale, whether directly or through any agent acting on our behalf, are limited
      only to Eligible Purchasers and are not made by means of any form of general
      solicitation or general advertising whatsoever; and

     

    (B)           if
      the Privately Offered Certificate is not registered under the Act (as to which
      we acknowledge you have no obligation), the Privately Offered Certificate is
      sold in a transaction that does not require registration under the Act and
      any
      applicable state securities or “blue sky” laws and, if Wells Fargo Bank, N.A.
      (the “Trustee”) so requests, a satisfactory Opinion of Counsel is furnished to
      such effect, which Opinion of Counsel shall be an expense of the transferor
      or
      the transferee;

     

    
      	
               

            	
              (vii)

            	
              we
                agree to be bound by all of the terms (including those relating to
                restrictions on transfer) of the Pooling and Servicing, pursuant
                to which
                the Trust was formed; we have reviewed carefully and understand the
                terms
                of the Pooling and Servicing Agreement;

            

      	 	 	 

      	 	
              (viii)

            	
              we
                either: (i) are not acquiring the Privately Offered Certificate directly
                or indirectly by, or on behalf of, an employee benefit plan or other
                retirement arrangement which is subject to Title I of the Employee
                Retirement Income Security Act of 1974, as amended, or Section 4975
                of the
                Internal Revenue Code of 1986, as amended, or (ii) are providing
                a
                representation to the effect that the proposed transfer and holding
                of a
                Privately Offered Certificate and the servicing, management and operation
                of the Trust and its assets: (I) will not result in any prohibited
                transaction which is not covered under an individual or class prohibited
                transaction exemption, including, but not limited to, Prohibited
                Transaction Class Exemption (“PTCE”) 84-14, PTCE 91-38, PTCE 90-1, PTCE
                95-60, or PTCE 96-23 and (II) will not give rise to any additional
                obligations on the part of the Depositor, the Master Servicer or
                the
                Trustee or (iii) have attached hereto the opinion specified in Section
                5.07 of the Agreement.

            

    

     

    
      	
               

            	
              (ix)

            	
              We
                understand that each of the Privately Offered Certificates bears,
                and will
                continue to bear, a legend to substantiate the following effect:
“THIS
                CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES
                ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR UNDER ANY STATE
                SECURITIES LAWS. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE,
                AGREES
                THAT THIS CERTIFICATE MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE
                TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER
                APPLICABLE LAWS AND ONLY (1) PURSUANT TO RULE 144A UNDER THE SECURITIES
                ACT (“RULE 144A”) TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A
                QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A (A
“QIB”),
                PURCHASING FOR ITS OWN ACCOUNT OR A QIB PURCHASING FOR THE ACCOUNT
                OF A
                QIB, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER,
                RESALE,
                PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A,
                (2)
                PURSUANT TO AN EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER
                THE
                SECURITIES ACT (IF AVAILABLE) OR (3) IN CERTIFICATED FORM TO AN
                “INSTITUTIONAL ACCREDITED INVESTOR” WITHIN THE MEANING THEREOF IN RULE
                501(a)(1), (2), (3) or (7) OF REGULATION D UNDER THE ACT OR ANY ENTITY
                IN
                WHICH ALL OF THE EQUITY OWNERS COME WITHIN SUCH PARAGRAPHS PURCHASING
                NOT
                FOR DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT, SUBJECT TO (A)
                THE
                RECEIPT BY THE TRUSTEE OF A LETTER SUBSTANTIALLY IN THE FORM PROVIDED
                IN
                THE AGREEMENT AND (B) THE RECEIPT BY THE TRUSTEE OF SUCH OTHER EVIDENCE
                ACCEPTABLE TO THE TRUSTEE THAT SUCH REOFFER, RESALE, PLEDGE OR TRANSFER
                IS
                IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS OR
                IN EACH
                CASE IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF THE UNITED
                STATES AND ANY OTHER APPLICABLE JURISDICTION. THIS CERTIFICATE MAY
                NOT BE
                ACQUIRED DIRECTLY OR INDIRECTLY BY, OR ON BEHALF OF, AN EMPLOYEE
                BENEFIT
                PLAN OR OTHER RETIREMENT ARRANGEMENT WHICH IS SUBJECT TO TITLE I
                OF THE
                EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED, OR SECTION
                4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED, UNLESS THE
                PROPOSED
                TRANSFER AND HOLDING OF A CERTIFICATE AND THE SERVICING, MANAGEMENT
                AND
                OPERATION OF THE TRUST AND ITS ASSETS: (1) WILL NOT RESULT IN ANY
                PROHIBITED TRANSACTION WHICH IS NOT COVERED UNDER AN INDIVIDUAL OR
                CLASS
                PROHIBITED TRANSACTION EXEMPTION, INCLUDING, BUT NOT LIMITED TO,
                PROHIBITED TRANSACTION CLASS EXEMPTION (“PTCE”) 84-14, PTCE 91-38, PTCE
                90-1, PTCE 95-60 OR PTCE 96-23 AND (II) WILL NOT GIVE RISE TO ANY
                ADDITIONAL OBLIGATIONS ON THE PART OF THE DEPOSITOR, THE MASTER SERVICER
                OR THE TRUSTEE, WHICH WILL BE DEEMED REPRESENTED BY AN OWNER OF A
                BOOK-ENTRY CERTIFICATE OR A GLOBAL CERTIFICATE OR UNLESS THE OPINION
                PROVIDED IN SECTION 5.07 OF THE AGREEMENT IS
                PROVIDED.”

            

    

     

    “Eligible
      Purchaser” means a corporation, partnership or other entity which we have
      reasonable grounds to believe and do believe (i) can make representations with
      respect to itself to substantially the same effect as the representations set
      forth herein, and (ii) is either a Qualified Institutional Buyer as defined
      under Rule 144A of the Act or an institutional “Accredited Investor” as defined
      under Rule 501 of the Act.

     

    Terms
      not
      otherwise defined herein shall have the meanings assigned to them in the Pooling
      and Servicing Agreement, dated as of August 1, 2007, among Structured Asset
      Mortgage Investments II Inc., EMC Mortgage Corporation as seller and master
      servicer, and Wells Fargo Bank, N.A. as Trustee (the “Pooling and Servicing
      Agreement”).

     

    If
      the
      Purchaser proposes that its Certificates be registered in the name of a nominee
      on its behalf, the Purchaser has identified such nominee below, and has caused
      such nominee to complete the Nominee Acknowledgment at the end of this
      letter.

     

    Name
      of
      Nominee (if any): _________________________________

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    IN
      WITNESS WHEREOF, this document has been executed by the undersigned who is
      duly
      authorized to do so on behalf of the undersigned Eligible Purchaser on the
      ___
      day of ________, 20___.

     

    
      	 	 	 	 	 	 	 	
              Very
                truly yours,

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              [PURCHASER]

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	 	
              (Authorized
                Officer)

            
	 	 	 	 	 	 	 	
              [By:

            	 
	 	 	 	 	 	 	 	 	
              Attorney-in-fact]

            

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    Nominee
      Acknowledgment

     

    The
      undersigned hereby acknowledges and agrees that as to the Certificates being
      registered in its name, the sole beneficial owner thereof is and shall be the
      Purchaser identified above, for whom the undersigned is acting as
      nominee.

     

    
      	 	 	 	 	 	 	 	
              [NAME
                OF NOMINEE]

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	 	
              (Authorized
                Officer)

            
	 	 	 	 	 	 	 	
              [By:

            	 
	 	 	 	 	 	 	 	 	
              Attorney-in-fact]

            

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    EXHIBIT
      F-2

     

    FORM
      OF
      RULE 144A AND RELATED MATTERS CERTIFICATE

     

    
      	[SELLER]	 	 	
              [Date]

            

    

     

    Wells
      Fargo Bank, N.A.

    Sixth
      Street and Marquette Avenue

    Minneapolis,
      Minnesota 55479

     

    Structured
      Asset Mortgage Investments II Inc.

    383
      Madison Avenue

    New
      York,
      New York 10179

     

    
      	
               

            	
              Re:

            	
              Structured
                Asset Mortgage Investments II Inc., Bear Stearns ARM
                Trust,

            

    

    
      	
               

            	
              Series
                2007-5 Mortgage Pass-Through Certificates, Class B-4, Class B-5 and
                Class
                B-6 Certificates (the “Privately Offered
                Certificates”)

            

    

     

    Dear
      Ladies and Gentlemen:

     

    In
      connection with our purchase of Privately Offered Certificates, the undersigned
      certifies to each of the parties to whom this letter is addressed that it is
      a
      qualified institutional buyer (as defined in Rule 144A under the Securities
      Act
      of 1933, as amended (the “Act”)) as follows:

     

    
      	
              1.

            	
              It
                owned and/or invested on a discretionary basis eligible securities
                (excluding affiliate’s securities, bank deposit notes and CD’s, loan
                participations, repurchase agreements, securities owned but subject
                to a
                repurchase agreement and swaps), as described
                below:

            

    

     

    Date:
      ______________, 20__ (must be on or after the close of its most recent fiscal
      year)

     

    Amount:
      $
      _____________________; and

     

    
      	
              2.

            	
              The
                dollar amount set forth above is:

            

    

     

    
      	
               

            	
              a.

            	
              greater
                than $100 million and the undersigned is one of the following
                entities:

            

    

     

    
      	 	
              (x)

               

            	
              [
                ]

               

            	
              an
                insurance company as defined in Section 2(13) of the Act1; or

               

            
	 	
              (y)

               

            	
              [
                ]

               

            	
              an
                investment company registered under the Investment Company Act or
                any
                business development company as defined in Section 2(a)(48) of the
                Investment Company Act of 1940; or

               

            
	 	
              (z)

               

            	
              [
                ]

               

            	
              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; or

               

            
	 	
              (aa)

               

            	
              [
                ]

               

            	
              a
                plan (i) established and maintained by a state, its political
                subdivisions, or any agency or instrumentality of a state or its
                political
                subdivisions, the laws of which permit the purchase of securities
                of this
                type, for the benefit of its employees and (ii) the governing investment
                guidelines of which permit the purchase of securities of this type;
                or

               

            
	 	
              (bb)

               

            	
              [
                ]

               

            	
              a
                business development company as defined in Section 202(a)(22) of
                the
                Investment Advisers Act of 1940; or

               

            
	 	
              (cc)

               

            	
              [
                ]

               

            	
              a
                corporation (other than a U.S. bank, savings and loan association
                or
                equivalent foreign institution), partnership, Massachusetts or similar
                business trust, or an organization described in Section 501(c)(3)
                of the
                Internal Revenue Code; or

               

            
	 	
              (dd)

               

            	
              [
                ]

               

            	
              a
                U.S. bank, savings and loan association or equivalent foreign institution,
                which has an audited net worth of at least $25 million as demonstrated
                in
                its latest annual financial statements; or

               

            
	 	
              (ee)

               

            	
              [
                ]

               

            	
              an
                investment adviser registered under the Investment Advisers Act;
                or

               

            

    

    

    
      	 	
              b.

               

            	
              [
                ]

               

            	
              greater
                than $10 million, and the undersigned is a broker-dealer registered
                with
                the SEC; or

               

            
	 	
              c.

               

            	
              [
                ]

               

            	
              less
                than $10 million, and the undersigned is a broker-dealer registered
                with
                the SEC and will only purchase Rule 144A securities in transactions
                in
                which it acts as a riskless principal (as defined in Rule 144A);
                or

               

            
	 	
              d.

               

            	
              [
                ]

               

            	
              less
                than $100 million, and the undersigned is an investment company registered
                under the Investment Company Act of 1940, which, together with one
                or more
                registered investment companies having the same or an affiliated
                investment adviser, owns at least $100 million of eligible securities;
                or

               

            
	 	
              e.

               

            	
              [
                ]

               

            	
              less
                than $100 million, and the undersigned is an entity, all the equity
                owners
                of which are qualified institutional buyers.

               

            

    

    The
      undersigned further certifies that it is purchasing a Privately Offered
      Certificate for its own account or for the account of others that independently
      qualify as “Qualified Institutional Buyers” as defined in Rule 144A. It is aware
      that the sale of the Privately Offered Certificates is being made in reliance
      on
      its continued compliance with Rule 144A. It is aware that the transferor may
      rely on the exemption from the provisions of Section 5 of the Act provided
      by
      Rule 144A. The undersigned understands that the Privately Offered Certificates
      may be resold, pledged or transferred only to (i) 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 in Rule 144A, or (ii)
      an
      institutional “accredited investor,” as such term is defined under Rule 501 of
      the Act in a transaction that otherwise does not constitute a public
      offering.

     

    The
      undersigned agrees that if at some future time it wishes to dispose of or
      exchange any of the Privately Offered Certificates, it will not transfer or
      exchange any of the Privately Offered Certificates to a Qualified Institutional
      Buyer without first obtaining a Rule 144A and Related Matters Certificate in
      the
      form hereof from the transferee and delivering such certificate to the
      addressees hereof. Prior to making any transfer of Privately Offered
      Certificates, if the proposed Transferee is an institutional “accredited
      investor,” the transferor shall obtain from the transferee and deliver to the
      addressees hereof an Investment Letter in the form attached to the Pooling
      and
      Servicing Agreement, dated as of August 1, 2007, among Structured Asset Mortgage
      Investments II Inc., Wells Fargo Bank, N.A., and EMC Mortgage Corporation,
      pursuant to Certificates were issued.

     

    The
      undersigned certifies that it either: (i) is not acquiring the Privately Offered
      Certificate directly or indirectly by, or on behalf of, an employee benefit
      plan
      or other retirement arrangement which is subject to Title I of the Employee
      Retirement Income Security Act of 1974, as amended, or Section 4975 of the
      Internal Revenue Code of 1986, as amended, or (ii) is providing a representation
      or an opinion of counsel to the effect that the proposed transfer and holding
      of
      a Privately Offered Certificate and the servicing, management and operation
      of
      the Trust and its assets: (I) will not result in any prohibited transaction
      which is not covered under a prohibited transaction exemption, including, but
      not limited to, Prohibited Transaction Class Exemption (“PTCE”) 84-14, PTCE
      91-38, PTCE 90-1, PTCE 95-60, PTCE 96-23 and (II) will not give rise to any
      additional obligations on the part of the Depositor, the Master Servicer or
      the
      Trustee or (iii) has attached hereto the opinion specified in Section 5.07
      of
      the Agreement.

     

    If
      the
      Purchaser proposes that its Certificates be registered in the name of a nominee
      on its behalf, the Purchaser has identified such nominee below, and has caused
      such nominee to complete the Nominee Acknowledgment at the end of this
      letter.

     

     

    
      	 	 	 	 	 	 
	
              1           A
                purchase by an insurance company for one or more of its separate
                accounts,
                as defined by Section 2(a)(37) of the Investment Company Act of 1940,
                which are neither registered nor required to be registered thereunder,
                shall be deemed to be a purchase for the account of such insurance
                company.

            

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    Name
      of
      Nominee (if any):

     

    IN
      WITNESS WHEREOF, this document has been executed by the undersigned who is
      duly
      authorized to do so on behalf of the undersigned Eligible Purchaser on the
      ____
      day of ___________, 20___.

     

    
      	 	 	 	 	 	 	 	
              Very
                truly yours,

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              [PURCHASER]

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	 	
              (Authorized
                Officer)

            
	 	 	 	 	 	 	 	
              [By:

            	 
	 	 	 	 	 	 	 	 	
              Attorney-in-fact]

            

    

     

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    NOMINEE
      ACKNOWLEDGMENT

     

    The
      undersigned hereby acknowledges and agrees that as to the Certificates being
      registered in its name, the sole beneficial owner thereof is and shall be the
      Purchaser identified above, for whom the undersigned is acting as
      nominee.

     

    
      	 	 	 	 	 	 	 	
              [NAME
                OF NOMINEE]

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	 	
              (Authorized
                Officer)

            
	 	 	 	 	 	 	 	
              [By:

            	 
	 	 	 	 	 	 	 	 	
              Attorney-in-fact]

            

    

     

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    EXHIBIT
      G-1

     

    FORM
      OF
      WELLS FARGO CUSTODIAL AGREEMENT

     

    

    THIS
      CUSTODIAL AGREEMENT (as amended and supplemented from time to time, the
“Agreement’), dated as of August 31, 2007, by and among WELLS FARGO BANK, N.A.,
      not individually but solely as trustee under the Pooling and Servicing Agreement
      defined below (including its successors under the Pooling and Servicing
      Agreement defined below, the “Trustee”), STRUCTURED ASSET MORTGAGE INVESTMENTS
      II INC., as depositor (together with any successor in interest, the
“Depositor”), EMC MORTGAGE CORPORATION, as seller (in such capacity, “EMC” or
“Seller”) and as master servicer (together with any successor in interest or
      successor under the Pooling and Servicing Agreement referred to below, the
      “Master Servicer”), and WELLS FARGO BANK, N.A., as custodian (in such capacity,
      the “Custodian” together with any successor in interest or any successor
      appointed hereunder, the “Custodian”).

     

    WITNESSETH
      THAT:

     

    WHEREAS,
      the Depositor, EMC, the Master Servicer and the Trustee have entered into a
      Pooling and Servicing Agreement, dated as of August 1, 2007, relating to the
      issuance of Bear Stearns ARM Trust 2007-5, Mortgage Pass-Through Certificates,
      Series 2007-5 (as in effect on the date of this agreement, the “Original Pooling
      and Servicing Agreement,” and as amended and supplemented from time to time, the
“Pooling and Servicing Agreement”); and

     

    WHEREAS,
      the Custodian has agreed to act as agent for the Trustee for the purposes of
      receiving and holding certain documents and other instruments delivered by
      the
      Depositor, the Sellers or the Master Servicer under the Pooling and Servicing
      Agreement and the Servicers under their respective Servicing Agreements, all
      upon the terms and conditions and subject to the limitations hereinafter set
      forth;

     

    NOW,
      THEREFORE, in consideration of the premises and the mutual covenants and
      agreements hereinafter set forth, the Trustee, the Depositor, the Master
      Servicer and the Custodian hereby agree as follows:

     

    ARTICLE
      I

    DEFINITIONS

     

    Capitalized
      terms used in this Agreement and not defined herein shall have the meanings
      assigned in the Original Pooling and Servicing Agreement, unless otherwise
      required by the context herein.

     

    ARTICLE
      II

    CUSTODY
      OF MORTGAGE DOCUMENTS

     

    Section
      2.1  Custodian
      to Act as Agent: Acceptance of Mortgage
      Files.  The  Custodian, as the duly appointed custodial
      agent of the Trustee for these purposes, acknowledges (subject to any exceptions
      noted in the Initial Certification referred to in Section 2.3(a)), receipt
      of
      the Mortgage Files relating to the Mortgage Loans identified on the schedule
      attached hereto (the “Mortgage Files”) and declares that it holds and will hold
      such Mortgage Files as agent for the Trustee, in trust, for the use and benefit
      of all present and future Certificateholders.

     

    Section
      2.2  Recordation
      of Assignments.  If any Mortgage File includes one or more
      assignments of Mortgage to the Trustee in a state which is specifically excluded
      from the Opinion of Counsel delivered by the Seller to the Trustee and the
      Custodian pursuant to the provisions of Section 2.01 of the Pooling and
      Servicing Agreement, each such assignment shall be delivered by the Custodian
      to
      the Depositor for the purpose of recording it in the appropriate public office
      for real property records, and the Depositor, at no expense to the Trustee
      or
      the Custodian, shall promptly cause to be recorded in the appropriate public
      office for real property records each such assignment of Mortgage and, upon
      receipt thereof from such public office, shall return each such assignment
      of
      Mortgage to the Custodian.

     

    Section
      2.3  Review
      of Mortgage Files.

     

    (a)  On
      or
      prior to the Closing Date, in accordance with Section 2.02 of the Pooling and
      Servicing Agreement, the Custodian shall deliver to the Depositor, EMC, the
      Master Servicer and the Trustee an Initial Certification in the form annexed
      hereto as Exhibit One evidencing receipt (subject to any exceptions noted
      therein) of a Mortgage File for each of the Mortgage Loans listed on the
      Schedule attached hereto (the “Mortgage Loan Schedule”).

     

    (b)  Within
      90
      days of the Closing Date, the Custodian agrees, for the benefit of
      Certificateholders, to review, in accordance with the provisions of Section
      2.02
      of the Pooling and Servicing Agreement, each such document, and shall deliver
      to
      the Depositor, EMC, the Master Servicer and the Trustee an Interim Certification
      in the form annexed hereto as Exhibit Two to the effect that all such documents
      have been executed and received and that such documents relate to the Mortgage
      Loans identified on the Mortgage Loan Schedule, except for any exceptions listed
      on Schedule A attached to such Interim Certification. The Custodian shall be
      under no duty or obligation to inspect, review or examine said documents,
      instruments, certificates or other papers to determine that the same are
      genuine, enforceable, or appropriate for the represented purpose or that they
      have actually been recorded or that they are other than what they purport to
      be
      on their face.

     

    (c)  Not
      later
      than 180 days after the Closing Date, the Trustee or the Custodian shall review
      the Mortgage Files as provided in Section 2.02 of the Pooling and Servicing
      Agreement and deliver to the Depositor, EMC, the Master Servicer and the Trustee
      a Final Certification in the form annexed hereto as Exhibit Three evidencing
      the
      completeness of the Mortgage Files.

     

    (d)  In
      reviewing the Mortgage Files as provided herein and in the Pooling and Servicing
      Agreement, the Custodian shall make no representation as to and shall not be
      responsible to verify (i) the validity, legality, enforceability, due
      authorization, recordability, sufficiency or genuineness of any of the documents
      included in any Mortgage File or (ii) the collectibility, insurability,
      effectiveness or suitability of any of the documents in any Mortgage
      File.

     

    Upon
      receipt of written request from the Trustee, the Custodian shall as soon as
      practicable supply the Trustee with a list of all of the documents relating
      to
      the Mortgage Loans missing from the Mortgage Files.

     

    Section
      2.4  Notification
      of Breaches of Representations and Warranties.  Upon discovery by
      the Custodian of a breach of any representation or warranty made by the
      Depositor as set forth in the Pooling and Servicing Agreement with respect
      to a
      Mortgage Loan relating to a Mortgage File, the Custodian shall give prompt
      written notice to the Depositor, the related Servicer and the
      Trustee.

     

    Section
      2.5  Custodian
      to Cooperate: Release of Mortgage Files.  Upon receipt of written
      notice from the Trustee that the Seller has repurchased a Mortgage Loan pursuant
      to Article II of the Pooling and Servicing Agreement, and that the purchase
      price therefore has been deposited in the Distribution Account, then the
      Custodian agrees to promptly release to the Seller the related Mortgage
      File.

     

    Upon
      the
      Custodian’s receipt of a request for release (a “Request for Release”)
      substantially in the form of Exhibit D-1 to the Pooling and Servicing Agreement
      signed by a Servicing Officer of the related Servicer stating that it has
      received payment in full of a Mortgage Loan or that payment in full will be
      escrowed in a manner customary for such purposes, the Custodian agrees promptly
      to release to the related Servicer the related Mortgage File. The Depositor
      shall deliver to the Custodian and the Custodian agrees to accept the Mortgage
      Note and other documents constituting the Mortgage File with respect to any
      Substitute Mortgage Loan.

     

    From
      time
      to time as is appropriate for the servicing or foreclosure of any Mortgage
      Loan,
      including, for this purpose, collection under any Primary Insurance Policy,
      the
      related Servicer (or if the Servicer does not, the Master Servicer) shall
      deliver to the Custodian a Request for Release signed by a Servicing Officer
      requesting that possession of all of the Mortgage File be released to the
      related Servicer and certifying as to the reason for such release and that
      such
      release will not invalidate any insurance coverage provided in respect of the
      Mortgage Loan under any of the Insurance Policies. Upon receipt of the
      foregoing, the Custodian shall deliver the Mortgage File to the related
      Servicer. The related Servicer shall cause each Mortgage File or any document
      therein so released to be returned to the Custodian when the need therefore
      by
      the related Servicer no longer exists, unless (i) the Mortgage Loan has been
      liquidated and the Liquidation Proceeds relating to the Mortgage Loan have
      been
      deposited in  the Distribution Account or (ii) the Mortgage File or
      such document has been delivered to an attorney, or to a public trustee or
      other
      public official as required by law, for purposes of initiating or pursuing
      legal
      action or other proceedings for the foreclosure of the Mortgaged Property either
      judicially or non-judicially, and the related Servicer has delivered to the
      Custodian a certificate of a Servicing Officer certifying as to the name and
      address of the Person to which such Mortgage File or such document was delivered
      and the purpose or purposes of such delivery.

     

    At
      any
      time that a Servicer is required to deliver to the Custodian a Request for
      Release, the Servicer shall deliver two copies of the Request for Release if
      delivered in hard copy or the Servicer may furnish such Request for Release
      electronically to the Custodian, in which event the Servicing Officer
      transmitting the same shall be deemed to have signed the Request for
      Release.  In connection with any Request for Release of Mortgage File
      because of a repurchase of a Mortgage Loan, such Request for Release shall
      be
      followed by an assignment of mortgage, without recourse, representation or
      warranty from the Trustee to the Seller and the related Mortgage Note shall
      be
      endorsed without recourse by the Trustee and be returned to the Seller;
      provided, however, that in the case of a Mortgage Loan that is registered on
      the
      MERS System or has been assigned in blank pursuant to clause (iii) of Section
      2.01 of the Pooling and Servicing Agreement, no assignment of mortgage or
      endorsement of the Mortgage Note by the Trustee shall be required. In connection
      with any Request for Release of a Mortgage File because of the payment in full
      of a Mortgage Loan, such Request for Release shall be accompanied by a
      certificate of satisfaction or other similar instrument to be executed by or
      on
      behalf of the Trustee and returned to the related Servicer.

     

    Section
      2.6  Assumption
      Agreements.  In the event that any assumption agreement,
      substitution of liability agreement or sale of servicing agreement is entered
      into with respect to any Mortgage Loan subject to this Agreement in accordance
      with the terms and provisions of the Pooling and Servicing Agreement, the Master
      Servicer, to the extent provided in the related Servicing Agreement, shall
      cause
      the related Servicer to notify the Custodian that such assumption or
      substitution agreement has been completed by forwarding to the Custodian the
      original of such assumption or substitution agreement, which shall be added
      to
      the related Mortgage File and, for all purposes, shall be considered a part
      of
      such Mortgage File to the same extent as all other documents and instruments
      constituting parts thereof.

     

    ARTICLE
      III

    CONCERNING
      THE CUSTODIAN

     

    Section
      3.1  Custodian
      as Bailee and Agent of the Trustee.  With respect to each Mortgage
      Note, Mortgage and other documents constituting each Mortgage File which are
      delivered to the Custodian, the Custodian is exclusively the bailee and
      custodial agent of the Trustee and has no instructions to hold any Mortgage
      Note
      or Mortgage for the benefit of any person other than the Trustee and the
      Certificateholders and undertakes to perform such duties and only such duties
      as
      are specifically set forth in this Agreement and in the Pooling and Servicing
      Agreement. Except upon compliance with the provisions of Section 2.5 of this
      Agreement, no Mortgage Note, Mortgage or Mortgage File shall be delivered by
      the
      Custodian to the Depositor, the Servicers or the Master Servicer or otherwise
      released from the possession of the Custodian.

     

    Section
      3.2  Reserved.

     

    Section
      3.3  Custodian
      May Own Certificates.  The Custodian in its individual or any
      other capacity may become the owner or pledgee of Certificates with the same
      rights it would have if it were not Custodian.

     

    Section
      3.4  Custodian’s
      Fees and Expenses.  The Master Servicer covenants and agrees to
      pay to the Custodian from time to time, and the Custodian shall be entitled
      to,
      reasonable compensation for all services rendered by it in the exercise and
      performance of any of the powers and duties hereunder of the Custodian pursuant
      to an agreement between the Master Servicer and the Custodian, and the Custodian
      will be entitled to be paid or reimbursed by the Trust upon its request for
      all
      reasonable expenses, disbursements and advances incurred or made by the
      Custodian in accordance with any of the provisions of this Agreement (including
      the reasonable compensation and the expenses and disbursements of its counsel
      and of all persons not regularly in its employ), except any such expense,
      disbursement or advance as may arise from its negligence or bad faith or to
      the
      extent that such cost or expense is indemnified by the Depositor pursuant to
      the
      Pooling and Servicing Agreement.

     

    Section
      3.5  Custodian
      May Resign Trustee May Remove Custodian.  The Custodian may resign
      from the obligations and duties hereby imposed upon it as such obligations
      and
      duties relate to its acting as Custodian of the Mortgage Loans. Upon receiving
      such written notice of resignation, the Trustee shall either take custody of
      the
      Mortgage Files itself and give prompt written notice thereof to the Depositor,
      the Master Servicer and the Custodian, or promptly appoint a successor Custodian
      by written instrument, in duplicate, one copy of which instrument shall be
      delivered to the resigning Custodian and one copy to the successor Custodian.
      If
      the Trustee shall not have taken custody of the Mortgage Files and no successor
      Custodian shall have been so appointed and have accepted appointment within
      30
      days after the giving of such written notice of resignation, the resigning
      Custodian may petition any court of competent jurisdiction for the appointment
      of a successor Custodian.

     

    The
      Trustee may remove the Custodian at any time with the consent of the Master
      Servicer. In such event, the Trustee shall appoint, or petition a court of
      competent jurisdiction to appoint, a successor Custodian hereunder. Any
      successor Custodian shall be a depository institution subject to supervision
      or
      examination by federal or state authority, shall be able to satisfy the other
      requirements contained in Section 3.7 and shall be unaffiliated with the
      Servicer or the Depositor.

     

    Any
      resignation or removal of the Custodian and appointment of a successor Custodian
      pursuant to any of the provisions of this Section 3.5 shall become effective
      upon acceptance of appointment by the successor Custodian. The Trustee shall
      give prompt notice to the Depositor and the Master Servicer of the appointment
      of any successor Custodian. No successor Custodian shall be appointed by the
      Trustee without the prior approval of the Depositor and the Master
      Servicer.

     

    Section
      3.6  Merger
      or Consolidation of Custodian.  Any Person into which the
      Custodian may be merged or converted or with which it may be consolidated,
      or
      any Person resulting from any merger, conversion or consolidation to which
      the
      Custodian shall be a party, or any Person succeeding to the business of the
      Custodian, shall be the successor of the Custodian hereunder, without the
      execution or filing of any paper or any further act on the part of any of the
      parties hereto, anything herein to the contrary notwithstanding.

     

    Section
      3.7  Representations
      of the Custodian.  The Custodian hereby represents that it is a
      depository institution subject to supervision or examination by a federal or
      state authority, has a combined capital and surplus of at least $15,000,000
      and
      is qualified to do business in the jurisdictions in which it will hold any
      Mortgage File.

     

    ARTICLE
      IV

    COMPLIANCE
      WITH REGULATION AB

     

    Section
      4.1  Intent
      of
      the parties; Reasonableness.  The parties hereto acknowledge and agree
      that the purpose of this Article IV is to facilitate compliance by the Depositor
      with the provisions of Regulation AB and related rules and regulations of the
      Commission.  The Depositor shall not exercise its right to request
      delivery of information or other performance under these provisions other than
      in good faith, or for purposes other than compliance with the Securities Act,
      the Exchange Act and the rules and regulations of the Commission under the
      Securities Act and the Exchange Act.  Each of the parties hereto
      acknowledges that interpretations of the requirements of Regulation AB may
      change over time, whether due to interpretive guidance provided by the
      Commission or its staff, consensus among participants in the mortgage-backed
      securities markets, advice of counsel, or otherwise, and agrees to comply with
      requests made by the Depositor in good faith for delivery of information under
      these provisions on the basis of evolving interpretations of Regulation AB
      to
      the extent reasonably practicable.  The Custodian shall cooperate
      reasonably with the Depositor to deliver to the Depositor (including any of
      its
      assignees or designees), any and all disclosure, statements, reports,
      certifications, records and any other information necessary in the reasonable,
      good faith determination of the Depositor to permit the Depositor to comply
      with
      the provisions of Regulation AB.

     

    Section
      4.2  Additional
      Representations and Warranties of the Custodian.

     

    (a)  The
      Custodian shall be deemed to represent to the Depositor as of the date hereof
      and on each date on which information is provided to the Depositor under Section
      4.3 that, except as disclosed in writing to the Depositor prior to such date:
      (i) there are no aspects of its financial condition that could have a material
      adverse effect on the performance by it of its Custodian obligations under
      this
      Agreement or any other Securitization Transaction as to which it is the
      custodian; (ii) there are no material legal or governmental proceedings pending
      (or known to be contemplated) against it; and (iii) there are no affiliations,
      relationships or transactions relating to the Custodian with respect to the
      Depositor or any sponsor, issuing entity, servicer, trustee, originator,
      significant obligor, enhancement or support provider or other material
      transaction party (as such terms are used in Regulation AB) relating to the
      Securitization Transaction contemplated by the Agreement, as identified by
      the
      Depositor to the Custodian in writing as of the Closing Date (each, a
      "Transaction Party").

     

    (b)  If
      so
      requested by the Depositor on any date following the Closing Date, the Custodian
      shall, within five Business Days following such request, confirm in writing
      the
      accuracy of the representations and warranties set forth in paragraph (a) of
      this Section or, if any such representation and warranty is not accurate as
      of
      the date of such confirmation, provide reasonably adequate disclosure of the
      pertinent facts, in writing, to the requesting party. Any such request from
      the
      Depositor shall not be given more than once each calendar quarter, unless the
      Depositor shall have a reasonable basis for a determination that any of the
      representations and warranties may not be accurate.

     

    Section
      4.3  Additional
      Information to Be Provided by the Custodian. For so long as the Certificates
      are
      outstanding, for the purpose of satisfying the Depositor 's reporting obligation
      under the Exchange Act with respect to any class of Certificates, the Custodian
      shall (a) notify the Depositor in writing of any material litigation or
      governmental proceedings pending against the Custodian that would be material
      to
      Certificateholders, and (b) provide to the Depositor a written description
      of
      such proceedings. Any notices and descriptions required under this Section
      4.3
      shall be given no later than five Business Days prior to the Determination
      Date
      following the month in which the Custodian has knowledge of the occurrence
      of
      the relevant event. As of the date the Depositor or Master Servicer files each
      Report on Form 10-D or Form 10-K with respect to the Certificates, the Custodian
      will be deemed to represent that any information previously provided under
      this
      Section 4.3, if any, is materially correct and does not have any material
      omissions unless the Custodian has provided an update to such
      information.

     

    Section
      4.4  Report
      on
      Assessment of Compliance and Attestation. On or before March 15 of each calendar
      year in which a report on Form 10-K is requested to be filed with respect to
      the
      certificates, the Custodian shall:

     

    (a)           deliver
      to the Depositor, the Master Servicer and the Trustee a report (in form and
      substance reasonably satisfactory to the Depositor) regarding the Custodian’s
      assessment of compliance with the Applicable Servicing Criteria as set forth
      in
      Exhibit Four during the immediately preceding calendar year, as required under
      Rules 13a-18 and 15d-18 of the Exchange Act and Item 1122 of Regulation
      AB.  Such report shall be addressed to the Depositor and the Trustee
      and signed by an authorized officer of the Custodian, and shall address each
      of
      the Servicing Criteria specified on a certification substantially in the form
      of
      Exhibit Four hereto; and

     

    (b)           deliver
      to the Depositor, the Master Servicer and the Trustee, a report of a registered
      public accounting firm reasonably acceptable to the Master Servicer, the
      Depositor and the Trustee that attests to, and reports on, the assessment of
      compliance made by the Custodian and delivered pursuant to the preceding
      paragraph. Such attestation shall be in accordance with Rules 1-02(a)(3) and
      2-02(g) of Regulation S-X under the Securities Act and the Exchange
      Act.

     

    Section
      4.5  Indemnification;
      Remedies.

     

    (a)  The
      Custodian shall indemnify the Depositor, each affiliate of the Depositor, EMC
      and each broker dealer acting as underwriter, placement agent or initial
      purchaser of the Certificates or each Person who controls any of such parties
      (within the meaning of Section 15 of the Securities Act and Section 20 of the
      Exchange Act); and the respective present and former directors, officers,
      employees and agents of each of the foregoing, and shall hold each of them
      harmless from and against any losses, damages, penalties, fines, forfeitures,
      legal fees and expenses and related costs, judgments, and any other costs,
      fees
      and expenses that any of them may sustain arising out of or based
      upon:

     

    (i)
      (A)  any untrue statement of a material fact contained or alleged to
      be contained in any information, report, certification, accountants’ attestation
      or other material provided under this Article IV by or on behalf of the
      Custodian (collectively, the “Custodian Information”), or (B) the omission or
      alleged omission to state in the Custodian Information a material fact required
      to be stated in the Custodian Information or necessary in order to make the
      statements therein, in the light of the circumstances under which they were
      made, not misleading; or

     

    (ii)
      any failure by the Custodian to
      deliver any information, report, certification, accountants’ attestation or
      other material when and as required under this Article IV; or

     

    (iii)
      the negligence, bad faith or
      willful misconduct of the Custodian in the performance of its obligations under
      this Article IV.

    

    In
      the case of any failure of
      performance described in clause (ii) above, the Custodian shall promptly
      reimburse the Depositor, the Master Servicer and the Trustee for all costs
      reasonably incurred by any of such Persons in order to obtain the information,
      report, certification, accountants’ letter or other material not delivered as
      required by the Custodian.

    

    In
      no event shall the Custodian or its
      directors, officers, and employees be liable for any special, indirect or
      consequential damages from any action taken or omitted to be taken by it or
      them
      hereunder or in connection herewith even if advised of the possibility of such
      damages.

    

    This
      indemnification shall survive the termination of this Agreement or the
      termination of the Custodian.

    

    ARTICLE
      V 

    MISCELLANEOUS
      PROVISIONS

    

    Section
      5.1  Notices.  All
      notices, requests, consents and demands and other communications required under
      this Agreement or pursuant to any other instrument or document delivered
      hereunder shall be in writing and, unless otherwise specifically provided,
      may
      be delivered personally, by telegram or telex, or by registered or certified
      mail, postage prepaid, return receipt requested, at the addresses specified
      on
      the signature page hereof (unless changed by the particular party whose address
      is stated herein by similar notice in writing), in which case the notice will
      be
      deemed delivered when received.

     

    Section
      5.2  Amendments.   No
      modification or amendment of or supplement to this Agreement shall be valid
      or
      effective unless the same is in writing and signed by all parties hereto, and
      neither the Depositor, the Master Servicer nor the Trustee shall enter into
      any
      amendment hereof except as permitted by the Pooling and Servicing Agreement.
      The
      Trustee shall give prompt notice to the Custodian of any amendment or supplement
      to the Pooling and Servicing Agreement and furnish the Custodian with written
      copies thereof.

     

    Section
      5.3  GOVERNING
      LAW.  THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN
      ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS
      CONFLICT OF LAW PROVISIONS (OTHER THAN SECTION 5-1401 OF THE  GENERAL
      OBLIGATIONS LAW), AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES
      HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

     

    Section
      5.4  Recordation
      of Agreement.  To the extent permitted by applicable law, this
      Agreement is subject to recordation in all appropriate public offices for real
      property records in all the counties or other comparable jurisdictions in which
      any or all of the properties subject to the Mortgages are situated, and in
      any
      other appropriate public recording office or elsewhere, such recordation to
      be
      effected by the Depositor and at the Trust’s expense, but only upon direction
      accompanied by an Opinion of Counsel reasonably satisfactory to the Depositor
      to
      the effect that the failure to effect such recordation is likely to materially
      and adversely affect the interests of the Certificateholders.

     

    For
      the
      purpose of facilitating the recordation of this Agreement as herein provided
      and
      for other purposes, this Agreement may be executed simultaneously in any number
      of counterparts, each of which counterparts shall be deemed to be an original,
      and such counterparts shall constitute but one and the same
      instrument.

     

    Section
      5.5  Severability
      of Provisions.  If any one or more of the covenants, agreements,
      provisions or terms of this Agreement shall be for any reason whatsoever held
      invalid, then such covenants, agreements, provisions or terms shall be deemed
      severable from the remaining covenants, agreements, provisions or terms of
      this
      Agreement and shall in no way affect the validity or enforceability of the
      other
      provisions of this Agreement or of the Certificates or the rights of the holders
      thereof.

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    IN
      WITNESS WHEREOF, this Agreement is executed as of the date first above
      written.

    

    
      	
              Address:

               

              Wells
                Fargo Bank, N.A.

              9062
                Old Annapolis Road,

              Columbia,
                Maryland 21045

              Attn:
                Client Manager - BSARM 2007-5 Telecopy:  (410)
                715-2380

               

            	
              WELLS
                FARGO BANK, N.A.,

              not
                individually but solely as Trustee

               

               

              By:                                                      

              Name:

              Title:

               

               

            
	
              Address:

               

              383
                Madison Avenue

              New
                York, New York 10179

            	
              STRUCTURED
                ASSET MORTGAGE INVESTMENTS II INC.

               

               

              By:                                                   

              Name: Joseph
                T. Jurkowski, Jr.

              Title:
                Vice President

               

               

            
	
              Address:

               

              2780
                Lake Vista Drive

              Lewisville,
                Texas 75067

              (214)
                626-4889

              Attention:
                Michelle Viner

            	
              EMC
                MORTGAGE CORPORATION,

              as
                Master Servicer and Seller

               

               

              By:                                                   

              Name:

              Title:

               

               

            
	
              Address:

               

              1015
                Tenth Avenue SE

              Minneapolis,
                Minnesota 55414

            	
              WELLS
                FARGO BANK, N.A.,

              as
                Custodian

               

               

              By:                                                   

              Name:

              Title:

            

    

     

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
        
          	
                  STATE
                    OF MARYLAND

                	
                  )

                	 
	 	
                  )

                	
                  ss.:

                
	
                  COUNTY
                    OF HOWARD

                	
                  )

                	 

        

      

    

     

    On
      the
      31th day of
      August, 2007 before me, a notary public in and for said State,
      personally appeared ______________, known to me to be a ________________ of
      Wells Fargo Bank, N.A., a national banking association that executed the within
      instrument, and also known to me to be the person who executed it on behalf
      of
      said corporation and acknowledged to me that such corporation executed the
      within instrument.

     

    IN
      WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the
      day and year in this certificate first above written.

     

    
      	 	 	 	 
	 	 	
              Notary
                Public

            	 

    

     

    [SEAL]

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

     

    
      
        	
                STATE
                  OF NEW YORK

              	
                )

              	 
	 	
                )

              	
                ss.:

              
	
                COUNTY
                  OF NEW YORK

              	
                )

              	 

      

    

     

    On
      the
      31st day of
      August, 2007 before me, a notary public in and for said State,
      personally appeared Joseph T. Jurkowski, Jr. known to me to be a Vice President
      of Structured Asset Mortgage Investments II Inc., one of the corporations that
      executed the within instrument, and also known to me to be the person who
      executed it on behalf of said corporation, and acknowledged to me that such
      corporation executed the within instrument.

     

    IN
      WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the
      day and year in this certificate first above written.

     

    

    
      
        	 	 	 	 
	 	 	
                Notary
                  Public

              	 

      

    

     

    [Notarial
      Seal]

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      
        	
                STATE
                  OF TEXAS 

              	
                )

              	 
	 	
                )

              	
                ss.:

              
	
                COUNTY
                  OF 

              	
                )

              	 

      

    

     

    On
      the
      31st day of
      August, 2007 before me, a notary public in and for said State,
      personally appeared __________________known to me to be an authorized
      representative of EMC Mortgage Corporation, one of the corporations that
      executed the within instrument, and also known to me to be the person who
      executed it on behalf of said national banking association, and acknowledged
      to
      me that such national banking association executed the within
      instrument.

     

    IN
      WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the
      day and year in this certificate first above written.

     

    

    
      
        	 	 	 	 
	 	 	
                Notary
                  Public

              	 

      

    

     

    [SEAL]

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    
       

      
        
          	
                  STATE
                    OF MINNESOTA

                	
                  )

                	 
	 	
                  )

                	
                  ss.:

                
	
                  COUNTY
                    OF HENNEPIN

                	
                  )

                	 

        

      

    

     

    On
      the
      31st day of
      August, 2007 before me, a notary public in and for said State,
      personally appeared _______________________, known to me to be a(n)
      _______________ of Wells Fargo Bank, N.A., one of the corporations that executed
      the within instrument, and also known to me to be the person who executed it
      on
      behalf of said corporation, and acknowledged to me that such corporation
      executed the within instrument.

     

    IN
      WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the
      day and year in this certificate first above written.

     

    
      
        	 	 	 	 
	 	 	
                Notary
                  Public

              	 

      

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    EXHIBIT
      ONE

     

    FORM
      OF
      CUSTODIAN INITIAL CERTIFICATION

     

    
      	 	 	 	August
              31, 2007

    

     

     

    
      	
              Wells
                Fargo Bank, N.A.,

              9062
                Old Annapolis Road

              Columbia,
                MD 21045

            	
              Structured
                Asset Mortgage Investments II Inc.

              383
                Madison Avenue

              New
                York, New York 10179

            
	
               

              EMC
                Mortgage Corporation

              2780
                Lake Vista Drive

              Lewisville,
                TX 75067

              Attention:
                Janan Weeks

              Email:
                jweeks@bear.com

              Facsimile:
                (214) 626-3704

               

              With
                a copy to:

              EMC
                Mortgage Corporation

              2780
                Lake Vista Drive

              Lewisville,
                TX 75067

              Attention:
                Michelle Viner

              Email: 
                mviner@bear.com

              Facsimile:
                (214) 626-4889

               

            	 

    

    

    Attention:
      Structured Asset Mortgage Investments II Inc.

    Bear
      Stearns ARM Trust 2007-5, Mortgage Pass-Through Certificates, Series
      2007-5

    

    
      	
               

            	
              Re:

            	
              Custodial
                Agreement, dated as of August 31, 2007, by and among Structured Asset
                Mortgage Investments II Inc., EMC Mortgage Corporation, and Wells
                Fargo
                Bank, N.A. relating to Bear Stearns ARM Trust 2007-5, Mortgage
                Pass-Through Certificates, Series 2007-5

            	 

    

     

    Ladies
      and Gentlemen:

     

    In
      accordance with Section 2.3(a) of the above-captioned Custodial Agreement and,
      subject to Section 2.02(a) of the Pooling and Servicing Agreement, the
      undersigned, as Custodian, hereby certifies that it has received a Mortgage
      File
      (which contains an original Mortgage Note or lost note affidavit) to the extent
      required in Section 2.01 of the Pooling and Servicing Agreement with respect
      to
      each Mortgage Loan listed in the Mortgage Loan Schedule, with any exceptions
      listed on Schedule A attached hereto.

     

     

    Capitalized
      words and phrases used herein shall have the respective meanings assigned to
      them in the above-captioned Custodial Agreement.

         

    
      	 	WELLS
              FARGO BANK, N.A.	 
	 	 	 	 
	
               

            	
              By:
                

            	 	 
	 	Name:	 	 
	 	Title:	 	 
	 	 	 	 

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    EXHIBIT
      TWO

     

    FORM
      OF
      CUSTODIAN INTERIM CERTIFICATION

     

     

    
      	 	 	 	___________,
              20__

    

     

     

    
      	
              Wells
                Fargo Bank, N.A.,

              9062
                Old Annapolis Road

              Columbia,
                MD 21045

            	
              Structured
                Asset Mortgage Investments II Inc.

              383
                Madison Avenue

              New
                York, New York 10179

            
	
               

              EMC
                Mortgage Corporation

              2780
                Lake Vista Drive

              Lewisville,
                TX 75067

              Attention:
                Janan Weeks

              Email:
                jweeks@bear.com

              Facsimile:
                (214) 626-3704

               

              With
                a copy to:

              EMC
                Mortgage Corporation

              2780
                Lake Vista Drive

              Lewisville,
                TX 75067

              Attention:
                Michelle Viner

              Email: 
                mviner@bear.com

              Facsimile:
                (214) 626-4889

               

            	 

    

    

    Attention:  Structured
      Asset Mortgage Investments II Inc.

    Bear
      Stearns ARM Trust 2007-5, Mortgage Pass-Through Certificates, Series
      2007-5

    

    
      	
               

            	
              Re:

            	
              Custodial
                Agreement, dated as of August 31, 2007, by and among Structured Asset
                Mortgage Investments II Inc., EMC Mortgage Corporation, and Wells
                Fargo
                Bank, N.A. relating to Bear Stearns ARM Trust 2007-5, Mortgage
                Pass-Through Certificates, Series
                2007-5                   

            	 

    

     

    Ladies
      and Gentlemen:

     

    In
      accordance with Section 2.3(b) of the above-captioned Custodial Agreement and,
      subject to Section 2.02(a) of the Pooling and Servicing Agreement, the
      undersigned, as Custodian, hereby certifies that it has received a Mortgage
      File
      to the extent required pursuant to Section 2.01 of the Pooling and Servicing
      Agreement with respect to each Mortgage Loan listed in the Mortgage Loan
      Schedule, and it has reviewed the Mortgage File and the Mortgage Loan Schedule
      and has determined that: all required documents have been executed and received
      and that such documents relate to the Mortgage Loans identified on the Mortgage
      Loan Schedule, with any exceptions listed on Schedule A attached
      hereto.

     

     

    Capitalized
      words and phrases used herein shall have the respective meanings assigned to
      them in the above-captioned Custodial Agreement.

     

    
      
        	 	WELLS
                FARGO BANK, N.A.	 
	 	 	 	 
	
                 

              	
                By:
                  

              	 	 
	 	Name:	 	 
	 	Title:	 	 
	 	 	 	 

      

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    EXHIBIT
      THREE

     

    FORM
      OF
      CUSTODIAN FINAL CERTIFICATION

     

    
      
        	 	 	 	___________,
                20__

      

    

     

     

    
      	
              Wells
                Fargo Bank, N.A.,

              9062
                Old Annapolis Road

              Columbia,
                MD 21045

            	
              Structured
                Asset Mortgage Investments II Inc.

              383
                Madison Avenue

              New
                York, New York 10179

            
	
               

              EMC
                Mortgage Corporation

              2780
                Lake Vista Drive

              Lewisville,
                TX 75067

              Attention:
                Janan Weeks

              Email:
                jweeks@bear.com

              Facsimile:
                (214) 626-3704

               

              With
                a copy to:

              EMC
                Mortgage Corporation

              2780
                Lake Vista Drive

              Lewisville,
                TX 75067

              Attention:
                Michelle Viner

              Email: 
                mviner@bear.com

              Facsimile:
                (214) 626-4889

               

            	 

    

    

    Attention:
      Structured Asset Mortgage Investments II Inc.

    Bear
      Stearns ARM Trust 2007-5, Mortgage Pass-Through Certificates, Series
      2007-5

    

    
      	
               

            	
              Re:

            	
              Custodial
                Agreement, dated as of August 31, 2007, by and among Structured Asset
                Mortgage Investments II Inc., EMC Mortgage Corporation, and Wells
                Fargo
                Bank, N.A. relating to Bear Stearns ARM Trust 2007-5, Mortgage
                Pass-Through Certificates, Series
                2007-5                   

            	 

    

     

    Ladies
      and Gentlemen:

     

    In
      accordance with Section 2.3(c) of the above-captioned Custodial Agreement and,
      subject to Section 2.02(b) of the Pooling and Servicing Agreement, the
      undersigned, as Custodian, hereby certifies that it has received a Mortgage
      File
      to the extent required pursuant to Section 2.01 of the Pooling and Servicing
      Agreement with respect to each Mortgage Loan listed in the Mortgage Loan
      Schedule, and it has reviewed the Mortgage File and the Mortgage Loan Schedule
      and has determined that: all required documents have been executed and received
      and that such documents relate to the Mortgage Loans identified on the Mortgage
      Loan Schedule, with any exceptions listed on Schedule A attached
      hereto.

     

    Capitalized
      words and phrases used herein shall have the respective meanings assigned to
      them in the above-captioned Custodial Agreement or in the Pooling and Servicing
      Agreement, as applicable.

     

    
      
        	 	WELLS
                FARGO BANK, N.A.	 
	 	 	 	 
	
                 

              	
                By:
                  

              	 	 
	 	Name:	 	 
	 	Title:	 	 
	 	 	 	 

      

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    EXHIBIT
      FOUR

    

    SERVICING
      CRITERIA TO BE ADDRESSED IN ASSESSMENT OF COMPLIANCE

    

    The
      assessment of compliance to be delivered by the Custodian shall address, at
      a
      minimum, the criteria identified below as “Applicable Servicing
      Criteria”:

    

    
      
        	
                 

                Servicing
                  Criteria

              	
                Applicable

                Servicing
                  Criteria

              
	
                Reference

              	
                Criteria

              	 
	 	
                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

              	 
	
                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

              	 
	
                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.

              	 
	 	
                 

                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.

              	 
	
                1122(d)(2)(ii)

              	
                Disbursements
                  made via wire transfer on behalf of an obligor or to an investor
                  are made
                  only by authorized personnel.

              	 
	
                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.

              	 
	
                1122(d)(2)(iv)

              	
                The
                  related accounts for the transaction, such as cash reserve accounts
                  or
                  accounts established as a form of overcollateralization, are separately
                  maintained (e.g., with respect to commingling of cash) as set forth
                  in the
                  transaction agreements.

              	 
	
                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 institutions”
                  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.

              	 
	
                1122(d)(2)(vi)

              	
                Unissued
                  checks are safeguarded so as to prevent unauthorized
                  access.

              	 
	
                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
                  reconciliations; 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.

              	 
	 	
                 

                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.

              	 
	
                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.

              	 
	
                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.

              	 
	
                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.

              	 
	 	
                 

                Pool
                  Asset Administration

              	 
	
                1122(d)(4)(i)

              	
                Collateral
                  or security on pool assets is maintained as required by the transaction
                  agreements or related asset pool documents.

              	
                √

                 

              
	
                1122(d)(4)(ii)

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

              	
                √

                 

              
	
                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

              	 
	
                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.

              	 
	
                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.

              	 
	
                1122(d)(4)(vi)

              	
                Changes
                  with respect to the terms or status of an obligor’s pool asset (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.

              	 
	
                1122(d)(4)(vii)

              	
                Loss
                  mitigation of recovery actions (e.g., forbearance plans, modifications
                  and
                  deed 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
                  documents.

              	 
	
                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 in 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).

              	 
	
                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.

              	 
	
                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 3-
                  calendar
                  days of full repayment of the related pool asset, or such other
                  number of
                  days specified in the transaction agreements.

              	 
	
                1122(d)(4)(xi)

              	
                Payments
                  made on behalf of an obligor (such as tax ore 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 service at least 30 calendar days prior
                  to these
                  dates, or such other number of days specified in the transaction
                  agreements.

              	 
	
                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.

              	 
	
                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.

              	 
	
                1122(d)(4)(xiv)

              	
                Delinquencies,
                  charge-offs and uncollectible funds are recognized and recorded
                  in
                  accordance with the transaction agreements.

              	 
	
                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.

              	 

      

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    EXHIBIT
      G-2

     

    FORM
      OF
      TREASURY BANK CUSTODIAL AGREEMENT

     

    THIS
      CUSTODIAL AGREEMENT (as amended and supplemented from time to time, the
      "Agreement”), dated as of August 31, 2007, by and among WELLS FARGO BANK, N.A.,
      not individually but solely as trustee under the Pooling and Servicing Agreement
      defined below (including its successors under the Pooling and Servicing
      Agreement defined below, the “Trustee”), STRUCTURED ASSET MORTGAGE INVESTMENTS
      II INC., as depositor (together with any successor in interest, the
“Depositor”), EMC MORTGAGE CORPORATION, as seller (in such capacity, “EMC” or
“Seller”) and master servicer (together with any successor in interest or
      successor under the Pooling and Servicing Agreement referred to below, the
      “Master Servicer”), and TREASURY BANK, A DIVISION OF COUNTRYWIDE BANK FSB, as
      custodian (together with any successor in interest or any successor appointed
      hereunder, the “Custodian”).

     

    WITNESSETH
      THAT:

     

    WHEREAS,
      the Depositor, EMC, the Master Servicer and the Trustee have entered into a
      Pooling and Servicing Agreement, dated as of August 1, 2007, relating to the
      issuance of Bear Stearns ARM Trust 2007-5, Mortgage Pass-Through Certificates,
      Series 2007-5 (as in effect on the date of this agreement, the "Original Pooling
      and Servicing Agreement," and as amended and supplemented from time to time,
      the
      "Pooling and Servicing Agreement”); and

     

    WHEREAS,
      the Custodian has agreed to act as agent for the Trustee for the purposes of
      receiving and holding certain documents and other instruments relating to the
      mortgage loans (herein referred to as the “Mortgage Loans”) listed on Schedule I
      hereto (the “Mortgage Loan Schedule”) delivered by (i) the Depositor or the
      Master Servicer under the Pooling and Servicing Agreement and (ii) the Servicers
      under their respective Servicing Agreements, all upon the terms and conditions
      and subject to the limitations hereinafter set forth;

     

    NOW,
      THEREFORE, in consideration of the premises and the mutual covenants and
      agreements hereinafter set forth, the Trustee, the Depositor, the Master
      Servicer and the Custodian hereby agree as follows:

     

    ARTICLE
      I.

    DEFINITIONS

     

    Capitalized
      terms used in this Agreement and not defined herein shall have the meanings
      assigned in the Original Pooling and Servicing Agreement, unless otherwise
      required by the context herein.

     

    ARTICLE
      II.

    CUSTODY
      OF MORTGAGE DOCUMENTS

     

    Section
      2.1.                                Custodian
      to Act as Agent: Acceptance of Mortgage Files.  The Custodian, as
      the duly appointed agent of the Trustee for these purposes, acknowledges
      (subject to any exceptions noted in the Initial Certification referred to in
      Section 2.3(a)) receipt of the Mortgage Files relating to the Mortgage Loans
      attached hereto (the "Mortgage Files") and declares that it holds and will
      hold
      such Mortgage Files as agent for the Trustee, in trust, for the use and benefit
      of all present and future Certificateholders.

     

    Section
      2.2.                                Recordation
      of Assignments.  If any Mortgage File relating to the Mortgage
      Loans includes one or more assignments of Mortgage to the Trustee in a state
      which is specifically excluded from the Opinion of Counsel delivered by the
      Seller to the Trustee and the Custodian pursuant to the provisions of Section
      2.01 of the Pooling and Servicing Agreement, each such assignment shall be
      delivered, at the direction of the Depositor (in written or electronic format),
      by the Custodian to the Depositor for the purpose of recording it in the
      appropriate public office for real property records, and the Depositor, at
      no
      expense to the Custodian, shall promptly cause to be recorded in the appropriate
      public office for real property records each such assignment of Mortgage and,
      upon receipt thereof from such public office, shall return each such assignment
      of Mortgage to the Custodian.

     

    Section
      2.3.                                Review
      of Mortgage Files.

     

    (a)           On
      or prior to the Closing Date, in accordance with Section 2.02 of the Pooling
      and
      Servicing Agreement, the Custodian shall deliver to the Depositor, EMC, the
      Master Servicer and the Trustee an Initial Certification in the form annexed
      hereto as Exhibit One evidencing receipt (subject to any exceptions noted
      therein) of a Mortgage File for each of the Mortgage Loans.

     

    (b)           Within
      90 days of the Closing Date (or, with respect to any Substitute Mortgage Loans,
      within 5 Business Days after the receipt by the Trustee or the Custodian
      thereof), the Custodian agrees, for the benefit of Certificateholders, to
      review, in accordance with the provisions of Section 2.02 of the Pooling and
      Servicing Agreement, each such document relating to the Mortgage Loans, and
      shall execute and deliver to the Depositor, EMC, the Master Servicer and the
      Trustee an Interim Certification in the form annexed hereto as Exhibit Two
      to
      the effect that all such documents have been executed and received and that
      such
      documents relate to the Mortgage Loans identified on the Mortgage Loan Schedule,
      except for any exceptions listed on Schedule A attached to such Interim
      Certification.  The Custodian shall be under no duty or obligation to
      inspect, review or examine said documents, instruments, certificates or other
      papers to determine that the same are genuine, enforceable, or appropriate
      for
      the represented purpose or that they have actually been recorded or that they
      are other than what they purport to be on their face.

     

    (c)           Not
      later than 180 days after the Closing Date (or, with respect to any Substitute
      Mortgage Loans, within 5 Business Days after the receipt by the Trustee or
      the
      Custodian thereof), the Custodian shall review the Mortgage Files relating
      to
      the Mortgage Loans as provided in Section 2.02 of the Pooling and Servicing
      Agreement and execute and deliver to the Depositor, EMC, the Master Servicer
      and
      the Trustee a Final Certification in the form annexed hereto as Exhibit Three
      evidencing the completeness of such Mortgage Files.

     

    (d)           In
      reviewing the Mortgage Files relating to the Mortgage Loans as provided herein
      and in the Pooling and Servicing Agreement, the Custodian shall make no
      representation as to and shall not be responsible to verify (i) the validity,
      legality, enforceability, due authorization, recordability, sufficiency or
      genuineness of any of the documents included in any Mortgage File or (ii) the
      collectibility, insurability, effectiveness or suitability of any of the
      documents in any Mortgage File.

     

    Upon
      receipt of written request from the Trustee, the Custodian shall as soon as
      practicable supply the requesting party with a list of all of the documents
      missing from the Mortgage Loans then contained in the Mortgage
      Files.

     

    Section
      2.4.                                Notification
      of Breaches of Representations and Warranties.  Upon discovery by
      the Custodian of a breach of any representation or warranty made by the
      Depositor as set forth in the Pooling and Servicing Agreement with respect
      to a
      Mortgage Loan relating to a Mortgage File, the Custodian shall give prompt
      written notice to the Depositor, the Master Servicer, the applicable Servicer
      and the Trustee.

     

    Section
      2.5.                                Custodian
      to Cooperate: Release of Mortgage Files.  Upon receipt of written
      notice from the Master Servicer or the Trustee that the Seller has repurchased
      a
      Mortgage Loan pursuant to Article II of the Pooling and Servicing Agreement,
      and
      that the Repurchase Price therefor has been deposited in the Distribution
      Account, and a Request for Release (as defined below), the Custodian agrees
      to
      promptly release to the Seller the related Mortgage File.

     

    Upon
      the
      Custodian's receipt of a request for release (a "Request for Release")
      substantially in the form of Exhibit D-2 to the Pooling and Servicing Agreement
      signed by an officer of the related Servicer involved in, or responsible for,
      the administration and servicing of the Mortgage Loans whose name appears on
      a
      list of servicing officers furnished by such Servicer upon request, as such
      list
      may from time to time be amended (each, a “Servicing Officer”) stating that it
      has received payment in full of a Mortgage Loan or that payment in full will
      be
      escrowed in a manner customary for such purposes, the Custodian agrees to
      promptly release to such Servicer the related Mortgage File.  The
      Depositor shall deliver to the Custodian, and the Custodian agrees to accept,
      the Mortgage Note and other documents constituting the Mortgage File with
      respect to any Substitute Mortgage Loan, which documents the Custodian will
      review to the extent provided in Article II of the Pooling and Servicing
      Agreement.

     

    From
      time
      to time as is appropriate for the servicing or foreclosure of any Mortgage
      Loan,
      including, for this purpose, collection under any Primary Mortgage Insurance
      Policy, the related Servicer shall (or if the related Servicer does not, then
      the Master Servicer may) deliver to the Custodian a Request for Release signed
      by a Servicing Officer requesting that possession of all of the related Mortgage
      File be released to such Servicer and certifying as to the reason for such
      release and that such release will not invalidate any insurance coverage
      provided in respect of the related Mortgage Loan under any of the Insurance
      Policies.  Upon receipt of the foregoing, the Custodian shall deliver
      such Mortgage File to the related Servicer.  All Mortgage Files so
      released to the related Servicer shall be held by it in trust for the Trustee
      for the use and benefit of all present and future
      Certificateholders.  The related Servicer shall cause each Mortgage
      File or any document therein so released to be returned to the Custodian when
      the need therefor by such Servicer no longer exists, unless (i) such Mortgage
      Loan has been liquidated and the Liquidation Proceeds relating to the related
      Mortgage Loan have been deposited in the Distribution Account or (ii) such
      Mortgage File or such document has been delivered to an attorney, or to a public
      trustee or other public official as required by law, for purposes of initiating
      or pursuing legal action or other proceedings for the foreclosure of the related
      Mortgaged Property either judicially or non-judicially, and the related Servicer
      has delivered to the Custodian a certificate of a Servicing Officer certifying
      as to the name and address of the Person to which such Mortgage File or such
      document was delivered and the purpose or purposes of such
      delivery.

     

    At
      any
      time that a Servicer or the Master Servicer is required to deliver to the
      Custodian a Request for Release, such Servicer or the Master Servicer shall
      deliver two copies of the Request for Release if delivered in hard copy or
      such
      Servicer or the Master Servicer may furnish such Request for Release
      electronically to the Custodian, in which event the Servicing Officer
      transmitting the same shall be deemed to have signed such Request for Release.
      In connection with any Request for Release of a Mortgage File because of a
      repurchase of a Mortgage Loan, the assignment of mortgage and the related
      Mortgage Note shall be returned to the related Servicer or the Master Servicer,
      as applicable, for execution and endorsement, respectively, pursuant to a power
      of attorney from the Trustee and for delivery to the Seller.  If the
      related Servicer or the Master Servicer does not have a power of attorney from
      the Trustee to execute the applicable assignment and to endorse the related
      Mortgage Note, such Request for Release shall be accompanied by an assignment
      of
      mortgage, without recourse, executed by the Trustee to the Seller and the
      related Mortgage Note shall be endorsed without recourse by the Trustee (if
      not
      in blank) and be returned to the related Servicer or the Master Servicer, as
      applicable, for delivery to the Seller; provided, however, that in the case
      of a
      Mortgage Loan that is registered on the MERS® System, no assignment of mortgage
      or endorsement of the Mortgage Note by the Trustee, or by the related Servicer
      or the Master Servicer pursuant to a power of attorney from the Trustee, shall
      be required.  In connection with any Request for Release of a Mortgage
      File because of the payment in full of a Mortgage Loan and if the related
      Servicer or the Master Servicer does not have a power of attorney from the
      Trustee to execute the applicable certificate of satisfaction or similar
      instrument, such Request for Release shall be accompanied by a certificate
      of
      satisfaction or other similar instrument to be executed by or on behalf of
      the
      Trustee and returned to the related Servicer or the Master Servicer, as
      applicable.

     

    Section
      2.6.                                Assumption
      Agreements.  In the event that any assumption
      agreement,  substitution of liability agreement or sale of servicing
      agreement is entered into with respect to any Mortgage Loan subject to this
      Agreement in accordance with the terms and provisions of the Pooling and
      Servicing Agreement, the Master Servicer, to the extent provided in the related
      Servicing Agreement, shall cause the related Servicer to notify the Custodian
      that such assumption agreement, substitution of liability agreement or sale
      of
      servicing agreement has been completed by forwarding to the Custodian the
      original of such assumption agreement, substitution of liability agreement
      or
      sale of servicing agreement, which shall be added to the related Mortgage File
      and, for all purposes, shall be considered a part of such Mortgage File to
      the
      same extent as all other documents and instruments constituting parts
      thereof.

     

    ARTICLE
      III.

    CONCERNING
      THE CUSTODIAN

     

    Section
      3.1.                                Custodian
      as Bailee and Agent of the Trustee.  With respect to each Mortgage
      Note and other documents constituting each Mortgage File relating to the
      Mortgage Loans which are delivered to the Custodian, the Custodian is
      exclusively the bailee and agent of the Trustee and has no instructions to
      hold
      any Mortgage Note or Mortgage File for the benefit of any person other than
      the
      Trustee and the Certificateholders and undertakes to perform such duties and
      only such duties as are specifically set forth in this
      Agreement.  Except upon compliance with the provisions of Section 2.5
      of this Agreement with respect to any Mortgage Loan, no Mortgage Note, Mortgage
      or Mortgage File shall be delivered by the Custodian to the Depositor, the
      Seller, any Servicer or the Master Servicer or otherwise released from the
      possession of the Custodian.

     

    Section
      3.2.                                [Reserved.]

     

    Section
      3.3.                                Custodian
      May Own Certificates.  The Custodian in its individual or any
      other capacity may become the owner or pledgee of Certificates with the same
      rights it would have if it were not Custodian.

     

    Section
      3.4.                                Custodian's
      Fees and Expenses.  The Depositor covenants and agrees to cause
      the Seller to pay the Custodian from time to time, and the Custodian shall
      be
      entitled to, reasonable compensation for all services rendered by it in the
      exercise and performance of any of the powers and duties hereunder of the
      Custodian pursuant to a letter agreement between the Custodian and the
      Seller.  In addition, the Seller will pay or reimburse the Custodian
      upon its request for all reasonable expenses, disbursements and advances
      incurred or made by the Custodian in accordance with any of the provisions
      of
      this Agreement (including the reasonable compensation and the expenses and
      disbursements of its counsel and of all persons not regularly in its employ),
      except any such expense, disbursement or advance as may arise from its
      negligence or bad faith, or to the extent that such cost or expense is
      indemnified by the Depositor pursuant to the Pooling and Servicing
      Agreement.

     

    Section
      3.5.                                Custodian
      May Resign; Trustee May Remove Custodian.  The Custodian may
      resign from the obligations and duties hereby imposed upon it as such
      obligations and duties relate to its acting as Custodian of the Mortgage
      Loans.  Upon receiving such notice of resignation, the Trustee shall
      either take custody of the Mortgage Files itself and give prompt notice thereof
      to the Depositor, the Master Servicer, the Servicers and the Custodian, or
      promptly appoint a successor Custodian by written instrument, in duplicate,
      one
      copy of which instrument shall be delivered to the resigning Custodian and
      one
      copy to the successor Custodian.  If the Trustee shall not have taken
      custody of the Mortgage Files and no successor Custodian shall have been so
      appointed and have accepted appointment within 30 days after the giving of
      such
      notice of resignation, the resigning Custodian may petition any court of
      competent jurisdiction for the appointment of a successor
      Custodian.

     

    The
      Trustee may remove the Custodian at any time with the consent of the Master
      Servicer.  In such event, the Trustee shall appoint, or petition a
      court of competent jurisdiction to appoint, a successor Custodian
      hereunder.  Any successor Custodian shall be a depository institution
      subject to supervision or examination by federal or state authority, shall
      be
      able to satisfy the other requirements contained in Section 3.7 and shall be
      unaffiliated with any Servicer or the Depositor.

     

    Any
      resignation or removal of the Custodian and appointment of a successor Custodian
      pursuant to any of the provisions of this Section 3.5 shall become effective
      upon acceptance of appointment by the successor Custodian.  The
      Trustee shall give prompt notice to the Depositor and the Master Servicer of
      the
      appointment of any successor Custodian.  No successor Custodian shall
      be appointed by the Trustee without the prior approval of the Depositor and
      the
      Master Servicer.

     

    Section
      3.6.                                Merger
      or Consolidation of Custodian.  Any Person into which the
      Custodian may be merged or converted or with which it may be consolidated,
      or
      any Person resulting from any merger, conversion or consolidation to which
      the
      Custodian shall be a party, or any Person succeeding to the business of the
      Custodian, shall be the successor of the Custodian hereunder (provided such
      Person shall satisfy the requirements set forth in Section 3.7), without the
      execution or filing of any paper or any further act on the part of any of the
      parties hereto, anything herein to the contrary notwithstanding.

     

    Section
      3.7.                                Representations
      of the Custodian.  The Custodian hereby represents, and any
      successor Custodian hereunder shall represent, that it is a depository
      institution subject to supervision or examination by a federal or state
      authority, has a combined capital and surplus of at least $15,000,000 and is
      qualified to do business in the jurisdictions in which it will hold any Mortgage
      File.

     

    Section
      3.8.                                Duties
      and Obligations of the Custodian.

     

    (a)           The
      Custodian shall be under no duty or obligation to inspect, review or examine
      the
      Mortgage Files to determine that the contents thereof are appropriate for the
      represented purpose or that they have been actually recorded or that they are
      other than what they purport to be on their face.

     

    (b)           The
      Custodian shall not be responsible or liable for, and makes no representation
      or
      warranty with respect to, the validity, adequacy or perfection or any lien
      upon
      or security interest in the Mortgage Files.

     

    (c)           Any
      other provision of this Agreement to the contrary notwithstanding, the Custodian
      shall have no notice, and shall not be bound by any of the terms and conditions
      of any other document or agreement executed or delivered in connection with,
      or
      intended to control any part of, the transactions anticipated by or referred
      to
      in this Agreement unless the Custodian is a signatory party to that document
      or
      agreement.

     

    (d)           The
      Custodian may rely on and shall be protected in acting in good faith upon any
      certificate, instrument, opinion, notice, magnetic tape, letter, telegram or
      other document, or any security, delivered to it and in good faith believed
      by
      it to be genuine and to have been signed by the proper party or parties; but
      in
      the case of any loan document or other request, instruction, document or
      certificate which by any provision hereof is specifically required to be
      furnished to the Custodian, the Custodian shall be under a duty to examine
      the
      same to determine whether or not it conforms prima facie to the requirements
      of
      this Custodial Agreement.

     

    (e)           The
      Custodian shall not be liable for any error of judgment, or for any act done
      or
      step taken or omitted by it, in good faith, or for any mistake of fact or law,
      or for anything that it may do or refrain from doing in connection therewith,
      except in the case of its negligent performance or omission.

     

    (f)           The
      Custodian shall have no obligation to verify the receipt of any such documents
      the existence of which was not made known to the Custodian by the Mortgage
      Files.

     

    (g)           The
      Custodian shall not be responsible for delays or failures in performance
      resulting from acts beyond its control.  Such acts shall include, but
      not be limited to, acts of God, strikes, lockouts, riots, acts of war or
      terrorism, epidemics, nationalization, expropriation, currency restrictions,
      governmental regulations superimposed after the fact, fire, communication line
      failures, power failures, earthquakes or other disasters.

     

    ARTICLE
      IV.

    COMPLIANCE
      WITH REGULATION AB

     

    Section
      4.1.                                Intent
      of the parties; Reasonableness.  The parties hereto acknowledge
      and agree that the purpose of this Article IV is to facilitate compliance by
      the
      Depositor, the Master Servicer and the Trustee with the provisions of Regulation
      AB and related rules and regulations of the Commission.  The
      Depositor, the Master Servicer and the Trustee shall not exercise its right
      to
      request delivery of information or other performance under these provisions
      other than in good faith, or for purposes other than compliance with the
      Securities Act, the Exchange Act and the rules and regulations of the Commission
      under the Securities Act and the Exchange Act.  Each of the parties
      hereto acknowledges that interpretations of the requirements of Regulation
      AB
      may change over time, whether due to interpretive guidance provided by the
      Commission or its staff, consensus among participants in the mortgage-backed
      securities markets, advice of counsel, or otherwise, and the Custodian agrees
      to
      comply with requests made by the Depositor, the Master Servicer and the Trustee
      in good faith for delivery of information under these provisions on the basis
      of
      evolving interpretations of Regulation AB to the extent reasonably practicable,
      unless otherwise advised in writing by counsel.  The Custodian shall
      cooperate reasonably with the Depositor, the Master Servicer and the Trustee
      to
      deliver to the Depositor and the Master Servicer (including any of their
      respective assignees or designees), any and all disclosure, statements, reports,
      certifications, records and any other information necessary in the reasonable,
      good faith determination of the Depositor, the Master Servicer and the Trustee
      to permit the Depositor, the Master Servicer and the Trustee to comply with
      the
      provisions of Regulation AB.

     

    Section
      4.2.                                Additional
      Representations and Warranties of the Custodian.

     

    (a)           The
      Custodian hereby represents and warrants that the information with respect
      to
      the Custodian set forth in the Prospectus Supplement under the caption
      "Description of the Certificates—The Custodians—Treasury Bank" (the "Custodian
      Disclosure") does not contain any untrue statement of a material fact or omit
      to
      state a material fact required to be stated therein or necessary in order to
      make the statements therein, in the light of the circumstances under which
      they
      were made, not misleading.

     

    (b)           The
      Custodian shall be deemed to represent to the Depositor as of the date hereof
      and on each date on which information is provided to the Depositor under Section
      4.3 that, except as disclosed in writing to the Depositor prior to such date:
      (i) there are no aspects of its financial condition that could have a material
      adverse effect on the performance by it of its Custodian obligations under
      this
      Agreement; (ii) there are no material legal or governmental proceedings pending
      (or known to be contemplated) against it that would affect or interfere with
      the
      performance of its obligations hereunder; and (iii) there are no affiliations,
      relationships or transactions relating to the Custodian with respect to the
      Depositor or any sponsor, issuing entity, servicer (other than Countrywide
      Home
      Loan Servicing LP), trustee, originator, significant obligor, enhancement or
      support provider or other material transaction party (as such terms are used
      in
      Regulation AB) relating to the securitization transaction contemplated by the
      Pooling and Servicing Agreement, as identified by the Depositor to the Custodian
      in writing as of the Closing Date (each, a "Transaction Party") that would
      affect or interfere with the performance of its obligations hereunder and have
      not been previously disclosed to the Depositor and the Trustee.

     

    (c)           If
      so requested by the Depositor on any date following the Closing Date, the
      Custodian shall, within five Business Days following such request, confirm
      in
      writing the accuracy of the representations and warranties set forth in
      paragraph (1) of this section or, if any such representation and warranty is
      not
      accurate as of the date of such confirmation, provide reasonably adequate
      disclosure of the pertinent facts, in writing, to the requesting party. Any
      such
      request from the Depositor shall not be given more than once each calendar
      quarter, unless the Depositor shall have a reasonable basis for a determination
      that any of the representations and warranties may not be accurate.

     

    Section
      4.3.                                Additional
      Information to Be Provided by the Custodian.  For so long as the
      Certificates are outstanding, for the purpose of satisfying the Depositor’s
      reporting obligation under the Exchange Act with respect to any class of
      Certificates, the Custodian shall (a) notify the Depositor, the Trustee and
      the
      Master Servicer in writing of any material litigation or governmental
      proceedings pending against the Custodian (including any such proceedings known
      to be contemplated by the governmental authorities) that would be material
      to
      Certificateholders, and (b) provide to the Depositor, the Trustee and the Master
      Servicer a written description of such proceedings. Any notices and descriptions
      required under this Section 4.3 shall be given no later than five Business
      Days
      prior to the Determination Date following the month in which the Custodian
      has
      knowledge of the occurrence of the relevant event. As of the date the Depositor,
      the Trustee or Master Servicer files each Report on Form 10-D or Form 10-K
      with
      respect to the Certificates, the Custodian will be deemed to represent that
      any
      information previously provided under this Section 4.3, if any, is materially
      correct and does not have any material omissions unless the Custodian has
      provided an update to such information.

     

    Section
      4.4.                                Report
      on Assessment of Compliance and Attestation.  On or before March
      15 of each calendar year in which a Form 10-K is required to be filed with
      respect to the Trust, the Custodian shall:

     

    (a)           deliver
      to the Depositor, the Master Servicer and the Trustee a report (in form and
      substance reasonably satisfactory to the Depositor) regarding the Custodian’s
      assessment of compliance with the Applicable Servicing Criteria as set forth
      in
      Exhibit Four during the immediately preceding calendar year, as required under
      Rules 13a-18 and 15d-18 of the Exchange Act and Item 1122 of Regulation
      AB.  Such report shall be addressed to the Depositor and the Trustee
      signed by an authorized officer of the Custodian, and shall address each of
      the
      Servicing Criteria specified on a certification substantially in the form of
      Exhibit Four hereto; and

     

    (b)           deliver
      to the Depositor, the Master Servicer and the Trustee, a report of a registered
      public accounting firm reasonably acceptable to the Master Servicer, the
      Depositor and the Trustee that attests to, and reports on, the assessment of
      compliance made by the Custodian and delivered pursuant to the preceding
      paragraph. Such attestation shall be in accordance with Rules 1-02(a)(3) and
      2-02(g) of Regulation S-X under the Securities Act and the Exchange
      Act.

     

    Section
      4.5.                                Indemnification;
      Remedies.

     

    (a)           The
      Custodian shall indemnify the Depositor, each affiliate of the Depositor, the
      Master Servicer, the Trustee and each broker dealer acting as underwriter,
      placement agent or initial purchaser of the Certificates or each Person who
      controls any of such parties (within the meaning of Section 15 of the Securities
      Act and Section 20 of the Exchange Act); and the respective present and former
      directors, officers, employees and agents of each of the foregoing (each, an
      “Indemnified Party”), and shall hold each of them harmless from and against any
      losses, damages, penalties, fines, forfeitures, legal fees and expenses and
      related costs, judgments, and any other costs, fees and expenses that any of
      them may sustain arising out of or based upon:

     

    (i)           (A)
      any untrue statement of a material fact contained or alleged to be contained
      in
      the Custodian Disclosure and any information, report, certification,
      accountants’ attestation or other material provided under this Article IV by or
      on behalf of the Custodian (collectively, the “Custodian Information”), or (B)
      the omission or alleged omission to state in the Custodian Information a
      material fact required to be stated in the Custodian Information or necessary
      in
      order to make the statements therein, in the light of the circumstances under
      which they were made, not misleading; or

     

    (ii)           any
      failure by the Custodian to deliver any information, report, certification,
      accountants’ attestation or other material when and as required under this
      Article IV; or

     

    (iii)           the
      negligence, bad faith or willful misconduct of the Custodian in the performance
      of its obligations under this Article IV.

     

    (b)           In
      the case of any failure of performance described in clause (ii) of Section
      4.5(a), the Custodian shall promptly reimburse the Depositor, the Trustee and
      the Master Servicer for all costs reasonably incurred by the Depositor and
      the
      Master Servicer, respectively, in order to obtain the information, report,
      certification, accountants’ letter or other material not delivered as required
      by the Custodian.

     

    (c)           In
      no event shall the Custodian or its directors, officers and employees be liable
      for any special, indirect or consequential damages from any action taken or
      omitted to be taken by it or them hereunder or in connection herewith even
      if
      advised of the possibility of such damages.

     

    If
      the
      indemnification provided for herein is unavailable or insufficient to hold
      harmless any Indemnified Party, then the Custodian agrees that it shall
      contribute to the amount paid or payable by such Indemnified Party as a result
      of any claims, losses, damages or liabilities incurred by such Indemnified
      Party
      in such proportion as is appropriate to reflect the relative fault of such
      Indemnified Party on the one hand and the Custodian on the
      other.  This indemnification shall survive the termination of this
      Agreement or the termination of the Custodian.

     

    ARTICLE
      V.

    MISCELLANEOUS
      PROVISIONS

     

    Section
      5.1.                                Notices.  All
      notices, requests, consents and demands and other communications required under
      this Agreement or pursuant to any other instrument or document delivered
      hereunder shall be in writing and, unless otherwise specifically provided,
      may
      be delivered personally, by telegram or telex, or by registered or certified
      mail, postage prepaid, return receipt requested, at the addresses specified
      on
      the signature page hereof (unless changed by the particular party whose address
      is stated herein by similar notice in writing), in which case the notice will
      be
      deemed delivered when received.

     

    Section
      5.2.                                Amendments.  No
      modification or amendment of or supplement to this Agreement shall be valid
      or
      effective unless the same is in writing and signed by all parties hereto, and
      neither the Depositor, the Master Servicer nor the Trustee shall enter into
      any
      amendment hereof except as permitted by the Pooling and Servicing
      Agreement.  The Trustee shall give prompt notice to the Custodian of
      any amendment or supplement to the Pooling and Servicing Agreement and furnish
      the Custodian with written copies thereof.

     

    Section
      5.3.                                GOVERNING
      LAW.  THIS AGREEMENT SHALL BE DEEMED A CONTRACT MADE UNDER THE
      LAWS OF THE STATE OF NEW YORK AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE
      WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK WITHOUT REFERENCE TO
      ITS
      CONFLICT OF LAWS RULES (OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL
      OBLIGATIONS LAW, WHICH SHALL APPLY HERETO).

     

    Section
      5.4.                                Recordation
      of Agreement.  To the extent permitted by applicable law, this
      Agreement is subject to recordation in all appropriate public offices for real
      property records in all the counties or other comparable jurisdictions in which
      any or all of the properties subject to the Mortgages are situated, and in
      any
      other appropriate public recording office or elsewhere, such recordation to
      be
      effected by the Depositor and at the Trust's expense on direction by the
      Trustee, but only upon direction accompanied by an Opinion of Counsel reasonably
      satisfactory to the Depositor to the effect that the failure to effect such
      recordation is likely to materially and adversely affect the interests of the
      Certificateholders.

     

    For
      the
      purpose of facilitating the recordation of this Agreement as herein provided
      and
      for other purposes, this Agreement may be executed simultaneously in any number
      of counterparts, each of which counterparts shall be deemed to be an original,
      and such counterparts shall constitute but one and the same
      instrument.

     

    Section
      5.5.                                Severability
      of Provisions.  If any one or more of the covenants, agreements,
      provisions or terms of this Agreement shall be for any reason whatsoever held
      invalid, then such covenants, agreements, provisions or terms shall be deemed
      severable from the remaining covenants, agreements, provisions or terms of
      this
      Agreement and shall in no way affect the validity or enforceability of the
      other
      provisions of this Agreement or of the Certificates or the rights of the holders
      thereof.

     

    [Signature
      page follows]

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    IN
      WITNESS WHEREOF, this Agreement is executed as of the date first above
      written.

    

    
      	
              Address:

               

              Wells
                Fargo Bank, National Association

              9062
                Old Annapolis Road,

              Columbia,
                Maryland 21045

              Attn:
                Client Manager - BSARM 2007-5 Telecopy:  (410)
                715-2380

               

            	
              WELLS
                FARGO BANK, N.A.,

              not
                individually but solely as Trustee

               

              By:___________________________________

              Name:

              Title:

               

               

            
	
              Address:

               

              383
                Madison Avenue

              New
                York, New York  10179

            	
              STRUCTURED
                ASSET MORTGAGE INVESTMENTS II INC.

               

              By:___________________________________

              Name:

              Title:

               

               

            
	
              Address:

               

              2780
                Lake Vista Drive

              Lewisville,
                Texas 75067

              (214)
                626-4889

              Attention:
                Michelle Viner

               

               

            	
              EMC
                MORTGAGE CORPORATION, as Master Servicer and Seller

               

              By:___________________________________

              Name:

              Title:

               

            
	
              Address:

               

              4100
                E. Los Angeles Avenue

              Simi
                Valley, California 93063

              Attention:
                Teresita Que

              Telephone:
                (805) 577-6028

              Facsimile:  (805)
                577-6069

            	
              TREASURY
                BANK, A DIVISION OF COUNTRYWIDE BANK FSB, as Custodian

               

              By:___________________________________

              Name:

              Title:

               

            

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

     

    
      
        	
                STATE
                  OF MARYLAND 

              	
                )

              	 
	 	
                )

              	
                ss.:

              
	
                COUNTY
                  OF HOWARD

              	
                )

              	 

      

    

     

    On
      the
      31st day of
      August, 2007 before me, a notary public in and for said State,
      personally appeared _____________________, known to me to be an
      _____________________ of Wells Fargo Bank, N.A., a national banking association
      that executed the within instrument, and also known to me to be the person
      who
      executed it on behalf of said national banking association and acknowledged
      to
      me that such national banking association executed the within
      instrument.

     

    IN
      WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the
      day and year in this certificate first above written.

     

    
      
        	 	 	 	 
	 	 	
                Notary
                  Public

              	 

      

    

     

    [SEAL]

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

     

    
      
        	
                STATE
                  OF NEW YORK

              	
                )

              	 
	 	
                )

              	
                ss.:

              
	
                COUNTY
                  OF NEW YORK

              	
                )

              	 

      

    

    
    

    On
      the
      31st day of
      August, 2007 before me, a notary public in and for said State, personally
      appeared _______________, known to me to be a Vice President of Structured
      Asset
      Mortgage Investments II Inc., one of the corporations that executed the within
      instrument, and also known to me to be the person who executed it on behalf
      of
      said corporation, and acknowledged to me that such corporation executed the
      within instrument.

     

    IN
      WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the
      day and year in this certificate first above written.

     

    
      
        	 	 	 	 
	 	 	
                Notary
                  Public

              	 

      

    

     

    [Notarial
      Seal]

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

     

    
      
        	
                STATE
                  OF TEXAS

              	
                )

              	 
	 	
                )

              	
                ss.:

              
	
                COUNTY
                  OF 

              	
                )

              	 

      

    

     

    On
      the
      31st day of
      August, 2007 before me, a notary public in and for said State,
      personally appeared __________________known to me to be an authorized
      representative of EMC Mortgage Corporation, one of the corporations that
      executed the within instrument, and also known to me to be the person who
      executed it on behalf of said national banking association, and acknowledged
      to
      me that such national banking association executed the within
      instrument.

     

    IN
      WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the
      day and year in this certificate first above written.

     

    
      
        	 	 	 	 
	 	 	
                Notary
                  Public

              	 

      

    

     

    [SEAL]

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

     

    
      
        	
                STATE
                  OF CALIFORNIA

              	
                )

              	 
	 	
                )

              	
                ss.:

              
	
                COUNTY
                  OF                             
                  

              	
                )

              	 

      

    

     

    On
      the
      31st day of
      August, 2007 before me, a notary public in and for said State, personally
      appeared ______________, known to me to be a __________________ of Treasury
      Bank, a division of Countrywide Bank FSB, one of the corporations that executed
      the within instrument, and also known to me to be the person who executed it
      on
      behalf of said corporation, and acknowledged to me that such corporation
      executed the within instrument.

     

    IN
      WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the
      day and year in this certificate first above written.

    
       

      
        
          	 	 	 	 
	 	 	
                  Notary
                    Public

                	 

        

      

    

     

    [Notarial
      Seal]

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    SCHEDULE
      1

     

    Mortgage
      Loans

     

    [Provided
      upon Request]

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    EXHIBIT
      ONE

     

    FORM
      OF
      CUSTODIAN INITIAL CERTIFICATION

     

    
      	 	 	
              August
                31, 2007

            	 

    

     

    Wells
      Fargo Bank, National Association,

    9062
      Old
      Annapolis Road

    Columbia,
      MD 21045

    

    Structured
      Asset Mortgage Investments II Inc.

    383
      Park
      Avenue

    New
      York,
      New York 10179

     

    EMC
      Mortgage Corporation

    2780
      Lake
      Vista Drive

    Lewisville,
      TX 75067

    Attention:
      Janan Weeks

    Email:
      jweeks@bear.com

    Facsimile:
      (214) 626-3704

    

    With
      a
      copy to:

    EMC
      Mortgage Corporation

    2780
      Lake
      Vista Drive

    Lewisville,
      TX 75067

    Attention:
      Michelle Viner

    Email: 
      mviner@bear.com

    Facsimile:
      (214) 626-4889

    

    Attention:
      Bear Stearns ARM Trust 2007-5, Mortgage Pass-Through Certificates, Series
      2007-5

    

     

    
      	
               

            	
              Re:

            	
              Custodial
                Agreement, dated as of August 31, 2007, by and among Structured Asset
                Mortgage Investments II Inc., EMC Mortgage Corporation, and Treasury
                Bank,
                a division of Countrywide Bank FSB relating to Bear Stearns ARM Trust
                2007-5, Mortgage Pass-Through Certificates, Series 2007-5

            	 

    

     

     

    
      	
               

            	
              Ladies
                and Gentlemen:

            

    

     

    In
      accordance with Section 2.3 of the above-captioned Custodial Agreement, and
      subject to Section 2.02 of the Pooling and Servicing Agreement, the undersigned,
      as Custodian, hereby certifies that it has received a Mortgage File (which
      contains an original Mortgage Note or lost note affidavit) to the extent
      required in Section 2.01 of the Pooling and Servicing Agreement (other than
      with
      respect to clause (b)(v) thereof, for which no review has been made) with
      respect to each Mortgage Loan listed in the Mortgage Loan Schedule, with any
      exceptions listed on Schedule A attached hereto.

     

    Capitalized
      words and phrases used herein shall have the respective meanings assigned to
      them in the above-captioned Custodial Agreement.

     

     

    
      
        	 	
                TREASURY
                  BANK, A DIVISION OF COUNTRYWIDE
                  BANK N.A.

              	 
	 	 	 	 
	
                 

              	
                By:
                  

              	 	 
	 	Name:	 	 
	 	Title:	 	 
	 	 	 	 

      

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    SCHEDULE
      A TO EXHIBIT ONE

     

    Exceptions

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    EXHIBIT
      TWO

     

    FORM
      OF
      CUSTODIAN INTERIM CERTIFICATION

     

    
      
        	 	 	
                _________
                  ___, 200__

              	 

      

    

     

    Wells
      Fargo Bank, National Association,

    9062
      Old
      Annapolis Road

    Columbia,
      MD 21045

    Attn:  Client
      Manager - BSARM 2007-5

    

    Structured
      Asset Mortgage Investments II Inc.

    383
      Park
      Avenue

    New
      York,
      New York 10179

     

    EMC
      Mortgage Corporation

    2780
      Lake
      Vista Drive

    Lewisville,
      TX 75067

    Attention:
      Janan Weeks

    Email:
      jweeks@bear.com

    Facsimile:
      (214) 626-3704

    

    With
      a
      copy to:

    EMC
      Mortgage Corporation

    2780
      Lake
      Vista Drive

    Lewisville,
      TX 75067

    Attention:
      Michelle Viner

    Email: 
      mviner@bear.com

    Facsimile:
      (214) 626-4889

    

    Attention:
      Bear Stearns ARM Trust 2007-5, Mortgage Pass-Through Certificates, Series
      2007-5

     

     

    
      	
               

            	
              Re:

            	
              Custodial
                Agreement, dated as of August 31, 2007, by and among Structured Asset
                Mortgage Investments II Inc., EMC Mortgage Corporation, and Treasury
                Bank,
                a division of Countrywide Bank FSB relating to Bear Stearns ARM Trust
                2007-5, Mortgage Pass-Through Certificates, Series 2007-5

            	 

    

     

    Ladies
      and Gentlemen:

     

    In
      accordance with Section 2.3 of the above-captioned Custodial Agreement, the
      undersigned, as Custodian, hereby certifies that it has received a Mortgage
      File
      to the extent required pursuant to Section 2.01 of the Pooling and Servicing
      Agreement (other than with respect to clause (b)(v) thereof, for which no review
      has been made) with respect to each Mortgage Loan listed in the Mortgage Loan
      Schedule, and it has reviewed the Mortgage File and the Mortgage Loan Schedule
      and has determined that: all required documents have been executed and received
      and that such documents related to the Mortgage Loans identified on the Mortgage
      Loan Schedule, with any exceptions listed on Schedule A attached
      hereto.

     

    Capitalized
      words and phrases used herein shall have the respective meanings assigned to
      them in the above-captioned Custodial Agreement.

    
       

      
        
          	 	
                  TREASURY
                    BANK, A DIVISION OF COUNTRYWIDE
                    BANK N.A.

                	 
	 	 	 	 
	
                   

                	
                  By:
                    

                	 	 
	 	Name:	 	 
	 	Title:	 	 
	 	 	 	 

        

      

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    SCHEDULE
      A TO EXHIBIT TWO

     

    Exceptions

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    EXHIBIT
      THREE

     

    FORM
      OF
      CUSTODIAN FINAL CERTIFICATION

     

    
      
        
          	 	 	
                  _________
                    ___, 200__

                	 

        

      

    

     

    Wells
      Fargo Bank, National Association,

    9062
      Old
      Annapolis Road

    Columbia,
      MD 21045

    Attn:  Client
      Manager - BSARM 2007-5

    

    Structured
      Asset Mortgage Investments II Inc.

    383
      Park
      Avenue

    New
      York,
      New York 10179

     

    EMC
      Mortgage Corporation

    2780
      Lake
      Vista Drive

    Lewisville,
      TX 75067

    Attention:
      Janan Weeks

    Email:
      jweeks@bear.com

    Facsimile:
      (214) 626-3704

    

    With
      a
      copy to:

    EMC
      Mortgage Corporation

    2780
      Lake
      Vista Drive

    Lewisville,
      TX 75067

    Attention:
      Michelle Viner

    Email: 
      mviner@bear.com

    Facsimile:
      (214) 626-4889

    

    Attention:  Bear
      Stearns ARM Trust 2007-5, Mortgage Pass-Through Certificates, Series
      2007-5

     

    
      	
               

            	
              Re:

            	
              Custodial
                Agreement, dated as of August 31, 2007, by and among Structured Asset
                Mortgage Investments II Inc., EMC Mortgage Corporation, and Treasury
                Bank,
                a division of Countrywide Bank FSB relating to Bear Stearns ARM Trust
                2007-5, Mortgage Pass-Through Certificates, Series 2007-5

            	 

    

     

     

    Ladies
      and Gentlemen:

     

    In
      accordance with Section 2.3 of the above-captioned Custodial Agreement, the
      undersigned, as Custodian, hereby certifies that it has received a Mortgage
      File
      to the extent required pursuant to Section 2.01 of the Pooling and Servicing
      Agreement (other than with respect to clause (b)(v) thereof, for which no review
      has been made) with respect to each Mortgage Loan listed in the Mortgage Loan
      Schedule, and it has reviewed the Mortgage File and the Mortgage Loan Schedule
      and has determined that an original of each document related thereto required
      to
      be recorded has been returned from the related recording office with evidence
      of
      recording thereon, or a certified copy has been obtained from the related
      recording office, with any exceptions listed in Schedule A attached
      hereto.

     

     

    Capitalized
      words and phrases used herein shall have the respective meanings assigned to
      them in the above-captioned Custodial Agreement.

    
       

      
        
          	 	
                  TREASURY
                    BANK, A DIVISION OF COUNTRYWIDE
                    BANK N.A.

                	 
	 	 	 	 
	
                   

                	
                  By:
                    

                	 	 
	 	Name:	 	 
	 	Title:	 	 
	 	 	 	 

        

      

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    SCHEDULE
      A TO EXHIBIT THREE

     

    Exceptions

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    EXHIBIT
      FOUR

     

    SERVICING
      CRITERIA TO BE ADDRESSED IN
      ASSESSMENT OF COMPLIANCE

     

    The
      assessment of compliance to be
      delivered by the Custodian shall address, at a minimum, the criteria identified
      as below as “Applicable Servicing Criteria”;

     

    
      
        	
                 

                Servicing
                  Criteria

              	
                Applicable

                Servicing
                  Criteria

              
	
                Reference

              	
                Criteria

              	 
	 	
                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

              	 
	
                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

              	 
	
                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.

              	 
	 	
                 

                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 and
                  identification, or
                  such other number of days specified in the transaction
                  agreements.

              	 
	
                1122(d)(2)(ii)

              	
                Disbursements
                  made via wire
                  transfer on behalf of an obligor or to an investor are made only
                  by
                  authorized personnel.

              	 
	
                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.

              	 
	
                1122(d)(2)(iv)

              	
                The
                  related accounts for the
                  transaction, such as cash reserve accounts or accounts established
                  as a
                  form of overcollateralization, are separately maintained (e.g.,
                  with
                  respect to commingling of cash) as set forth in the transaction
                  agreements.

              	 
	
                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 institutions” 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.

              	 
	
                1122(d)(2)(vi)

              	
                Unissued
                  checks are safeguarded so
                  as to prevent unauthorized access.

              	 
	
                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 reconciliations;
                  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.

              	 
	 	
                 

                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.

              	 
	
                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.

              	 
	
                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.

              	 
	
                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.

              	 
	 	
                 

                Pool
                  Asset
                  Administration

              	 
	
                1122(d)(4)(i)

              	
                Collateral
                  or security on pool
                  assets is maintained as required by the transaction agreements
                  or related
                  asset pool documents.

              	
                √

                 

              
	
                1122(d)(4)(ii)

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

              	
                √

                 

              
	
                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

              	 
	
                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.

              	 
	
                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.

              	 
	
                1122(d)(4)(vi)

              	
                Changes
                  with respect to the terms
                  or status of an obligor’s pool asset (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.

              	 
	
                1122(d)(4)(vii)

              	
                Loss
                  mitigation of recovery
                  actions (e.g., forbearance plans, modifications and deed 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
                  documents.

              	 
	
                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
                  in 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).

              	 
	
                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.

              	 
	
                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 3- calendar days of full repayment
                  of
                  the related pool asset, or such other number of days specified
                  in the
                  transaction agreements.

              	 
	
                1122(d)(4)(xi)

              	
                Payments
                  made on behalf of an
                  obligor (such as tax ore 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 service at least 30 calendar days prior to these dates,
                  or such
                  other number of days specified in the transaction
                  agreements.

              	 
	
                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.

              	 
	
                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.

              	 
	
                1122(d)(4)(xiv)

              	
                Delinquencies,
                  charge-offs and
                  uncollectible funds are recognized and recorded in accordance with
                  the
                  transaction agreements.

              	 
	
                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.

              	 

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

     

    EXHIBIT
      H-1

     

    COUNTRYWIDE
      SERVICING AGREEMENT

     

    
      This
        is a
        Seller’s Warranties and Servicing Agreement for residential adjustable rate
        first lien mortgage loans, dated and effective as of September 1, 2002, and
        is
        executed between EMC Mortgage Corporation, as purchaser (the
“Purchaser”), and Countrywide Home Loans, Inc., as seller and servicer
        (the “Company”).

       

      W I T N E S S E T H:

       

      WHEREAS,
        from time to time the Purchaser has agreed to purchase from the Company and
        from
        time to time the Company has agreed to sell to the Purchaser certain Mortgage
        Loans (excluding the right to service the Mortgage Loans which the Company
        expressly retains);

       

      WHEREAS,
        each of the Mortgage Loans is secured by a mortgage, deed of trust or other
        security instrument creating a first lien on a residential dwelling located
        in
        the jurisdiction indicated on the related Mortgage Loan Schedule, which is
        annexed hereto as Exhibit A;

      WHEREAS,
        the Company has agreed to service, from time to time, certain of the Mortgage
        Loans acquired by the Purchaser in accordance with the terms and provisions
        of
        this Agreement; and

       

      WHEREAS,
        the Purchaser and the Company wish to prescribe the manner of purchase of
        the
        Mortgage Loans and the management, servicing and control of the Mortgage
        Loans
        which from time to time are subject to this Agreement.

       

       

      NOW,
        THEREFORE, in consideration of the mutual agreements hereinafter set forth,
        and
        for other good and valuable consideration, the receipt and adequacy of which
        is
        hereby acknowledged, the Purchaser and the Company agree as
        follows:

       

      ARTICLE
        I

       

      DEFINITIONS

       

      Whenever
        used herein, the following words and phrases, unless the context otherwise
        requires, shall have the following meanings:

       

      Accepted
        Servicing Practices:  With respect to any Mortgage Loan, those
        mortgage servicing practices of prudent mortgage lending institutions which
        service mortgage loans of the same type as such Mortgage Loan in the
        jurisdiction where the related Mortgaged Property is located.

       

      Agency
        Transfer:  The sale or transfer by Purchaser of some or all of the
        Mortgage Loans to Fannie Mae under its Cash Purchase Program or its MBS Swap
        Program (Special Servicing Option) or to Freddie Mac under its Freddie Mac
        Cash
        Program or Gold PC Program, retaining the Company as “servicer
        thereunder”.

       

      Agreement:  This
        Seller’s Warranties and Servicing Agreement and all amendments hereof and
        supplements hereto.

       

      ALTA:  The
        American Land Title Association or any successor thereto.

       

      Appraised
        Value: The value set forth in an appraisal made in connection with the
        origination of the related Mortgage Loan as the value of the Mortgaged
        Property.

       

      Approved
        Flood Certification Provider:  Any provider acceptable to Fannie
        Mae and Freddie Mac.

       

      Assignment
        and Conveyance: An Assignment and Conveyance in the form of Exhibit 6
        to the Mortgage Loan Purchase Agreement dated as of the date hereof, by and
        between the Seller and the Purchaser.

       

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

       

      BIF:  The
        Bank Insurance Fund, or any successor thereto.

       

      Business
        Day:  Any day other than (i) a Saturday or Sunday, or (ii) a day
        on which banking and savings and loan institutions in the State of New York
        or
        California are authorized or obligated by law or executive order to be
        closed.

       

      Closing
        Date: The date set forth on the related Confirmation on which the Purchaser
        from time to time shall purchase and the Company from time to time shall
        sell,
        the Mortgage Loans listed on the related Mortgage Loan Schedule.

       

      Code:  The
        Internal Revenue Code of 1986, as it may be amended from time to time or
        any
        successor statute thereto, and applicable U.S. Department of the Treasury
        regulations issued pursuant thereto.

       

      Company:  Countrywide
        Home Loans, Inc., or its successor in interest or assigns, or any successor
        to
        the Company under this Agreement appointed as herein provided.

       

      Condemnation
        Proceeds:  All awards or settlements in respect of a Mortgaged
        Property, whether permanent or temporary, partial or entire, by exercise
        of the
        power of eminent domain or condemnation, to the extent not required to be
        released to a Mortgagor in accordance with the terms of the related Mortgage
        Loan Documents.

       

      Confirmation:  The
        trade confirmation letter between the parties hereto which relates to the
        Mortgage Loans on the related Closing Date.

       

      Convertible
        Mortgage Loan: Any individual Mortgage Loan purchased pursuant to this
        Agreement which contains a provision whereby the Mortgagor is permitted to
        convert the Mortgage Loan to a fixed-rate mortgage loan at any time between
        the
        first anniversary and the fifth anniversary of the origination of the mortgage
        loan.

       

      Custodial
        Account:  The separate account or accounts created and maintained
        pursuant to Section 4.04.

       

      Custodial
        Agreement: That certain Custodial Agreement, dated as of November 23,1999 by
        and between the Purchaser and Wells Fargo Bank Minnesota, N.A.

       

      Custodian:  The
        Custodian under the Custodial Agreement, or its successor in interest or
        assigns
        or any successor to the Custodian under the Custodial Agreement as provided
        therein.

       

      Cut-off
        Date: The date set forth on the related Confirmation.

       

      Deleted
        Mortgage Loan:  A Mortgage Loan which is repurchased by the
        Company in accordance with the terms of this Agreement and which is, in the
        case
        of a substitution pursuant to Section 3.03, replaced or to be replaced with
        a
        Qualified Substitute Mortgage Loan.

       

      Determination
        Date:  The 15th day
        (or if such
        15th day is
        not
        a Business Day, the Business Day immediately preceding such 15th day)
        of the month
        of the related Remittance Date.

       

      Disqualified
        Organization:  An organization defined as such in Section 860E(e)
        of the Code.

       

      Due
        Date:  The day of the month on which the Monthly Payment is due on
        a Mortgage Loan, exclusive of any days of grace. With respect to the Mortgage
        Loans for which payment from the Mortgagor is due on a day other than the
        first
        day of the month, such Mortgage Loans will be treated as if the Monthly Payment
        is due on the first day of the month of such Due Date.

       

      Due
        Period:  With respect to each Remittance Date, the prior calendar
        month.

       

      Eligible
        Investments:  Any one or more of the obligations and securities
        listed below which investment provides for a date of maturity not later than
        the
        Determination Date in each month:

       

      (i)  direct
        obligations of, and obligations fully guaranteed by, the United States of
        America, or any agency or instrumentality of the United States of America
        the
        obligations of which are backed by the full faith and credit of the United
        States of America; and

       

      (ii)  federal
        funds, demand and time deposits in, certificates of deposits of, or bankers’
acceptances issued by, any depository institution or trust company incorporated
        or organized under the laws of the United States of America or any state
        thereof
        and subject to supervision and examination by federal and/or state banking
        authorities, so long as at the time of such investment or contractual commitment
        providing for such investment the commercial paper or other short-term debt
        obligations of such depository institution or trust company (or, in the case
        of
        a depository institution or trust company which is the principal subsidiary
        of a
        holding company, the commercial paper or other short-term debt obligations
        of
        such holding company) are rated “P-1” by Moody’s Investors Service, Inc. and the
        long-term debt obligations of such holding company) are rated “P-1” by Moody’s
        Investors Service, Inc. and the long-term debt obligations of such depository
        institution or trust company (or, in the case of a depository institution
        or
        trust company which is the principal subsidiary of a holding company, the
        long-term debt obligations of such holding company) are rated at least “Aa” by
        Moody’s Investors Service, Inc.;

       

      (iii)  investments
        and securities otherwise acceptable to Fannie Mae and Freddie Mac.

       

      provided,
        however, that no such instrument shall be an Eligible Investment if such
        instrument evidences either (i) a right to receive only interest payments
        with respect to the obligations underlying such instrument, or (ii) both
        principal and interest payments derived from obligations underlying such
        instrument and the principal and interest payments with respect to such
        instrument provide a yield to maturity of greater than 120% of the yield
        to
        maturity at par of such underlying obligations.

       

      Errors
        and Omissions Insurance Policy:  An errors and omissions insurance
        policy to be maintained by the Company pursuant to Section 4.12.

       

      Escrow
        Account:  The separate account or accounts created and maintained
        pursuant to Section 4.06.

       

      Escrow
        Payments:  With respect to any Mortgage Loan, the amounts
        constituting ground rents, taxes, assessments, water rates, sewer rents,
        municipal charges, mortgage insurance premiums, fire and hazard insurance
        premiums, condominium charges, and any other payments required to be escrowed
        by
        the Mortgagor with the mortgagee pursuant to the Mortgage or any other related
        document.

       

      Event
        of Default:  Any one of the conditions or circumstances enumerated
        in Section 10.01.

       

      Fannie
        Mae:  The Federal National Mortgage Association, or any successor
        thereto.

       

      Fannie
        Mae Guides:  The Fannie Mae Sellers’ Guide and the Fannie Mae
        Servicers’ Guide and all amendments or additions thereto.

       

      FDIC:  The
        Federal Deposit Insurance Corporation, or any successor thereto.

       

      Fidelity
        Bond:  A fidelity bond to be maintained by the Company pursuant to
        Section 4.12.

       

      First
        Remittance Date:  As stated in the related Mortgage Loan Purchase
        Agreement.

       

      5/1
        ARM Mortgage Loan: Any individual Mortgage Loan purchased pursuant to this
        Agreement which contains a provision whereby the interest rate on such Mortgage
        Loan is fixed for the first five (5) years of the term of the related Mortgage
        Loan and which thereafter is converted to a Treasury Rate Mortgage Loan or
        a
        LIBOR Mortgage Loan except that the Periodic Rate Cap does not apply to the
        initial Interest Rate Adjustment Date for the related Mortgage
        Loan.

       

      Freddie
        Mac:  The Federal Home Loan Mortgage Corporation, or any successor
        thereto.

       

      GEMICO:  General
        Electric Mortgage Insurance Corporation or any successor thereto.

       

      Gross
        Margin: With respect to each Mortgage Loan, the fixed percentage amount set
        forth on the related Mortgage Note, which amount is added to the Index in
        accordance with the terms of the related Mortgage Note to determine on each
        Interest Rate Adjustment Date, the Mortgage Interest Rate for such Mortgage
        Loan.

       

      Index:
        With respect to any individual Treasury Rate Mortgage Loan, and with respect
        to
        any individual 10/1 ARM Mortgage Loan, 5/1 ARM Mortgage Loan or 3/1 ARM Mortgage
        Loan commencing from and after the 120th Monthly Payment, sixtieth Monthly
        Payment, or the thirty-sixth Monthly Payment thereof, respectively, Index
        shall
        mean a rate per annum equal to the weekly average yield on U.S. Treasury
        securities adjusted to a constant maturity of one year as published by the
        Federal Reserve Board in statistical release No. H 15 (519) or any similar
        publication as available 45 days prior to the Interest Rate Adjustment Date.
        With respect to any individual LIBOR Mortgage Loan, Index shall mean a rate
        per
        annum equal to the average of interbank offered rates for twelve month U.S.
        dollar denominated deposits in the London market as determined as set forth
        in
        the related Mortgage Note. With respect to any individual CD Mortgage Loan,
        Index shall mean a rate per annum equal to the weekly average yield on
        certificates of deposit adjusted to a constant maturity of six months as
        published by the Federal Reserve Board in statistical release No. H 15 (519)
        or
        similar publication as available 45 days prior to the Interest Rate Adjustment
        Date.

       

      Initial
        Rate Cap: With respect to each Mortgage Loan and the initial Interest Rate
        Adjustment Date therefor, a number of percentage points per annum that is
        set
        forth in the related Mortgage Loan Schedule and in the related Mortgage Note,
        which is the maximum amount by which the Mortgage Interest Rate for such
        Mortgage Loan may increase or decrease from the Mortgage Interest Rate in
        effect
        immediately prior to such Interest Rate Adjustment Date.

       

      Insurance
        Proceeds:  With respect to each Mortgage Loan, proceeds of
        insurance policies insuring the Mortgage Loan or the related Mortgaged
        Property.

       

      Interest
        Rate Adjustment Date: The date on which an adjustment to the Mortgage
        Interest Rate on a Mortgage Note becomes effective.

       

      LIBOR
        Mortgage Loan: Any individual Mortgage Loan purchased pursuant to this
        Agreement which contains a provision whereby the interest rate on such Mortgage
        Loan is adjusted annually based upon the rate per annum equal to the average
        of
        interbank offered rates for twelve month U.S. dollar denominated deposits
        in the
        London market as published in The Wall Street Journal.

       

      Lifetime
        Mortgage Interest Rate Cap: With respect to each Mortgage Loan, the absolute
        maximum Mortgage Interest Rate payable, above which the Mortgage Interest
        Rate
        cannot be adjusted. The Mortgage Interest Rate during the term of a Mortgage
        Loan shall not at any time exceed the Mortgage Interest Rate at the time
        of
        origination of such Mortgage Loan by more than 5% per

       

      Liquidation
        Proceeds:  Cash received in connection with the liquidation of a
        defaulted Mortgage Loan, whether through the sale or assignment of such Mortgage
        Loan, trustee’s sale, foreclosure sale or otherwise, or the sale of the related
        Mortgaged Property if the Mortgaged Property is acquired in satisfaction
        of the
        Mortgage Loan.

       

      Loan-to-Value
        Ratio or LTV:  With respect to any Mortgage Loan, the ratio of the
        Stated Principal Balance of the Mortgage Loan as of the related Cut-off Date
        (unless otherwise indicated) to the lesser of (a) the Appraised Value of
        the
        Mortgaged Property and (b) if the Mortgage Loan was made to finance the
        acquisition of the related Mortgaged Property, the purchase price of the
        Mortgaged Property, expressed as a percentage.

       

      LPMI
        Loan:  A Mortgage Loan with a LPMI Policy.

       

      LPMI
        Policy: A policy of primary mortgage guaranty insurance issued by another
        Qualified Insurer pursuant to which the related premium is to be paid by
        the
        Servicer of the related Mortgage Loan from payments of interest made by the
        Mortgagor in an amount as is set forth in the related Confirmation and related
        Mortgage Loan Schedule.

       

      LPMI
        Fee: With respect to each LPMI Loan, the portion of the Mortgage Interest
        Rate as set forth on the related Mortgage Loan Schedule (which shall be payable
        solely from the interest portion of Monthly Payments, Insurance Proceeds,
        Condemnation Proceeds or Liquidation Proceeds), which, during such period
        prior
        to the required cancellation of the LPMI Policy, shall be used to pay the
        premium due on the related LPMI Policy.

       

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

       

      MERS
        Mortgage Loan:  Any Mortgage Loan registered with MERS on the MERS
        System.

       

      MERS
        System:  The system of recording transfers of mortgages
        electronically maintained by MERS.

       

      MIN:  The
        Mortgage Identification Number for any MERS Mortgage Loan.

       

      Monthly
        Advance:  The portion of Monthly Payment delinquent with respect
        to each Mortgage Loan at the close of business on the Determination Date
        required to be advanced by the Company pursuant to Section 5.03 on the Business
        Day immediately preceding the Remittance Date of the related month.

       

      Monthly
        Payment:  The scheduled monthly payment of principal and interest
        on a Mortgage Loan.

       

      Mortgage:  The
        mortgage, deed of trust or other instrument securing a Mortgage Note, which
        creates a first lien on an unsubordinated estate in fee simple in real property
        securing the Mortgage Note.

       

      Mortgage
        File:  The items pertaining to a particular Mortgage Loan referred
        to in Exhibit B annexed hereto, and any additional documents required to
        be added to the Mortgage File pursuant to this Agreement.

       

      Mortgage
        Impairment Insurance Policy:  A mortgage impairment or blanket
        hazard insurance policy as described in Section 4.11.

       

      Mortgage
        Interest Rate: The annual rate at which Interest accrues on any Mortgage
        Loan as adjusted from time to time in accordance with the provisions of the
        related Mortgage Note and in compliance with the related Initial Rate Cap,
        Lifetime Mortgage Interest Rate Cap and Periodic Rate Cap, if any, of the
        related Mortgage Note.

       

      Mortgage
        Loan: An individual Convertible or Non-Convertible, Treasury Rate, LIBOR,
        5/1 ARM, or 3/1 ARM Mortgage Loan which is the subject of this Agreement,
        each
        Mortgage Loan originally sold and subject to this Agreement being identified
        on
        the Mortgage Loan Schedule, which Mortgage Loan includes without limitation
        the
        Mortgage File, the Monthly Payments, Principal Prepayments, Liquidation
        Proceeds, condemnation proceeds, Insurance Proceeds, REO disposition proceeds,
        and all other rights, benefits, proceeds and obligations arising from or
        in
        connection with such Mortgage Loan.

       

      Mortgage
        Loan Documents:  The documents listed in Exhibit C
        hereto.

       

      Mortgage
        Loan Package: A pool of Mortgage Loans sold to the Purchaser by the Company
        on a Closing Date.

       

      Mortgage
        Loan Remittance Rate:  With respect to each Mortgage Loan, the
        annual rate of interest remitted to the Purchaser, which shall be equal to
        the
        Mortgage Interest Rate minus (i) the Servicing Fee Rate and (ii) with respect
        to
        LPMI Loans, the LPMI Fee.

       

      Mortgage
        Loan Schedule: With respect to each Mortgage Loan Package, a schedule of
        Mortgage Loans annexed hereto as Annex A, such schedule setting forth the
        following information with respect to each Mortgage Loan: (1) the Company’s
        Mortgage Loan identifying number; (2) the Mortgagor’s name; (3) the street
        address of the Mortgaged Property including the city, state and zip code;
        (4) a
        code indicating whether the Mortgaged Property is owner-occupied a second
        home,
        or an investment property; (5) the number and type of residential units
        constituting the Mortgaged Property; (6) the original months to maturity;
        (7)
        the Loan-to-Value Ratio at origination; (8) the Mortgage Interest Rate as
        of the
        Cut-off Date; (9) the date on which the initial Monthly Payment was due on
        the
        Mortgage Loan; (10) the stated maturity date; (11) the amount of the Monthly
        Payment as of the Cut-off Date; (12) the last payment date on which a payment
        was actually applied to the outstanding principal balance; (13) the original
        principal amount of the Mortgage Loan; (14) the principal balance of the
        Mortgage Loan as of the close of business on the Cut-off Date, after deduction
        of payments of principal due on or before the Cut-off Date whether or not
        collected; (15) a code indicating the purpose of the loan (i.e., purchase,
        rate
        and term refinance, equity take-out refinance); (16) a code indicating the
        documentation style (i.e. full, alternative or reduced); (17) the Interest
        Rate
        Adjustment Date; (18) the Gross Margin; (19) the lifetime maximum Mortgage
        Interest Rate under the terms of the Mortgage Note; (20) the date the Mortgage
        Loan was originated; (21) the Periodic Rate Cap; (22) a code indicating the
        company providing private mortgage insurance; (23) a code indicating if the
        Mortgage Loan is convertible; (24) the Servicing Fee Rate; (25) the LPMI
        Fee, if
        any; and (26) the Initial Rate Cap. With respect to the Mortgage Loans in
        the
        aggregate, the Mortgage Loan Schedule shall set forth the following information,
        as of the Cut-off Date: (1) the number of Mortgage Loans; (2) the current
        aggregate outstanding principal balance of the Mortgage Loans; (3) the weighted
        average Mortgage Interest Rate of the Mortgage Loans; and (4) the weighted
        average maturity of the Mortgage Loans.  The Mortgage Loan Schedule
        may consist of multiple reports that collectively set forth all of the required
        information.

       

      Mortgage
        Note:  The note or other evidence of the indebtedness of a
        Mortgagor secured by a Mortgage.

       

      Mortgaged
        Property:  The real property securing repayment of the debt
        evidenced by a Mortgage Note.

       

      Mortgagor:  The
        obligor on a Mortgage Note.

       

      Non-Convertible
        Mortgage Loan: Any individual Mortgage Loan purchased pursuant to this
        Agreement which does not contain a provision whereby the Mortgagor may convert
        the Mortgage Loan to a fixed-rate mortgage loan.

       

      Officer’s
        Certificate:  A certificate signed by the Chairman of the Board or
        the Vice Chairman of the Board or the President or a Vice President or an
        assistant Vice President and by the Treasurer or the Secretary or one of
        the
        Assistant Treasurers or Assistant Secretaries of the Company, and delivered
        to
        the Purchaser as required by this Agreement.

       

      Opinion
        of Counsel:  A written opinion of counsel, who may be an employee
        of the Company, reasonably acceptable to the Purchaser, provided that any
        Opinion of Counsel relating to compliance with the REMIC Provisions, must
        be an
        opinion of counsel who (i) is in fact independent of the Company and any
        master
        servicer of the Mortgage Loans, (ii) does not have any material direct or
        indirect financial interest in the Company or any master servicer of the
        Mortgage Loans or in an affiliate of either and (iii) is not connected with
        the
        Company or any master servicer of the Mortgage Loans as an officer, employee,
        director or person performing similar functions.

       

      Pass-Through
        Transfer:  The sale or transfer of some or all of the Mortgage
        Loans to a trust to be formed as part of a publicly-issued and/or privately
        placed, rated or unrated, mortgage pass-through transaction, retaining the
        Company as “servicer” (with or without a master servicer)
        thereunder.

       

      Periodic
        Rate Cap: With respect to each Mortgage Loan, the provision of each Mortgage
        Note which provides for an absolute maximum amount by which the Mortgage
        Interest Rate therein may increase or decrease on an Interest Rate Adjustment
        Date above the Mortgage Interest Rate previously in effect, equal to the
        rate
        set forth on the Mortgage Loan Schedule per adjustment.

       

      Person:  Any
        individual, corporation, partnership, joint venture, association, joint-stock
        company, trust, unincorporated organization, government or any agency or
        political subdivision thereof.

       

      PMI:  PMI
        Mortgage Insurance Co., or any successor thereto.

       

      PMI
        Policy:  A policy of primary mortgage guaranty insurance issued by
        a Qualified Insurer, as required by this Agreement with respect to certain
        Mortgage Loans.

       

      Pool
        Insurer:  Any of GEMICO, PMI or UGI.

       

      Prepayment
        Interest Shortfall Amount:  With respect to any Mortgage Loan that
        was subject to a Principal Prepayment in full or in part during any Due Period,
        which Principal Prepayment was applied to such Mortgage Loan prior to such
        Mortgage Loan’s Due Date in such Due Period, the amount of interest (net the
        related Servicing Fee) that would have accrued on the amount of such Principal
        Prepayment during the period commencing on the date as of which such Principal
        Prepayment was applied to such Mortgage Loan and ending on the day immediately
        preceding such Due Date, inclusive.

       

      Prime
        Rate:  The prime rate announced to be in effect from time to time,
        as published as the average rate in the “Money Rates” section of
TheWallStreetJournal.

       

      Principal
        Prepayment:  Any payment or other recovery of principal on a
        Mortgage Loan which is received in advance of its scheduled Due Date, including
        any prepayment penalty or premium thereon and which is not accompanied by
        an
        amount of interest representing scheduled interest due on any date or dates
        in
        any month or months subsequent to the month of prepayment.

       

      Principal
        Prepayment Period:  The month preceding the month in which the
        related Remittance Date occurs.

       

      Purchaser:  EMC
        Mortgage Corporation or its successor in interest or any successor to the
        Purchaser under this Agreement as herein provided.

       

      Qualified
        Depository:  A depository the accounts of which are insured by the
        FDIC through the BIF or the SAIF or the debt obligations of which are rated
        AA
        (or the equivalent rating category) or better by national recognized statistical
        rating organization.

       

      Qualified
        Insurer:  A mortgage guaranty insurance company duly authorized
        and licensed where required by law to transact mortgage guaranty insurance
        business and approved as an insurer by Fannie Mae or Freddie Mac.

       

      Qualified
        Substitute Mortgage Loan:  A mortgage loan eligible to be
        substituted by the Company for a Deleted Mortgage Loan which must, on the
        date
        of such substitution, (i) have an outstanding principal balance, after deduction
        of all scheduled payments due in the month of substitution (or in the case
        of a
        substitution of more than one mortgage loan for a Deleted Mortgage Loan,
        an
        aggregate principal balance), not in excess of the Stated Principal Balance
        of
        the Deleted Mortgage Loan; (ii) have a Mortgage Loan Remittance Rate not
        less
        than and not more than 2% greater than the Mortgage Loan Remittance Rate
        of the
        Deleted Mortgage Loan; (iii) have a remaining term to maturity not greater
        than
        and not more than one year less than that of the Deleted Mortgage Loan; (iv)
        have a Gross Margin not less than that of the Deleted Mortgage Loan; (v)
        comply
        with each representation and warranty set forth in Sections 3.01 and 3.02;
        (v)
        use the same Index for determining the Mortgage Interest Rate as the Deleted
        Mortgage Loan; (vi) have the same provision with respect to convertibility
        as
        the Deleted Mortgage Loan; and (viii) be a REMIC Eligible Mortgage
        Loan.

       

      Rating
        Agency:  Any of Fitch, Moody’s or Standard & Poor’s or their
        respective successors designed by the Purchaser.

       

      Reconstitution
        Agreements:  The agreement or agreements entered into by the
        Purchaser, the Company, Fannie Mae or Freddie Mac or certain third parties
        on
        the Reconstitution Date(s) with respect to any or all of the Mortgage Loans
        serviced hereunder, in connection with a Pass-Through Transfer or an Agency
        Transfer as set forth in Section 7.01, including, but not limited to, (i)
        a
        Fannie Mae Mortgage Selling and Servicing Contract, a Pool Purchase Contract,
        and any and all servicing agreements and tri-party agreements reasonably
        required by Fannie Mae with respect to a Fannie Mae Transfer, (ii) a Purchase
        Contract and all purchase documents associated therewith as set forth in
        the
        Freddie Mac Sellers’ & Servicers’ Guide, and any and all servicing
        agreements and tri-party agreements reasonably required by Freddie Mac with
        respect to a Freddie Mac Transfer, and (iii) a Pooling and Servicing Agreement
        and/or a subservicing/master servicing agreement and related custodial/trust
        agreement and related documents with respect to a Pass-Through Transfer.
        Such
        agreement or agreements shall prescribe the rights and obligations of the
        Company in servicing the related Mortgage Loans and shall provide for servicing
        compensation to the Company (calculated on a weighted average basis for all
        the
        related Mortgage Loans as of the Reconstitution Date), net of any guarantee
        fees
        due Fannie Mae or Freddie Mac, if applicable, at least equal to the Servicing
        Fee due the Company in accordance with this Agreement or the servicing fee
        required pursuant to the Reconstitution Agreement. The form of relevant
        Reconstitution Agreement to be entered into by the Purchaser and/or master
        servicer or trustee and the Company with respect to Pass-Through Transfers
        shall
        be reasonably satisfactory in form and substance to the Purchaser and the
        Company, shall not material increase the Company’s obligations or diminish the
        Company’s rights hereunder and the representations and warranties and servicing
        provisions contained therein shall be substantially similar to those contained
        in this Agreement, unless otherwise mutually agreed by the parties.

       

      Reconstitution
        Date:  The date or dates on which any or all of the Mortgage Loans
        serviced under this Agreement shall be removed from this Agreement and
        reconstituted as part of an Agency Transfer or a Pass-Through Transfer pursuant
        to Section 7.01 hereof. On such date or dates, the Mortgage Loans transferred
        shall cease to be covered by this Agreement and the Company’s servicing
        responsibilities shall cease under this Agreement with respect to the related
        transferred Mortgage Loans.

       

      Record
        Date:  The close of business of the last Business Day of the month
        preceding the month of the related Remittance Date.

       

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

       

      REMIC
        Documents:  The document or documents creating and governing the
        administration of a REMIC.

       

      REMIC
        Eligible Mortgage Loan:  A Mortgage Loan held by a REMIC which
        satisfies and/or complies with all applicable REMIC Provisions.

       

      REMIC
        Provisions:  Provisions of the federal income tax law relating to
        a REMIC, which appear at Section 860A through 86OG of Subchapter M of Chapter
        1,
        Subtitle A of the Code, and related provisions, and regulations, rulings
        or
        pronouncements promulgated thereunder, as the foregoing may be in effect
        from
        time to time.

       

      Remittance
        Date:  The 18th day (or if such 18th day is not a Business Day,
        the first Business Day immediately following) of any month, beginning with
        the
        First Remittance Date.

       

      REO
        Disposition:  The final sale by the Company of any REO
        Property.

       

      REO
        Disposition Proceeds:  All amounts received with respect to an REO
        Disposition pursuant to Section 4.16.

       

      REO
        Property:  A Mortgaged Property acquired by the Company on behalf
        of the Purchasers through foreclosure or by deed in lieu of foreclosure,
        as
        described in Section 4.16.

       

      Repurchase
        Price:  With respect to any Mortgage Loan, a price equal to (i)
        the Stated Principal Balance of the Mortgage Loan plus (ii) interest on such
        Stated Principal Balance at the Mortgage Loan Remittance Rate from the date
        on
        which interest has last been paid and distributed to the Purchaser to the
        date
        of repurchase, less amounts received or advanced in respect of such repurchased
        Mortgage Loan which are being held in the Custodial Account for distribution
        in
        the month of repurchase.

       

      SAIF:  The
        Savings Association Insurance Fund, or any successor thereto.

       

      Securities
        Act of 1933 or the 1933 Act:  The Securities Act of 1933, as
        amended.

       

      Servicing
        Advances:  All customary, reasonable and necessary “out of pocket”
costs and expenses other than Monthly Advances (including reasonable
        attorneys’
fees and disbursements) incurred in the performance by the Company of its
        servicing obligations, including, but not limited to, the cost of (a) the
        preservation, restoration and protection of the Mortgaged Property, (b) any
        enforcement or judicial proceedings, including without limitation, foreclosures,
        (c) the management and liquidation of any REO Property and (d) compliance
        with
        the obligations under Section 4.08.

       

      Servicing
        Fee:  With respect to each Mortgage Loan, the amount of the annual
        fee the Purchaser shall pay to the Company, which shall, for a period of
        one
        full month, be equal to one-twelfth of the product of (a) the Servicing Fee
        Rate
        and (b) the outstanding principal balance of such Mortgage Loan. Such fee
        shall
        be payable monthly, computed on the basis of the same principal amount and
        period respecting which any related interest payment on a Mortgage Loan is
        computed. The obligation of the Purchaser to pay the Servicing Fee is limited
        to, and the Servicing Fee is payable solely from, the interest portion
        (including recoveries with respect to interest from Liquidation Proceeds,
        to the
        extent permitted by Section 4.05) of such Monthly Payment collected by the
        Company, or as otherwise provided under Section 4.05.

       

      Servicing
        Fee Rate: 0.25% per annum with respect to the period prior to the initial
        Interest Adjustment Date and, for the 5/1 7/1 and 10/1 ARM Loans 0.375%
        thereafter.

       

      Servicing
        File:  With respect to each Mortgage Loan, the file retained by
        the Company consisting of originals of all documents in the Mortgage File
        which
        are not delivered to the Custodian and copies of the Mortgage Loan Documents
        listed in Exhibit B the originals of which are delivered to the Custodian
        pursuant to Section 2.01.

       

      Servicing
        Officer:  Any officer of the Company involved in or responsible
        for, the administration and servicing of the Mortgage Loans whose name appears
        on a list of servicing officers furnished by the Company to the Purchaser
        upon
        request, as such list may from time to time be amended.

       

      7/1
        ARM Mortgage Loan: Any individual Mortgage Loan purchased pursuant to this
        Agreement which contains a provision whereby the interest rate on such Mortgage
        Loan is fixed for the first seven (7) years of the term of the related Mortgage
        Loan and which thereafter is converted to a Treasury Rate Mortgage Loan or
        a
        LIBOR Mortgage Loan except that the Periodic Rate Cap does not apply to the
        initial Interest Rate Adjustment Date for the related Mortgage
        Loan.

       

      Stated
        Principal Balance:  As to each Mortgage Loan, (i) the principal
        balance of the Mortgage Loan at the related Cut-off Date after giving effect
        to
        payments of principal due on or before such date, whether or not received,
        minus
        (ii) all amounts previously distributed to the Purchaser with respect to
        the
        related Mortgage Loan representing payments or recoveries of principal or
        advances in lieu thereof.

       

      Subservicer:  Any
        Subservicer which is subservicing the Mortgage Loans pursuant to a Subservicing
        Agreement. Any subservicer shall meet the qualifications set forth in Section
        4.01.

       

      Subservicing
        Agreement:  An agreement between the Company and a Subservicer for
        the servicing of the Mortgage Loans.

       

      10/1
        ARM Mortgage Loan: Any individual Mortgage Loan purchased pursuant to this
        Agreement which contains a provision whereby the interest rate on such Mortgage
        Loan is fixed for the first ten (10) years of the term of the related Mortgage
        Loan and which thereafter is converted to a Treasury Rate Mortgage Loan or
        a
        LIBOR Mortgage Loan except that the Periodic Rate Cap does not apply to the
        initial Interest Rate Adjustment Date for the related Mortgage
        Loan.

       

      3/1
        ARM Mortgage Loan: Any individual Mortgage Loan purchased pursuant to this
        Agreement which contains a provision whereby the interest rate on such Mortgage
        Loan is fixed for the first three (3) years of the term of the related Mortgage
        Loan and which thereafter is converted to a Treasury Rate Mortgage Loan or
        a
        LIBOR Mortgage Loan.

       

      Treasury
        Rate Mortgage Loan: Any individual Mortgage Loan purchased pursuant to this
        Agreement which contains a provision whereby the interest rate on such Mortgage
        Loan is adjusted based upon the weekly average yield on U.S. Treasury
        securities.

       

      Underwriting
        Guidelines:  The underwriting guidelines of the Company with
        respect to mortgage loans similar to the Mortgage Loans, attached hereto
        as  Exhibit H.

       

      UGI:  United
        Guaranty Residential Insurance Company or any successor thereto.

       

      ARTICLE
        II                                

       

      CONVEYANCE
        OF MORTGAGE LOANS; POSSESSION OF MORTGAGE FILES;

      BOOKS
        AND RECORDS; DELIVERY OF DOCUMENTS

       

      
        	
              	
                Section
                  2.01

              	
                Conveyance
                  of Mortgage Loans; Possession of Mortgage Files; Maintenance of
                  Servicing
                  Files.

              

      

       

      The
        Company, on each Closing Date, does hereby sell, transfer, assign, set over
        and
        convey to the Purchaser, without recourse, but subject to the terms of this
        Agreement, all the right, title and interest of the Company in and to the
        Mortgage Loans in the related Mortgage Loan Package, excluding the right
        to
        service the Mortgage Loans which the Company expressly retains. Pursuant
        to
        Section 2.03, the Company has delivered the Mortgage Loan Documents for each
        Mortgage Loan in the Mortgage Loan Package to the Custodian.

       

      The
        contents of each Mortgage File not delivered to the Custodian are and shall
        be
        held in trust by the Company for the benefit of the Purchaser as the owner
        thereof. The Company shall maintain a Servicing File consisting of a copy
        of the
        contents of each Mortgage File and the originals of the documents in each
        Mortgage File not delivered to the Custodian. The possession of each Servicing
        File by the Company is at the will of the Purchaser for the sole purpose
        of
        servicing the related Mortgage Loan, and such retention and possession by
        the
        Company is in a custodial capacity only. Upon the sale of the Mortgage Loans
        the
        ownership of each Mortgage Note, the related Mortgage and the related Mortgage
        File and Servicing File shall vest immediately in the Purchaser, and the
        ownership of all records and documents with respect to the related Mortgage
        Loan
        prepared by or which come into the possession of the Company shall vest
        immediately in the Purchaser and shall be retained and maintained by the
        Company, in trust, at the will of the Purchaser and only in such custodial
        capacity. Each Servicing File shall be segregated from the other books and
        records of the Company and shall be marked appropriately to reflect clearly
        the
        sale of the related Mortgage Loan to the Purchaser. The Company shall release
        its custody of the contents of any Servicing File only in accordance with
        written instructions from the Purchaser, unless such release is required
        as
        incidental to the Company’s servicing of the Mortgage Loans or is in connection
        with a repurchase of any Mortgage Loan pursuant to Section 3.03, 3.05, 3.07,
        or
        6.02.

       

      
        	
              	
                Section
                  2.02

              	
                Books
                  and Records; Transfers of Mortgage
                  Loans.

              

      

       

      From
        and
        after the sale of the Mortgage Loans to the Purchaser all rights arising
        out of
        the Mortgage Loans in a Mortgage Loan Package including but not limited to
        all
        funds received on or in connection with the Mortgage Loan, shall be received
        and
        held by the Company in trust for the benefit of the Purchaser as owner of
        the
        Mortgage Loans, and the Company shall retain record title to the related
        Mortgages for the sole purpose of facilitating the servicing and the supervision
        of the servicing of the Mortgage Loans.

       

      The
        sale
        of each Mortgage Loan in a Mortgage Loan Package shall be reflected on the
        Company’s balance sheet and other financial statements as a sale of assets by
        the Company. The Company shall be responsible for maintaining, and shall
        maintain, a complete set of books and records for each Mortgage Loan which
        shall
        be marked clearly to reflect the ownership of each Mortgage Loan by the
        Purchaser. In particular, the Company shall maintain in its possession,
        available for inspection by the Purchaser, or its designee and shall deliver
        to
        the Purchaser upon demand, evidence of compliance with all federal, state
        and
        local laws, rules and regulations, and requirements of Fannie Mae or Freddie
        Mac, including but not limited to documentation as to the method used in
        determining the applicability of the provisions of the Flood Disaster Protection
        Act of 1973, as amended, to the Mortgaged Property, documentation evidencing
        insurance coverage and eligibility of any condominium project for approval
        by
        Fannie Mae and periodic inspection reports as required by Section 4.13. To
        the
        extent that original documents are not required for purposes of realization
        of
        Liquidation Proceeds or Insurance Proceeds, documents maintained by the Company
        may be in the form of microfilm or microfiche or such other reliable means
        of
        recreating original documents, including but not limited to, optical imagery
        techniques so long as the Company complies with the requirements of the Fannie
        Mae Selling and Servicing Guide, as amended from time to time.

       

      The
        Company shall maintain with respect to each Mortgage Loan and shall make
        available for inspection by any Purchaser or its designee the related Servicing
        File during the time the Purchaser retains ownership of a Mortgage Loan and
        thereafter in accordance with applicable laws and regulations.

       

      The
        Company shall keep at its servicing office books and records in which, subject
        to such reasonable regulations as it may prescribe, the Company shall note
        transfers of Mortgage Loans. No transfer of a Mortgage Loan may be made unless
        such transfer is in compliance with the terms hereof. For the purposes of
        this
        Agreement, the Company shall be under no obligation to deal with any person
        with
        respect to this agreement or the Mortgage Loans unless the books and records
        show such person as the owner of the Mortgage Loan. The Purchaser may, subject
        to the terms of this Agreement, sell and transfer one or more of the Mortgage
        Loans, provided, however, that (i) the transferee will not be
        deemed to be a Purchaser hereunder binding upon the Company unless such
        transferee shall agree in writing to be bound by the terms of this Agreement
        and
        an original counterpart of the instrument of transfer and an assignment and
        assumption of this Agreement in the form of Exhibit G hereto executed by
        the transferee shall have been delivered to the Company, and (ii) with respect
        to each Mortgage Loan Package, in no event shall there be more than five
        Persons
        at any given time having the status of “Purchaser” hereunder. The Purchaser also
        shall advise the Company of the transfer. Upon receipt of notice of the
        transfer, the Company shall mark its books and records to reflect the ownership
        of the Mortgage Loans of such assignee, and shall release the previous Purchaser
        from its obligations hereunder with respect to the Mortgage Loans sold or
        transferred.  Purchaser shall not to transfer to any assignee any pool
        of Mortgage Loans with a aggregate outstanding principal balance of less
        than
        $10,000,000 without the consent of the Company; provided, however, if the
        Company fails to consent to the transfer of a pool of Mortgage Loans as
        contemplated in this sentence, Purchaser shall have the right to purchase
        the
        servicing rights associated with such Mortgage Loans at a price to mutually
        agreed to by Purchaser and Company, exercising good faith.

       

      
        	
              	
                Section
                  2.03

              	
                Delivery
                  of Documents.

              

      

       

      On
        or
        before the date which is agreed upon by the Purchaser and the Company in
        the
        related Confirmation, the Company shall deliver and release to the Custodian
        those Mortgage Loan Documents as required by this Agreement with respect
        to each
        Mortgage Loan in the related Mortgage Loan Package a list of which is attached
        to the related Assignment and Conveyance.

       

      On
        or
        prior to the related Closing Date, the Custodian shall certify its receipt
        of
        all such Mortgage Loan Documents required to be delivered pursuant to the
        Custodial Agreement, as evidenced by the Initial Certification of the Custodian
        in the form annexed to the Custodial Agreement. The Company shall be responsible
        for maintaining the Custodial Agreement for the benefit of the Purchaser.
        Purchaser shall pay all fees and expenses of the Custodian.

       

      The
        Company shall forward to the Custodian original documents evidencing an
        assumption, modification, consolidation or extension of any Mortgage Loan
        entered into in accordance with Section 4.01 or 6.01 within one week of their
        execution, provided, however, that the Company shall provide the Custodian
        with
        a certified true copy of any such document submitted for recordation within
        one
        week of its execution, and shall provide the original of any document submitted
        for recordation or a copy of such document certified by the appropriate public
        recording office to be a true and complete copy of the original within 180
        days
        of its submission for recordation.

       

      In
        the
        event an Officer’s Certificate of the Company is delivered to the Custodian
        because of a delay caused by the public recording office in returning any
        recorded document, the Company shall deliver to the Custodian, within 180
        days
        of the related Closing Date, an Officer’s Certificate which shall (i) identify
        the recorded document, (ii) state that the recorded document has not been
        delivered to the Custodian due solely to a delay caused by the public recording
        office, (iii) state the amount of time generally required by the applicable
        recording office to record and return a document submitted for recordation,
        and
        (iv) specify the date the applicable recorded document will be delivered
        to the
        Custodian. The Company shall be required to deliver to the Custodian the
        applicable recorded document by the date specified in (iv) above. An extension
        of the date specified in (iv) above may be requested from the Purchaser,
        which
        consent shall not be unreasonably withheld.

       

      On
        or
        prior to the date which is three Business Days prior to the related Closing
        Date, the Company shall deliver to the Purchaser the related Mortgage Loan
        Schedule.

       

      ARTICLE
        III

       

      REPRESENTATIONS
        AND WARRANTIES;

      REMEDIES
        AND BREACH

       

      
        	
              	
                Section
                  3.01

              	
                Company
                  Representations and Warranties.

              

      

       

      The
        Company represents and warrants to the Purchaser that as of each Closing
        Date:

       

      (a)  Due
        Organization and Authority.  The Company is a corporation duly
        organized, validly existing and in good standing under the laws of the State
        of
        New York and has all licenses necessary to carry on its business as now being
        conducted and is licensed, qualified and in good standing in each state where
        a
        Mortgaged Property is located if the laws of such state require licensing
        or
        qualification in order to conduct business of the type conducted by the Company,
        and in any event the Company is in compliance with the laws of any such state
        to
        the extent necessary to ensure the enforceability of the related Mortgage
        Loan
        and the servicing of such Mortgage Loan in accordance with the terms of this
        Agreement; the Company has the full corporate power and authority to execute
        and
        deliver this Agreement and to perform in accordance herewith; the execution,
        delivery and performance of this Agreement (including all instruments of
        transfer to be delivered pursuant to this Agreement) by the Company and the
        consummation of the transactions contemplated hereby have been duly and validly
        authorized; this Agreement evidences the valid, binding and enforceable
        obligation of the Company; and all requisite corporate action has been taken
        by
        the Company to make this Agreement valid and binding upon the Company in
        accordance with its terms;

       

      (b)  Ordinary
        Course of Business.  The consummation of the transactions
        contemplated by this Agreement are in the ordinary course of business of
        the
        Company, and the transfer, assignment and conveyance of the Mortgage Notes
        and
        the Mortgages by the Company pursuant to this Agreement are not subject to
        the
        bulk transfer or any similar statutory provisions in effect in any applicable
        jurisdiction;

       

      (c)  No
        Conflicts.  Neither the execution and delivery of this Agreement,
        the acquisition of the Mortgage Loans by the Company, the sale of the Mortgage
        Loans to the Purchaser or the transactions contemplated hereby, nor the
        fulfillment of or compliance with the terms and conditions of this Agreement,
        will conflict with or result in a breach of any of the terms, conditions
        or
        provisions of the Company’s charter or by-laws or any legal restriction or any
        agreement or instrument to which the Company is now a party or by which it
        is
        bound, or constitute a default or result in an acceleration under any of
        the
        foregoing, or result in the violation of any law, rule, regulation, order,
        judgment or decree to which the Company or its property is subject, or impair
        the ability of the Purchaser to realize on the Mortgage Loans, or impair
        the
        value of the Mortgage Loans;

       

      (d)  Ability
        to Service.  The Company is an approved seller/servicer of
        conventional residential mortgage loans for Fannie Mae or Freddie Mac, with
        the
        facilities, procedures, and experienced personnel necessary for the sound
        servicing of mortgage loans of the same type as the Mortgage Loans. The Company
        is in good standing to sell mortgage loans to and service mortgage loans
        for
        Fannie Mae or Freddie Mac, and no event has occurred, including but not limited
        to a change in insurance coverage, which would make the Company unable to
        comply
        with Fannie Mae or Freddie Mac eligibility requirements or which would require
        notification to either Fannie Mae or Freddie Mac;

       

      (e)  Reasonable
        Servicing Fee.  The Company acknowledges and agrees that the
        Servicing Fee, as calculated at the Servicing Fee Rate, represents reasonable
        compensation for performing such services and that the entire Servicing Fee
        shall be treated by the Company, for accounting and tax purposes, as
        compensation for the servicing and administration of the Mortgage Loans pursuant
        to this Agreement.

       

      (f)  Ability
        to Perform.  The Company does not believe, nor does it have any
        reason or cause to believe, that it cannot perform each and every covenant
        contained in this Agreement. The Company is solvent and the sale of the Mortgage
        Loans is not undertaken to hinder, delay or defraud any of the Company’s
        creditors;

       

      (g)  No
        Litigation Pending.  There is no action, suit, proceeding or
        investigation pending or to the best of the Company’s knowledge threatened
        against the Company which, either in any one instance or in the aggregate,
        may
        result in any material adverse change in the business, operations, financial
        condition, properties or assets of the Company, or in any material impairment
        of
        the right or ability of the Company to carry on its business substantially
        as
        now conducted, or in any material liability on the part of the Company, or
        which
        would draw into question the validity of this Agreement or the Mortgage Loans
        or
        of any action taken or to be taken in connection with the obligations of
        the
        Company contemplated herein, or which would be likely to impair materially
        the
        ability of the Company to perform under the terms of this
        Agreement;

       

      (h)  No
        Consent Required.  No consent, approval, authorization or order of
        any court or governmental agency or body is required for the execution, delivery
        and performance by the Company of or compliance by the Company with this
        Agreement or the sale of the Mortgage Loans as evidenced by the consummation
        of
        the transactions contemplated by this Agreement, or if required, such approval
        has been obtained prior to the related Closing Date;

       

      (i)  Selection
        Process.  The Mortgage Loans were selected from among the
        adjustable rate one- to four-family mortgage loans in the Company’s portfolio at
        the related Closing Date as to which the representations and warranties set
        forth in Section 3.02 could be made and such selection was not made in a
        manner
        so as to affect adversely the interests of the Purchaser;

       

      (j)  Pool
        Characteristics.  With respect to each Mortgage Loan Package, the
        Mortgage Loan characteristics set forth on Exhibit 2 to the related Assignment
        and Conveyance are true and complete.

       

      (k)  No
        Untrue Information. Neither this Agreement nor any statement, report or
        other document furnished or to be furnished pursuant to this Agreement or
        in
        connection with the transactions contemplated hereby contains any untrue
        statement of fact or omits to state a fact necessary to make the statements
        contained therein not misleading;

       

      (l)  Sale
        Treatment.  The Company has determined that the disposition of the
        Mortgage Loans pursuant to this Agreement will be afforded sale treatment
        for
        accounting and tax purposes;

       

      (m)  Financial
        Statements. There has been no change in the business, operations, financial
        condition, properties or assets of the Company since the date of the Company’s
        most recent financial statements that would have a material adverse effect
        on
        its ability to perform its obligations under this Agreement;

       

      (n)  No
        Brokers’ Fees.  The Company has not dealt with any broker,
        investment banker, agent or other person that may be entitled to any commission
        or compensation in connection with the sale of the Mortgage Loans;

       

      (o)  Origination.  The
        Company’s decision to originate any mortgage loan or to deny any mortgage loan
        application is an independent decision based upon Company’s Underwriting
        Guidelines, and is in no way made as a result of  Purchaser’s decision
        to purchase, or not to purchase, or the price Purchaser may offer to pay
        for,
        any such mortgage loan, if originated; and

       

      (p)  MERS.  The
        Company is a member of MERS in good standing, and will comply in all material
        respects with the rules and procedures of MERS in connection with the servicing
        of the MERS Mortgage Loans for as long as such Mortgage Loans are registered
        with MERS;

       

      
        	
              	
                Section
                  3.02

              	
                Representations
                  and Warranties Regarding Individual Mortgage
                  Loans.

              

      

       

      As
        to
        each Mortgage Loan, the Company hereby represents and warrants to the Purchaser
        that as of the related Closing Date:

       

      (a)  Mortgage
        Loans as Described.  The information set forth in each Mortgage
        Loan Schedule is complete, true and correct in all material
        respects;

       

      (b)  Payments
        Current.  All payments required to be made up to the related
        Closing Date for the Mortgage Loan under the terms of the Mortgage Note have
        been made and credited. No payment required under the Mortgage Loan has been
        more than 30 days delinquent at any time in the twelve months prior to the
        related Closing Date. The first Monthly Payment shall be made with respect
        to
        the Mortgage Loan on its Due Date or within the grace period, all in accordance
        with the terms of the related Mortgage Note;

       

      (c)  No
        Outstanding Charges.  There are no defaults in complying with the
        terms of the Mortgages, and all taxes, governmental assessments, insurance
        premiums, water, sewer and municipal charges, leasehold payments or ground
        rents
        which previously became due and owing have been paid, or an escrow of funds
        has
        been established in an amount sufficient to pay for every such item which
        remains unpaid and which has been assessed but is not yet due and payable.
        The
        Company has not advanced funds, or induced, solicited or knowingly received
        any
        advance of funds by a party other than the Mortgagor, directly or indirectly,
        for the payment of any amount required under the Mortgage Loan, except for
        interest accruing from the date of the Mortgage Note or date of disbursement
        of
        the Mortgage Loan proceeds, whichever is greater, to the day which precedes
        by
        one month the Due Date of the first installment of principal and
        interest;

       

      (d)  Original
        Terms Unmodified.  The terms of the Mortgage Note and Mortgage
        have not been impaired, waived, altered or modified in any respect, except
        by a
        written instrument which has been recorded, if necessary to protect the
        interests of the Purchaser and which has been delivered to the Custodian.
        The
        substance of any such waiver, alteration or modification has been approved
        by
        the issuer of any related PMI Policy and the title insurer, to the extent
        required by the policy, and its terms are reflected on the related Mortgage
        Loan
        Schedule. No Mortgagor has been released, in whole or in part, except in
        connection with an assumption agreement approved by the issuer of any related
        PMI Policy and the title insurer, to the extent required by the policy, and
        which assumption agreement is part of the Mortgage Loan File delivered to
        the
        Custodian and the terms of which are reflected in the related Mortgage Loan
        Schedule;

       

      (e)  No
        Defenses.  The Mortgage Loan is not subject to any right of
        rescission, set-off, counterclaim or defense, including without limitation
        the
        defense of usury, nor will the operation of any of the terms of the Mortgage
        Note or the Mortgage, or the exercise of any right thereunder, render either
        the
        Mortgage Note or the Mortgage unenforceable, in whole or in part, or subject
        to
        any right of rescission, set-off, counterclaim or defense, including without
        limitation the defense of usury, and no such right of rescission, set-off,
        counterclaim or defense has been asserted with respect thereto, and no Mortgagor
        was a debtor in any state or federal bankruptcy or insolvency proceeding
        at the
        time the Mortgage Loan was originated;

       

      (f)  Hazard
        Insurance.  Pursuant to the terms of the Mortgage, all buildings
        or other improvements upon the Mortgaged Property are insured by a generally
        acceptable insurer against loss by fire, hazards of extended coverage and
        such
        other hazards as are customary in the area where the Mortgaged Property is
        located pursuant to insurance policies conforming to the requirements of
        Section
        4.10. If upon origination of the Mortgage Loan, the Mortgaged Property was
        in an
        area identified in the Federal Register by the Federal Emergency Management
        Agency as having special flood hazards (and such flood insurance has been
        made
        available) a flood insurance policy meeting the requirements of the current
        guidelines of the Federal Flood Insurance Administration is in effect which
        policy conforms to the requirements of Section 4.10. All individual insurance
        policies contain a standard mortgagee clause naming the Company and its
        successors and assigns as mortgagee, and all premiums thereon have been paid.
        The Mortgage obligates the Mortgagor thereunder to maintain the hazard insurance
        policy at the Mortgagor’s cost and expense, and on the Mortgagor’s failure to do
        so, authorizes the holder of the Mortgage to obtain and maintain such insurance
        at such Mortgagor’s cost and expense, and to seek reimbursement therefor from
        the Mortgagor. Where required by state law or regulation, the Mortgagor has
        been
        given an opportunity to choose the carrier of the required hazard insurance,
        provided the policy is not a “master” or “blanket” hazard insurance policy
        covering the common facilities of a planned unit development. The hazard
        insurance policy is the valid and binding obligation of the insurer, is in
        full
        force and effect, and will be in full force and effect and inure to the benefit
        of the Purchaser upon the consummation of the transactions contemplated by
        this
        Agreement. The Company has not engaged in, and has no knowledge of the
        Mortgagor’s or any Subservicer’s having engaged in, any act or omission which
        would impair the coverage of any such policy, the benefits of the endorsement
        provided for herein, or the validity and binding effect of either, including
        without limitation, no unlawful fee, unlawful commission, unlawful kickback
        or
        other unlawful compensation or value of any kind has been or will be received,
        retained or realized by any attorney, firm or other person or entity, and
        no
        such unlawful items have been received, retained or realized by the
        Company;

       

      (g)  Compliance
        with Applicable Laws.  Any and all requirements of any federal,
        state or local law including, without limitation, usury, truth-in-lending,
        real
        estate settlement procedures, consumer credit protection, equal credit
        opportunity or disclosure laws applicable to the Mortgage Loan have been
        complied with, and the Company shall maintain in its possession, available
        for
        the Purchaser’s inspection, and shall deliver to the Purchaser upon demand,
        evidence of compliance with all such requirements;

       

      (h)  No
        Satisfaction of Mortgage.  The Mortgage has not been satisfied,
        canceled, subordinated or rescinded, in whole or in part, and the Mortgaged
        Property has not been released from the lien of the Mortgage, in whole or
        in
        part, nor has any instrument been executed that would effect any such release,
        cancellation, subordination or rescission. The Company has not waived the
        performance by the Mortgagor of any action, if the Mortgagor’s failure to
        perform such action would cause the Mortgage Loan to be in default, nor has
        the
        Company waived any default resulting from any action or inaction by the
        Mortgagor;

       

      (i)  Location
        and Type of Mortgaged Property.  The Mortgaged Property is a fee
        simple property located in the state identified in the related Mortgage Loan
        Schedule and consists of a parcel of real property with a detached single
        family
        residence erected thereon, or an individual condominium unit in a low-rise
        condominium project, or an individual unit in a planned unit development,
        provided, however, that any condominium project or planned unit development
        shall conform with the Company’s Underwriting Guidelines regarding such
        dwellings, and no residence or dwelling is a mobile home or a manufactured
        dwelling. No portion of the Mortgaged Property is used for commercial
        purposes;

       

      (j)  Valid
        First Lien.  The Mortgage is a valid, subsisting, enforceable and
        perfected first lien on the Mortgaged Property, including all buildings and
        improvements on the Mortgaged Property, and all additions, alterations and
        replacements made at any time with respect to the foregoing. The lien of
        the
        Mortgage is subject only to:

       

      (1)  the
        lien
        of current real property taxes and assessments not yet due and
        payable;

       

      (2)  covenants,
        conditions and restrictions, rights of way, easements and other matters of
        the
        public record as of the date of recording acceptable to mortgage lending
        institutions generally and specifically referred to in the lender’s title
        insurance policy delivered to the originator of the Mortgage Loan and (i)
        referred to or to otherwise considered in the appraisal made for the originator
        of the Mortgage Loan or (ii) which do not adversely affect the Appraised
        Value
        of the Mortgaged Property set forth in such appraisal; and

       

      (3)  other
        matters to which like properties are commonly subject which do not materially
        interfere with the benefits of the security intended to be provided by the
        mortgage or the use, enjoyment, value or marketability of the related Mortgaged
        Property.

       

      Any
        security agreement, chattel mortgage or equivalent document related to and
        delivered in connection with the Mortgage Loan establishes and creates a
        valid,
        subsisting and enforceable first lien and first priority security interest
        on
        the property described therein and the Company has full right to sell and
        assign
        the same to the Purchaser. The Mortgaged Property was not, as of the date
        of
        origination of the Mortgage Loan, subject to a mortgage, deed of trust, deed
        to
        secured debt or other security instrument creating a lien subordinate to
        the
        lien of the Mortgage;

       

      (k)  Validity
        of Mortgage Documents.  The Mortgage Note and the Mortgage are
        genuine, and each is the legal, valid and binding obligation of the maker
        thereof enforceable in accordance with its terms. All parties to the Mortgage
        Note and the Mortgage and any other related agreement had legal capacity
        to
        enter into the Mortgage Loan and to execute and deliver the Mortgage Note
        and
        the Mortgage and any other related agreement, and the Mortgage Note and the
        Mortgage have been duly and properly executed by such parties. No fraud was
        committed by the Company, or to the Company's knowledge by any other person
        including the Mortgagor, in connection with the origination or servicing
        of the
        Mortgage Loan.  The Company has reviewed all of the documents
        constituting the Servicing File and has made such inquiries as it deems
        necessary to make and confirm the accuracy of the representations set forth
        herein;

       

      (l)  Full
        Disbursement of Proceeds.  The Mortgage Loan has been closed and
        the proceeds of the Mortgage Loan have been fully disbursed and there is
        no
        requirement for future advances thereunder, and any and all requirements
        as to
        completion of any on-site or off-site improvement and as to disbursements
        of any
        escrow funds therefor have been complied with. All costs, fees and expenses
        incurred in making or closing the Mortgage Loan and the recording of the
        Mortgage were paid, and the Mortgagor is not entitled to any refund of any
        amounts paid or due under the Mortgage Note or Mortgage;

       

      (m)  Ownership.  The
        Company is the sole owner of record and holder of the Mortgage Loan. The
        Mortgage Loan is not assigned or pledged, and the Company has good and
        marketable title thereto, and has full right to transfer and sell the Mortgage
        Loan therein to the Purchaser free and clear of any encumbrance, equity,
        participation interest, lien, pledge, charge, claim or security interest,
        and
        has full right and authority subject to no interest or participation of,
        or
        agreement with, any other party, to sell and assign each Mortgage Loan pursuant
        to this Agreement;

       

      (n)  Doing
        Business.  All parties which have had any interest in the Mortgage
        Loan, whether as mortgagee, assignee, pledgee or otherwise, are (or, during
        the
        period in which they held and disposed of such interest, were) (1) in compliance
        with any and all applicable licensing requirements of the laws of the state
        wherein the Mortgaged Property is located, and (2) organized under the laws
        of
        such state, or (3) qualified to do business in such state, or (4) federal
        savings and loan associations or national banks having principal offices
        in such
        state, or (5) not doing business in such state;

       

      (o)  LTV,
        PMI Policy. Any Mortgage Loan with an LTV over 80% has a PMI Policy
        insuring, as to payment defaults, the excess LTV over 71% (or such other
        percentage as stated in the related Confirmation) of the Appraised Value
        until
        the LTV of such Mortgage Loan is reduced to 80%. All provisions of such PMI
        Policy have been and are being complied with, such policy is in full force
        and
        effect, and all premiums due thereunder have been paid. No action, inaction,
        or
        event has occurred and no state of facts exists that has, or will result
        in the
        exclusion from, denial of, or defense to coverage. Any Mortgage Loan subject
        to
        a PMI Policy obligates the Mortgagor thereunder to maintain the PMI Policy
        and
        to pay all premiums and charges in connection therewith; provided, that,
        with
        respect to LPMI Loans, the Company is obligated thereunder to maintain the
        LPMI
        Policy and to pay all premiums and charges in connection
        therewith.  The Mortgage Interest Rate for the Mortgage Loan as set
        forth on the Mortgage Loan Schedule is net of any insurance premium excluded
        any
        premium for the LPMI Policy;

       

      (p)  Title
        Insurance.  The Mortgage Loan is covered by either (i) an
        attorney’s opinion of title and abstract of title the form and substance of
        which is acceptable to mortgage lending institutions making mortgage loans
        in
        the area where the Mortgaged Property is located or (ii) an ALTA lender’s title
        insurance policy or other generally acceptable form of policy of insurance
        acceptable to Fannie Mae or Freddie Mac, issued by a title insurer acceptable
        to
        Fannie Mae or Freddie Mac and qualified to do business in the jurisdiction
        where
        the Mortgaged Property is located, insuring the Company, its successors and
        assigns, as to the first priority lien of the Mortgage in the original principal
        amount of the Mortgage Loan (or to the extent that a Mortgage Note provides
        for
        negative amortization, the maximum amount of negative amortization in accordance
        with the Mortgage), and against any loss by reason of the invalidity or
        unenforceability of the lien resulting from the provisions of the Mortgage
        providing for adjustment in the Mortgage Interest Rate and Monthly Payment,
        subject only to the exceptions contained in clauses (1), (2) and (3) of
        paragraph (j) of this Section 3.02. Where required by state law or regulation,
        the Mortgagor has been given the opportunity to choose the carrier of the
        required mortgage title insurance. Additionally, such lender’s title insurance
        policy affirmatively insures ingress and egress, and against encroachments
        by or
        upon the Mortgaged Property or any interest therein. The Company is the sole
        insured of such lender’s title insurance policy, and such lender’s title
        insurance policy is in full force and effect and will be in force and effect
        upon the consummation of the transactions contemplated by this Agreement.
        No
        claims have been made under such lender’s title insurance policy, and no prior
        holder of the Mortgage, including the Company, has done, by act or omission,
        anything which would impair the coverage of such lender’s title insurance policy
        including without limitation, no unlawful fee, commission, kickback or other
        unlawful compensation or value of any kind has been or will be received,
        retained or realized by any attorney, firm or other person or entity, and
        no
        such unlawful items have been received, retained or realized by the
        Company;

       

      (q)  No
        Defaults.  There is no default, breach, violation or event of
        acceleration existing under the Mortgage or the Mortgage Note and no event
        which, with the passage of time or with notice and the expiration of any
        grace
        or cure period, would constitute a default, breach, violation or event of
        acceleration, and neither the Company nor its predecessors have waived any
        default, breach, violation or event of acceleration;

       

      (r)  No
        Mechanics’ Liens.  There are no mechanics’ or similar liens or
        claims which have been filed for work, labor or material (and no rights are
        outstanding that under the law could give rise to such liens) affecting the
        related Mortgaged Property which are or may be liens prior to, or equal or
        coordinate with, the lien of the related Mortgage;

       

      (s)  Location
        of Improvements; No Encroachments.  All improvements which were
        considered in determining the Appraised Value of the Mortgaged Property lay
        wholly within the boundaries and building restriction lines of the Mortgaged
        Property and no improvements on adjoining properties encroach upon the Mortgaged
        Property. No improvement located on or being part of the Mortgaged Property
        is
        in violation of any applicable zoning law or regulation;

       

      (t)  Origination;
        Payment Terms.  The Mortgage Loan was originated by either i) the
        Company, which is a FNMA-approved, FHLMC-approved and HUD-approved mortgage
        banker, or ii) an entity that is a FNMA-approved, FHLMC-approved and
        HUD-approved mortgage banker, or a savings and loan association, a savings
        bank,
        a commercial bank or similar banking institution which is supervised and
        examined by a Federal or state authority.  The interest rate on the
        related Mortgage Note is adjusted annually in the case of Treasury Rate Mortgage
        Loans and LIBOR Mortgage Loans on each Interest Rate Adjustment Date to equal
        the Index plus the Gross Margin, subject to the Initial Rate Cap, Periodic
        Rate
        Cap and the Lifetime Mortgage Interest Rate Cap as set forth in the Mortgage
        Note. The Mortgage Interest Rate for a 5/1 ARM Mortgage Loan and a 3/1 ARM
        Mortgage Loan is adjusted annually commencing from and after the sixtieth
        Monthly Payment and the thirty-sixth Monthly Payment, respectively, in the
        same
        manner as a Treasury Rate Mortgage Loan and LIBOR Mortgage Loan, provided,
        however, that the Periodic Rate Cap does not apply to the initial Interest
        Rate
        Adjustment Date for such 5/1 ARM Mortgage Loan (the Initial Rate Cap does
        apply). The Mortgage Note is payable each month in monthly installments of
        principal and interest, with interest in arrears, and requires Monthly Payments
        sufficient to amortize the original principal balance of the Mortgage Loan
        over
        a term of no more than 30 years. Each Convertible Mortgage Loan contains
        a
        provision whereby the Mortgagor is permitted to convert the Mortgage Loan
        to a
        fixed-rate mortgage loan at any time between the first and fifth anniversary
        of
        the origination of the Mortgage Loan. No Mortgage Loan has a provision for
        negative amortization;

       

      (u)  Customary
        Provisions.  The Mortgage contains customary and enforceable
        provisions such as to render the rights and remedies of the holder thereof
        adequate for the realization against the Mortgaged Property of the benefits
        of
        the security provided thereby, including, (i) in the case of a Mortgage
        designated as a deed of trust, by trustee’s sale, and (ii) otherwise by judicial
        foreclosure. Upon default by a Mortgagor on a Mortgage Loan and foreclosure
        on,
        or trustee’s sale of, the Mortgaged Property pursuant to the proper procedures,
        the holder of the Mortgage Loan will be able to deliver good and merchantable
        title to the Mortgaged Property. There is no homestead or other exemption
        available to a Mortgagor which would interfere with the right to sell the
        Mortgaged Property at a trustee’s sale or the right to foreclose the
        Mortgage;

       

      (v)  Conformance
        with Underwriting Guidelines.  The Mortgage Loan was underwritten
        in accordance with the Company’s Underwriting Guidelines in effect at the time
        the Mortgage Loan was originated.;

       

      (w)  Occupancy
        of the Mortgaged Property.  As of the related Closing Date the
        Mortgaged Property is lawfully occupied under applicable law. All inspections,
        licenses and certificates required to be made or issued with respect to all
        occupied portions of the Mortgaged Property and, with respect to the use
        and
        occupancy of the same, including but not limited to certificates of occupancy
        and fire underwriting certificates, have been made or obtained from the
        appropriate authorities. The Mortgagor represented at the time of origination
        of
        the Mortgage Loan that the Mortgagor would occupy the Mortgaged Property
        as the
        Mortgagor’s primary residence;

       

      (x)  No
        Additional Collateral.  The Mortgage Note is not and has not been
        secured by any collateral except the lien of the corresponding Mortgage and
        the
        security interest of any applicable security agreement or chattel mortgage
        referred to in (j) above;

       

      (y)  Deeds
        of Trust.  In the event the Mortgage constitutes a deed of trust,
        a trustee, duly qualified under applicable law to serve as such, has been
        properly designated and currently so serves and is named in the Mortgage,
        and no
        fees or expenses are or will become payable by the Purchasers to the trustee
        under the deed of trust, except in connection with a trustee’s sale after
        default by the Mortgagor;

       

      (z)  Acceptable
        Investment.  The Company has no knowledge of any circumstances or
        conditions with respect to the Mortgage, the Mortgaged Property, the Mortgagor
        or the Mortgagor’s credit standing that can reasonably be expected to cause
        private institutional investors to regard the Mortgage Loan as an unacceptable
        investment, cause the Mortgage Loan to become delinquent, or adversely affect
        the value or marketability of the Mortgage Loan;

       

      (aa)  Delivery
        of Mortgage Documents.  The Mortgage Note, the Mortgage, the
        Assignment of Mortgage and any other documents required to be delivered for
        the
        Mortgage Loan by the Company under this Agreement as set forth in Exhibit
        C attached hereto have been delivered to the Custodian. The Company is
        in
        possession of a complete, true and accurate Mortgage File in compliance with
        Exhibit B, except for such documents the originals of which have been
        delivered to the Custodian;

       

      (bb)  Condominiums/Planned
        Unit Developments.  If the Mortgaged Property is a condominium
        unit or a planned unit development (other than a de minimus planned unit
        development) such condominium or planned unit development project meets
        Company’s Underwriting Guidelines with respect to such condominium or planned
        unit development;

       

      (cc)  Transfer
        of Mortgage Loans.  The Assignment of Mortgage is in recordable
        form and is acceptable for recording under the laws of the jurisdiction in
        which
        the Mortgaged Property is located;

       

      (dd)  Due
        on
        Sale.  The Mortgage contains an enforceable provision for the
        acceleration of the payment of the unpaid principal balance of the Mortgage
        Loan
        in the event that the Mortgaged Property is sold or transferred without the
        prior written consent of the Mortgagor thereunder;

       

      (ee)  No
        Buydown Provisions; No Graduated Payments or Contingent
        Interests.  The Mortgage Loan does not contain provisions pursuant
        to which Monthly Payments are paid or partially paid with funds deposited
        in any
        separate account established by the Company, the Mortgagor or anyone on behalf
        of the Mortgagor, or paid by any source other than the Mortgagor nor does
        it
        contain any other similar provisions currently in effect which may constitute
        a
“buydown” provision. The Mortgage Loan is not a graduated payment mortgage loan
        and the Mortgage Loan does not have a shared appreciation or other contingent
        interest feature;

       

      (ff)  Consolidation
        of Future Advances.  Any future advances made prior to the related
        Cut-off Date have been consolidated with the outstanding principal amount
        secured by the Mortgage, and the secured principal amount, as consolidated,
        bears a single interest rate and single repayment term. The lien of the Mortgage
        securing the consolidated principal amount is expressly insured as having
        first
        lien priority by a title insurance policy, an endorsement to the policy insuring
        the mortgagee’s consolidated interest or by other title evidence acceptable to
        Fannie Mae and Freddie Mac. The consolidated principal amount does not exceed
        the original principal amount of the Mortgage Loan;

       

      (gg)  Mortgaged
        Property Undamaged.  There is no proceeding pending or, to the
        best of the Company’s knowledge, threatened for the total or partial
        condemnation of the Mortgaged Property. The Mortgaged Property is undamaged
        by
        waste, fire, earthquake or earth movement, windstorm, flood, tornado or other
        casualty so as to affect adversely the value of the Mortgaged Property as
        security for the Mortgage Loan or the use for which the premises were intended;
        and

       

      (hh)  Collection
        Practices; Escrow Deposits.  The origination,
        servicing  and collection practices used with respect to the Mortgage
        Loan have been in accordance with Accepted Servicing Practices, and have
        been in
        all respects in compliance with all applicable laws and regulations. With
        respect to escrow deposits and Escrow Payments, all such payments are in
        the
        possession of the Company and there exist no deficiencies in connection
        therewith for which customary arrangements for repayment thereof have not
        been
        made. All Escrow Payments have been collected in full compliance with state
        and
        federal law. An escrow of funds is not prohibited by applicable law and has
        been
        established in an amount sufficient to pay for every item which remains unpaid
        and which has been assessed but is not yet due and payable. No escrow deposits
        or Escrow Payments or other charges or payments due the Company have been
        capitalized under the Mortgage or the Mortgage Note. All Mortgage Interest
        Rate
        adjustments have been made in strict compliance with state and federal law
        and
        the terms of the related Mortgage Note. Any interest required to be paid
        pursuant to state and local law has been properly paid and
        credited;

       

      (ii)  Appraisal.  The
        Mortgage File contains an appraisal of the related Mortgage Property signed
        prior to the approval of the Mortgage Loan application by a qualified appraiser,
        duly appointed by the Company, who had no interest, direct or indirect in
        the
        Mortgaged Property or in any loan made on the security thereof; and whose
        compensation is not affected by the approval or disapproval of the Mortgage
        Loan, and the appraisal and appraiser both satisfy the requirements of Fannie
        Mae, Freddie Mac or Title XI of the Federal Institutions Reform, Recovery,
        and Enforcement Act of 1989 and the regulations promulgated thereunder, all
        as
        in effect on the date the Mortgage Loan was originated;

       

      (jj)  Soldiers’
        and Sailors’ Relief Act.  The Mortgagor has not notified the
        Company, and the Company has no knowledge of any relief requested or allowed
        to
        the Mortgagor under the Soldiers’ and Sailors’ Civil Relief Act of
        1940;

       

      (kk)  Environmental
        Matters.  The Mortgaged Property is free from any and all toxic or
        hazardous substances and there exists no violation of any local, state or
        federal environmental law, rule or regulation. To the best of the Company’s
        knowledge, there is no pending action or proceeding directly involving any
        Mortgaged Property of which the Company is aware in which compliance with
        any
        environmental law, rule or regulation is an issue; and to the best of the
        Company’s knowledge, nothing further remains to be done to satisfy in full all
        requirements of each such law, rule or regulation consisting a prerequisite
        to
        use and enjoyment of said property;

       

      (ll)  No
        Construction Loans.  No Mortgage Loan was made in connection with
        (i) the construction or rehabilitation of a Mortgaged Property or (ii)
        facilitating the trade-in or exchange of a Mortgaged Property;

       

      (mm)  Insurance.
        The Company has caused or will cause to be performed any and all acts required
        to preserve the rights and remedies of the Purchaser in any insurance policies
        applicable to the Mortgage Loans including, without limitation, any necessary
        notifications of insurers, assignments of policies or interests therein,
        and
        establishments of coinsured, joint loss payee and mortgagee rights in favor
        of
        the Purchaser;  No action, inaction, or event has occurred and no
        state of fact exists or has existed that has resulted or will result in the
        exclusion from, denial of, or defense to coverage under any applicable pool
        insurance policy, special hazard insurance policy, PMI Policy or bankruptcy
        bond, irrespective of the cause of such failure of coverage. In connection
        with
        the placement of any such insurance, no commission, fee, or other compensation
        has been or will be received by the Company or any designee of the Company
        or
        any corporation in which the Company or any officer, director, or employee
        had a
        financial interest at the time of placement of such insurance;

       

      (nn)  Regarding
        the Mortgagor.  The Mortgagor is one or more natural persons
        and/or trustees for an Illinois land trust or a trustee under a “living trust”
and such “living trust” is in compliance with Fannie Mae guidelines for such
        trusts.

       

      (oo)  Predatory
        Lending Regulations; High Cost Loans. None of the Mortgage Loans are
        classified as (a) “high cost” loans under the Home Ownership and Equity
        Protection Act of 1994 or (b) “high cost,” “threshold,” or “predatory” loans
        under any other applicable state, federal or local law.

       

      (pp)  Simple
        Interest Mortgage Loans.  None of the Mortgage Loans are simple
        interest Mortgage Loans.

       

      (qq)   Single
        Premium Credit Life Insurance.  None of the proceeds of the
        Mortgage Loan were used to finance single-premium credit life insurance
        policies.

       

      (rr)  Tax
        Service Contract The Company
        has obtained a life of loan, transferable real estate Tax Service Contract
        on
        each Mortgage Loan and such contract is assignable without penalty, premium
        or
        cost to the Purchaser;

       

      (ss)  Flood
        Certification Contract.
        The Company has obtained a life of loan, transferable flood certification
        contract with a Approved Flood Certification Provider for each Mortgage Loan
        and
        such contract is assignable without penalty, premium or cost to the
        Purchaser;

       

      (tt)  FICO
        Scores. Each Mortgage Loan
        has a non-zero FICO score;

       

      (uu)  Prepayment
        Fee.  With respect to each Mortgage Loan that has a prepayment fee
        feature, each such prepayment fee is enforceable and will be enforced by
        the
        Company, and each prepayment penalty in permitted pursuant to federal, state
        and
        local law.  No Mortgage Loan will impose a prepayment penalty for a
        term in excess of five years from the date such Mortgage Loan was
        originated.  Except as otherwise set forth in the related Mortgage
        Loan Schedule, with respect to each Mortgage Loan that contains a prepayment
        fee, such prepayment fee is at least equal to the lesser of (A) the maximum
        amount permitted under applicable law and (B) six months interest at the
        related
        Mortgage Interest Rate on the amount prepaid in excess of 20% of the original
        principal balance of such Mortgage Loan; and

       

      (vv)  Recordation.  Each
        original Mortgage was recorded and, except for those Mortgage Loans subject
        to
        the MERS identification system, all subsequent assignments of the original
        Mortgage (other than the assignment to the Purchaser) have been recorded
        in the
        appropriate jurisdictions wherein such recordation is necessary to perfect
        the
        lien thereof as against creditors of the Company, or is in the process of
        being
        recorded;

       

      (ww)  Leaseholds.                                If
        the Mortgaged Property is subject to a ground lease or any other type of
        leasehold interest, the ground lease or other leasehold interest exceeds
        the
        remaining term of the related Mortgage Loan.

       

      
        	
              	
                Section
                  3.03

              	
                Remedies
                  for Breach of Representations and
                  Warranties.

              

      

       

      It
        is
        understood and agreed that the representations and warranties set forth in
        Sections 3.01 and 3.02 shall survive the sale of the Mortgage Loans to the
        Purchaser and the delivery of the Mortgage Loan Documents to the Custodian
        and
        shall inure to the benefit of the Purchaser, notwithstanding any restrictive
        or
        qualified endorsement on any Mortgage Note or Assignment of Mortgage or the
        examination or failure to examine any Mortgage File. Upon discovery by either
        the Company or the Purchaser of a breach of any of the foregoing representations
        and warranties which materially and adversely affects the value of the Mortgage
        Loans or the interest of the Purchaser, or which materially and adversely
        affects the interests of Purchaser in the related Mortgage Loan in the case
        of a
        representation and warranty relating to a particular Mortgage Loan (in the
        case
        of any of the foregoing, a “Breach”), the party discovering such Breach
        shall give prompt written notice to the other.

       

      With
        respect to those representations and warranties which are made to the best
        of
        the Company’s knowledge, if it is discovered by the Company or the Purchaser
        that the substance of such representation and warranty is inaccurate and
        such
        inaccuracy materially and adversely affects the value of the related Mortgage
        Loan or the interest of the Purchaser (or which materially and adversely
        affects
        the value of a Mortgage Loan or the interests of the Purchaser in the related
        Mortgage Loan in the case of a representation and warranty relating to a
        particular Mortgage Loan), notwithstanding the Company’s lack of knowledge with
        respect to the substance of such representation and warranty, such inaccuracy
        shall be deemed a breach of the applicable representation and
        warranty.

       

      Within
        60
        days of the earlier of either discovery by or notice to the Company of any
        Breach of a representation or warranty, the Company shall use its best efforts
        promptly to cure such Breach in all material respects and, if such Breach
        cannot
        be cured, the Company shall, at the Purchaser’s option and subject to Section
        3.06, repurchase such Mortgage Loan at the Repurchase Price. In the event
        that a
        Breach shall involve any representation or warranty set forth in Section
        3.01,
        and such Breach cannot be cured within 60 days of the earlier of either
        discovery by or notice to the Company of such Breach, all of the Mortgage
        Loans
        shall, at the Purchaser’s option and subject to Section 3.06, be repurchased by
        the Company at the Repurchase Price. However, if the Breach shall involve
        a
        representation or warranty set forth in Section 3.02 and the Company discovers
        or receives notice of any such Breach within 120 days of the related Closing
        Date, the Company shall, at the Purchaser’s option and provided that the Company
        has a Qualified Substitute Mortgage Loan, rather than repurchase the Mortgage
        Loan as provided above, remove such Mortgage Loan (a “Deleted Mortgage
        Loan”) and substitute in its place a Qualified Substitute Mortgage Loan or
        Loans, provided that any such substitution shall be effected not later than
        120
        days after the related Closing Date. If the Company has no Qualified Substitute
        Mortgage Loan, it shall repurchase the deficient Mortgage Loan. Any repurchase
        of a Mortgage Loan or Loans pursuant to the foregoing provisions of this
        Section
        3.03 shall be accomplished by deposit in the Custodial Account of the amount
        of
        the Repurchase Price for distribution to Purchaser on the next scheduled
        Remittance Date, after deducting therefrom any amount received in respect
        of
        such repurchased Mortgage Loan or Loans and being held in the Custodial Account
        for future distribution.

       

      At
        the
        time of repurchase or substitution, the Purchaser and the Company shall arrange
        for the reassignment of the Deleted Mortgage Loan to the Company and the
        delivery to the Company of any documents held by the Custodian relating to
        the
        Deleted Mortgage Loan. In the event of a repurchase or substitution, the
        Company
        shall, simultaneously with such reassignment, give written notice to the
        Purchaser that such repurchase or substitution has taken place, amend the
        related Mortgage Loan Schedule to reflect the withdrawal of the Deleted Mortgage
        Loan from this Agreement, and, in the case of substitution, identify a Qualified
        Substitute Mortgage Loan and amend the related Mortgage Loan Schedule to
        reflect
        the addition of such Qualified Substitute Mortgage Loan to this Agreement.
        In
        connection with any such substitution, the Company shall be deemed to have
        made
        as to such Qualified Substitute Mortgage Loan the representations and warranties
        set forth in this Agreement except that all such representations and warranties
        set forth in this Agreement shall be deemed made as of the date of such
        substitution. The Company shall effect such substitution by delivering to
        the
        Custodian for such Qualified Substitute Mortgage Loan the documents required
        by
        Section 2.03, with the Mortgage Note endorsed as required by Section 2.03.
        No
        substitution will be made in any calendar month after the Determination Date
        for
        such month. The Company shall deposit in the Custodial Account the Monthly
        Payment less the Servicing Fee due on such Qualified Substitute Mortgage
        Loan or
        Loans in the month following the date of such substitution. Monthly Payments
        due
        with respect to Qualified Substitute Mortgage Loans in the month of substitution
        shall be retained by the Company. For the month of substitution, distributions
        to Purchaser shall include the Monthly Payment due on any Deleted Mortgage
        Loan
        in the month of substitution, and the Company shall thereafter be entitled
        to
        retain all amounts subsequently received by the Company in respect of such
        Deleted Mortgage Loan.

       

      For
        any
        month in which the Company substitutes a Qualified Substitute Mortgage Loan
        for
        a Deleted Mortgage Loan, the Company shall determine the amount (if any)
        by
        which the aggregate principal balance of all Qualified Substitute Mortgage
        Loans
        as of the date of substitution is less than the aggregate Stated Principal
        Balance of all Deleted Mortgage Loans (after application of scheduled principal
        payments due in the month of substitution). The amount of such shortfall
        shall
        be distributed by the Company in the month of substitution pursuant to Section
        5.01. Accordingly, on the date of such substitution, the Company shall deposit
        from its own funds into the Custodial Account an amount equal to the amount
        of
        such shortfall.

       

      Any
        cause
        of action against the Company relating to or arising out of the Breach of
        any
        representations and warranties made in Sections 3.01 and 3.02 shall accrue
        as to
        any Mortgage Loan upon (i) discovery of such Breach by the Purchaser or notice
        thereof by the Company to the Purchaser, (ii) failure by the Company to cure
        such Breach or repurchase such Mortgage Loan as specified above, and (iii)
        demand upon the Company by the Purchaser for compliance with this
        Agreement.

       

      
        	
              	
                Section
                  3.04

              	
                Indemnification.

              

      

       

      The
        Company agrees to indemnify the Purchaser and hold it harmless from and against
        any and all claims, losses, damages, penalties, fines, forfeitures, legal
        fees
        and related costs, judgments, and any other costs, fees and expenses that
        the
        Purchaser may sustain in any way related any assertion based on, grounded
        upon
        resulting from a Breach of any of the Company’s representations and warranties
        contained herein. In addition to the obligations of the Company set forth
        in
        this Section 3.04, the Purchaser may pursue any and all remedies otherwise
        available at law or in equity, including, but not limited to, the right to
        seek
        damages.  The provisions of this Section 3.04 shall survive
        termination of this Agreement.

       

      It
        is
        understood and agreed that the obligations of the Company set forth in Sections
        3.03 and 3.04 to cure, substitute for or repurchase a defective Mortgage
        Loan
        and to indemnify the Purchaser constitute the sole remedies of the Purchaser
        respecting a Breach of the foregoing representations and
        warranties.

       

       

      
        	
              	
                Section
                  3.05

              	
                Repurchase
                  Upon Conversion.

              

      

      

      In
        the
        event the Mortgagor under any Convertible Mortgage Loan elects to convert
        said
        Mortgage Loan to a fixed rate mortgage loan, as provided in the related Mortgage
        Note, then the Company shall repurchase the related Mortgage Loan in the
        month
        the conversion takes place and in the manner prescribed in Section 3.04 at
        the
        Repurchase Price.

       

      
        	
              	
                Section
                  3.06

              	
                Restrictions
                  and Requirements Applicable in the Event

                
                  that
                    a Mortgage Loan is Acquired by a
                    REMIC

                

              

      

       

      In
        the
        event that any Mortgage Loan is held by a REMIC, notwithstanding any contrary
        provision of this Agreement, the following provisions shall be applicable
        to
        such Mortgage Loan:

       

      
        	
              	
                (A)

              	
                Repurchase
                  of Mortgage Loans.

              

      

       

      With
        respect to any Mortgage Loan that is not in default or as to which no default
        is
        imminent, no repurchase or substitution pursuant to Subsection 3.03, 3.05,
        3.07
        or 7.02 shall be made, unless, if so required by the applicable REMIC Documents
        the Company has obtained an Opinion of Counsel to the effect that such
        repurchase will not (i) result in the imposition of taxes on “prohibited
        transactions” of such REMIC (as defined in Section 860F of the Code) or
        otherwise subject the REMIC to tax, or (ii) cause the REMIC to fail to qualify
        as a REMIC at any time.

       

      
        	
              	
                (B)

              	
                General
                  Servicing Obligations.

              

      

       

      The
        Company shall sell any REO Property within two years after its acquisition
        by
        the REMIC unless (i) the Company applies for an extension of such two-year
        period from the Internal Revenue Service pursuant to the REMIC Provisions
        and
        Code Section 856(e)(3), in which event such REO Property shall be sold within
        the applicable extension period, or (ii) the Company obtains for the Purchaser
        an Opinion of Counsel, addressed to the Purchaser and the Company, to the
        effect
        that the holding by the REMIC of such REO Property subsequent to such two
        year
        period will not result in the imposition of taxes on “prohibited transactions”
as defined in Section 860F of the Code or cause the REMIC to fail to qualify
        as
        a REMIC under the REMIC Provisions or comparable provisions of relevant state
        laws at any time. The Company shall manage, conserve, protect and operate
        each
        REO Property for the Purchaser solely for the purpose of its prompt disposition
        and sale in a manner which does not cause such REO Property to fail to qualify
        as “foreclosure property” within the meaning of Section 860G(a)(8) or result in
        the receipt by the REMIC of any “income from non-permitted assets” within the
        meaning of Section 860F(a)(2)(B) of the Code or any “net income from foreclosure
        property” which is subject to taxation under Section 860G(a)(1) of the Code.
        Pursuant to its efforts to sell such REO Property, the Company shall either
        itself or through an agent selected by the Company protect and conserve such
        REO
        Property in the same manner and to such extent as is customary in the locality
        where such REO Property is located and may, incident to its conservation
        and
        protection of the interests of the Purchaser, rent the same, or any part
        thereof, as the Company deems to be in the best interest of the Company and
        the
        Purchaser for the period prior to the sale of such REO Property; provided,
        however, that any rent received or accrued with respect to such REO Property
        qualifies as “rents from real property” as defined in Section 856(d) of the
        Code.

       

      
        	
              	
                (C)

              	
                Additional
                  Covenants.

              

      

       

      In
        addition to the provision set forth in this Section 3.06, if a REMIC election
        is
        made with respect to the arrangement under which any of the Mortgage Loans
        or
        REO Properties are held, then, with respect to such Mortgage Loans and/or
        REO
        Properties, and notwithstanding the terms of this Agreement, the Company
        shall
        not take any action, cause the REMIC to take any action or fail to take (or
        fail
        to cause to be taken) any action that, under the REMIC Provisions, if taken
        or
        not taken, as the case may be, could (i) endanger the status of the REMIC
        as a
        REMIC or (ii) result in the imposition of a tax upon the REMIC (including
        but
        not limited to the tax on “prohibited transactions” as defined in Section
        860F(a)(2) of the Code and the tax on “contributions” to a REMIC set forth in
        Section 860G(d) of the Code) unless the Company has received an Opinion of
        Counsel (at the expense of the party seeking to take such action) to the
        effect
        that the contemplated action will not endanger such REMIC status or result
        in
        the imposition of any such tax.

       

      If
        a
        REMIC election is made with respect to the arrangement under which any Mortgage
        Loans or REO Properties are held, the Company shall amend this Agreement
        such
        that it will meet all Rating Agency requirements.

       

      
        	
              	
                Section
                  3.07

              	
                Review
                  of Mortgage Loans

              

      

       

      From
        the
        related Closing Date until the date 15 days after the related Closing Date,
        the
        Purchaser shall have the right to review the Mortgage Files and obtain BPOs
        and
        other property evaluations on the Mortgaged Properties relating to the Mortgage
        Loans purchased on the related Closing Date, with the results of such BPO
        or
        property evaluation reviews to be communicated to the Company for a period
        up to
        15 days after the related Closing Date.  In addition, the Purchaser
        shall have the right to reject any Mortgage Loan which in the Purchaser’s sole
        determination (i) fails to conform to the Underwriting Guidelines, (ii) the
        value of the Mortgaged Property pursuant to any BPO or property evaluation
        varies by more than plus or minus 15% from the lesser of (A) the original
        appraised value of the Mortgage Property or (B) the purchase price of the
        Mortgaged Property as of the date of origination (a “Value Issue”), (iii)
        the Mortgage Loan is underwritten without verification of the Borrower’s income
        and assets and there is no credit report and credit score or (iv) the Purchaser
        deems the Mortgage Loan not to be an acceptable credit risk. The Company
        shall
        repurchase the rejected Mortgage Loan in the manner prescribed in Section
        3.03
        upon receipt of notice from the Purchaser of the rejection of such Mortgage
        Loan; provided, that, in the event that the Purchaser rejects a Mortgage
        Loan
        due to a Value Issue, the Company may submit to the Purchaser an additional
        property evaluation for purposes of demonstrating that the Mortgage Loan
        does
        not have a Value Issue.  If the Purchaser and the Company fail to
        resolve such Value Issue within two weeks of the Purchaser presenting such
        Value
        Issue to the Company, then Company shall have the right to promptly (a)
        substitute such Mortgage Loan with a Qualified Substitute Mortgage Loan meeting
        all the terms hereof, or (b) repurchase such Mortgage Loan in the manner
        prescribed in Section 3.03.  Any rejected Mortgage Loan shall be
        removed from the terms of this Agreement.  The Company shall make
        available all files required by Purchaser in order to complete its review,
        including capturing all CRA/HMDA required data fields.  Any review
        performed by the Purchaser prior to the related Closing Date does not limit
        the
        Purchaser’s rights or the Company’s obligations under this section. To the
        extent that the Purchaser’s review discloses that the Mortgage Loans do not
        conform to the Underwriting Guidelines or the terms set forth in the Purchaser
        Price and Terms Letter, the Purchaser may in its sole discretion increase
        its
        due diligence review and obtain additional BPO’s or other property
        evaluations.  The additional review may be for any reason including
        but not limited to credit quality, property valuations, and data
        integrity.

       

      ARTICLE
        IV

       

      ADMINISTRATION
        AND SERVICING OF MORTGAGE LOANS

       

      
        	
              	
                Section
                  4.01

              	
                Company
                  to Act as Servicer.

              

      

       

      The
        Company shall service and administer the Mortgage Loans and shall have full
        power and authority, acting alone, to do any and all things in connection
        with
        such servicing and administration which the Company may deem necessary or
        desirable, consistent with the terms of this Agreement and with Accepted
        Servicing Practices.

       

       

      Consistent
        with the terms of this Agreement, the Company may waive, modify or vary any
        term
        of any Mortgage Loan or consent to the postponement of strict compliance
        with
        any such term or in any manner grant indulgence to any Mortgagor if in the
        Company’s reasonable and prudent determination such waiver, modification,
        postponement or indulgence is not materially adverse to the Purchasers,
        provided, however, that the Company shall not make any future advances with
        respect to a Mortgage Loan and (unless the Mortgagor is in default with respect
        to the Mortgage Loan or such default is, in the judgment of the Company,
        imminent and the Company has obtained the prior written consent of the
        Purchaser) the Company shall not permit any modification of any material
        term of
        any Mortgage Loan including any modifications that would change the Mortgage
        Interest Rate change the Index, Lifetime Mortgage Interest Rate Cap, Initial
        Rate Cap or Gross Margin of any Mortgage Loan, defer or forgive the payment
        of
        principal or interest, reduce or increase the outstanding principal balance
        (except for actual payments of principal) or change the final maturity date
        on
        such Mortgage Loan. In the event of any such modification which permits the
        deferral of interest or principal payments on any Mortgage Loan, the Company
        shall, on the Business Day immediately preceding the Remittance Date in any
        month in which any such principal or interest payment has been deferred,
        deposit
        in the Custodial Account from its own funds, in accordance with Section 5.03,
        the difference between (a) such month’s principal and one month’s interest at
        the Mortgage Loan Remittance Rate on the unpaid principal balance of such
        Mortgage Loan and (b) the amount paid by the Mortgagor. The Company shall
        be
        entitled to reimbursement for such advances to the same extent as for all
        other
        advances made pursuant to Section 5.03. Without limiting the generality of
        the
        foregoing, the Company shall continue, and is hereby authorized and empowered,
        to execute and deliver on behalf of itself and the Purchasers, all instruments
        of satisfaction or cancellation, or of partial or full release, discharge
        and
        all other comparable instruments, with respect to the Mortgage Loans and
        with
        respect to the Mortgaged Properties. If reasonably required by the Company,
        the
        Purchaser shall furnish the Company with any powers of attorney and other
        documents necessary or appropriate to enable the Company to carry out its
        servicing and administrative duties under this Agreement.

       

      In
        servicing and administering the Mortgage Loans, the Company shall employ
        procedures (including collection procedures) and exercise the same care that
        it
        customarily employs and exercises in servicing and administering mortgage
        loans
        for its own account, giving due consideration to Accepted Servicing Practices
        where such practices do not conflict with the requirements of this Agreement,
        and the Purchaser’s reliance on the Company.

       

      The
        Mortgage Loans may be subserviced by the Subservicer on behalf of the Company
        provided that the Subservicer is a Fannie Mae-approved lender or a Freddie
        Mac
        seller/servicer in good standing, and no event has occurred, including but
        not
        limited to a change in insurance coverage, which would make it unable to
        comply
        with the eligibility requirements for lenders imposed by Fannie Mae or for
        seller/servicers imposed by Freddie Mac, or which would require notification
        to
        Fannie Mae or Freddie Mac. The Company may perform any of its servicing
        responsibilities hereunder or may cause the Subservicer to perform any such
        servicing responsibilities on its behalf, but the use by the Company of the
        Subservicer shall not release the Company from any of its obligations hereunder
        and the Company shall remain responsible hereunder for all acts and omissions
        of
        the Subservicer as fully as if such acts and omissions were those of the
        Company. The Company shall pay all fees and expenses of the Subservicer from
        its
        own funds, and the Subservicer’s fee shall not exceed the Servicing
        Fee.

       

      At
        the
        cost and expense of the Company, without any right of reimbursement from
        the
        Custodial Account, the Company shall be entitled to terminate the rights
        and
        responsibilities of the Subservicer and arrange for any servicing
        responsibilities to be performed by a successor Subservicer meeting the
        requirements in the preceding paragraph, provided, however, that nothing
        contained herein shall be deemed to prevent or prohibit the Company, at the
        Company’s option, from electing to service the related Mortgage Loans itself. In
        the event that the Company’s responsibilities and duties under this Agreement
        are terminated pursuant to Section 9.04, 10.01 or 11.02, and if requested
        to do
        so by the Purchaser, the Company shall at its own cost and expense terminate
        the
        rights and responsibilities of the Subservicer as soon as is reasonably
        possible. The Company shall pay all fees, expenses or penalties necessary
        in
        order to terminate the rights and responsibilities of the Subservicer from
        the
        Company’s own funds without reimbursement from the Purchaser.

       

      Notwithstanding
        any of the provisions of this Agreement relating to agreements or arrangements
        between the Company and the Subservicer or any reference herein to actions
        taken
        through the Subservicer or otherwise, the Company shall not be relieved of
        its
        obligations to the Purchaser and shall be obligated to the same extent and
        under
        the same terms and conditions as if it alone were servicing and administering
        the Mortgage Loans. The Company shall be entitled to enter into an agreement
        with the Subservicer for indemnification of the Company by the Subservicer
        and
        nothing contained in this Agreement shall be deemed to limit or modify such
        indemnification.

       

      Any
        Subservicing Agreement and any other transactions or services relating to
        the
        Mortgage Loans involving the Subservicer shall be deemed to be between the
        Subservicer and Company alone, and the Purchaser shall have no obligations,
        duties or liabilities with respect to the Subservicer including no obligation,
        duty or liability of Purchaser to pay the Subservicer’s fees and expenses. For
        purposes of distributions and advances by the Company pursuant to this
        Agreement, the Company shall be deemed to have received a payment on a Mortgage
        Loan when the Subservicer has received such payment.

       

      
        	
              	
                Section
                  4.02

              	
                Liquidation
                  of Mortgage Loans.

              

      

       

      In
        the
        event that any payment due under any Mortgage Loan and not postponed pursuant
        to
        Section 4.01 is not paid when the same becomes due and payable, or in the
        event
        the Mortgagor fails to perform any other covenant or obligation under the
        Mortgage Loan and such failure continues beyond any applicable grace period,
        the
        Company shall take such action as (1) the Company would take under similar
        circumstances with respect to a similar mortgage loan held for its own account
        for investment, (2) shall be consistent with Accepted Servicing Practices,
        (3)
        the Company shall determine prudently to be in the best interest of Purchaser,
        and (4) is consistent with any related PMI Policy. In the event that any
        payment
        due under any Mortgage Loan is not postponed pursuant to Section 4.01 and
        remains delinquent for a period of 90 days or any other default continues
        for a
        period of 90 days beyond the expiration of any grace or cure period, the
        Company
        shall commence foreclosure proceedings, provided that, prior to commencing
        foreclosure proceedings, the Company shall notify the Purchaser in writing
        of
        the Company’s intention to do so, and the Company shall not commence foreclosure
        proceedings if the Purchaser objects to such action within 10 Business Days
        of
        receiving such notice. In the event the Purchaser objects to such foreclosure
        action, the Company shall not be required to make Monthly Advances with respect
        to such Mortgage Loan, pursuant to Section 5.03, and the Company’s obligation to
        make such Monthly Advances shall terminate on the 90th day referred to
        above.  In such connection, the Company shall from its own funds make
        all necessary and proper Servicing Advances, provided, however, that the
        Company
        shall not be required to expend its own funds in connection with any foreclosure
        or towards the restoration or preservation of any Mortgaged Property, unless
        it
        shall determine (a) that such preservation, restoration and/or foreclosure
        will
        increase the proceeds of liquidation of the Mortgage Loan to Purchaser after
        reimbursement to itself for such expenses and (b) that such expenses will
        be
        recoverable by it either through Liquidation Proceeds (respecting which it
        shall
        have priority for purposes of withdrawals from the Custodial Account pursuant
        to
        Section 4.05) or through Insurance Proceeds (respecting which it shall have
        similar priority).

       

      Notwithstanding
        anything to the contrary contained herein, in connection with a foreclosure
        or
        acceptance of a deed in lieu of foreclosure, in the event the Company has
        reasonable cause to believe that a Mortgaged Property is contaminated by
        hazardous or toxic substances or wastes, or if the Purchaser otherwise requests
        an environmental inspection or review of such Mortgaged Property to be conducted
        by a qualified inspector. Upon completion of the inspection, the Company
        shall
        promptly provide the Purchaser with a written report of the environmental
        inspection.

       

      After
        reviewing the environmental inspection report, the Purchaser shall determine
        how
        the Company shall proceed with respect to the Mortgaged Property. In the
        event
        (a) the environmental inspection report indicates that the Mortgaged
        Property is contaminated by hazardous or toxic substances or wastes and
        (b) the Purchaser directs the Company to proceed with foreclosure or
        acceptance of a deed in lieu of foreclosure, the Company shall be reimbursed
        for
        all costs associated with such foreclosure or acceptance of a deed in lieu
        of
        foreclosure and any related environmental clean up costs, as applicable,
        from
        the related Liquidation Proceeds, or if the Liquidation Proceeds are
        insufficient to fully reimburse the Company, the Company shall be entitled
        to be
        reimbursed from amounts in the Custodial Account pursuant to Section 4.05
        hereof. In the event the Purchaser directs the Company not to proceed with
        foreclosure or acceptance of a deed in lieu of foreclosure, the Company shall
        be
        reimbursed for all Servicing Advances made with respect to the related Mortgaged
        Property from the Custodial Account pursuant to Section 4.05
        hereof.

       

      
        	
              	
                Section
                  4.03

              	
                Collection
                  of Mortgage Loan Payments.

              

      

       

      Continuously
        from the date hereof until the principal and interest on all Mortgage Loans
        are
        paid in full, the Company shall proceed diligently to collect all payments
        due
        under each of the Mortgage Loans when the same shall become due and payable
        and
        shall take special care in ascertaining and estimating Escrow Payments and
        all
        other charges that will become due and payable with respect to the Mortgage
        Loan
        and the Mortgaged Property, to the end that the installments payable by the
        Mortgagors will be sufficient to pay such charges as and when they become
        due
        and payable.

       

      
        	
              	
                Section
                  4.04

              	
                Establishment
                  of and Deposits to Custodial
                  Account.

              

      

       

      The
        Company shall segregate and hold all funds collected and received pursuant
        to a
        Mortgage Loan separate and apart from any of its own funds and general assets
        and shall establish and maintain one or more Custodial Accounts, in the form
        of
        time deposit or demand accounts, titled “Countrywide Home Loans, Inc. in trust
        for EMC Mortgage Corporation, as purchaser of Residential Adjustable Rate
        Mortgage Loans and various Mortgagors”. The Custodial Account shall be
        established with a Qualified Depository acceptable to the Purchaser. Any
        funds
        deposited in the Custodial Account shall at all times be fully insured to
        the
        full extent permitted under applicable law.  Funds deposited in the
        Custodial Account may be drawn on by the Company in accordance with Section
        4.05. The creation of any Custodial Account shall be evidenced by a
        certification in the form of Exhibit D-1 hereto, in the case of an
        account established with the Company, or by a letter agreement in the form
        of
Exhibit D-2 hereto, in the case of an account held by a depository other
        than the Company. A copy of such certification or letter agreement shall
        be
        furnished to the Purchaser and, upon request, to any subsequent
        Purchaser.

       

      The
        Company shall deposit in the Custodial Account within two Business Days of
        receipt, and retain therein, the following collections received by the Company
        and payments made by the Company after the related Cut-off Date, (other than
        payments of principal and interest due on or before the related Cut-off Date,
        or
        received by the Company prior to the related Cut-off Date but allocable to
        a
        period subsequent thereto or with respect to each LPMI Loan, in the amount
        of
        the LPMI Fee):

       

      (i)  all
        payments on account of principal on the Mortgage Loans, including all Principal
        Prepayments;

       

      (ii)  all
        payments on account of interest on the Mortgage Loans adjusted to the Mortgage
        Loan Remittance Rate;

       

      (iii)  all
        Liquidation Proceeds;

       

      (iv)  all
        Insurance Proceeds including amounts required to be deposited pursuant to
        Section 4.10, Section 4.11, Section 4.14 and Section 4.15;

       

      (v)  all
        Condemnation Proceeds which are not applied to the restoration or repair
        of the
        Mortgaged Property or released to the Mortgagor in accordance with Section
        4.14;

       

      (vi)  any
        amount required to be deposited in the Custodial Account pursuant to Section
        4.01, 4.09, 5.03, 6.01 or 6.02;

       

      (vii)  any
        amounts payable in connection with the repurchase of any Mortgage Loan pursuant
        to Section 3.03, 3.05 or 3.07 and all amounts required to be deposited by
        the
        Company in connection with a shortfall in principal amount of any Qualified
        Substitute Mortgage Loan pursuant to Section 3.03;

       

      (viii)  with
        respect to each Principal Prepayment in full or in part, the Prepayment Interest
        Shortfall Amount, if any, for the month of distribution. Such deposit shall
        be
        made from the Company’s own funds, without reimbursement therefor up to a
        maximum amount per month of the Servicing Fee actually received for such
        month
        for the Mortgage Loans;

       

      (ix)  any
        amounts required to be deposited by the Company pursuant to Section 4.11 in
        connection with the deductible clause in any blanket hazard insurance policy;
        and

       

      (x)  any
        amounts received with respect to or related to any REO Property and all REO
        Disposition Proceeds pursuant to Section 4.16.

       

      The
        foregoing requirements for deposit into the Custodial Account shall be
        exclusive, it being understood and agreed that, without limiting the generality
        of the foregoing, payments in the nature of late payment charges and assumption
        fees, to the extent permitted by Section 6.01, need not be deposited by the
        Company into the Custodial Account. Any interest paid on funds deposited
        in the
        Custodial Account by the depository institution shall accrue to the benefit
        of
        the Company and the Company shall be entitled to retain and withdraw such
        interest from the Custodial Account pursuant to Section 4.05.

       

      
        	
              	
                Section
                  4.05

              	
                Permitted
                  Withdrawals From Custodial
                  Account.

              

      

       

      The
        Company shall, from time to time, withdraw funds from the Custodial Account
        for
        the following purposes:

       

      (i)  to
        make
        payments to the Purchaser in the amounts and in the manner provided for in
        Section 5.01;

       

      (ii)  to
        reimburse itself for Monthly Advances of the Company’s funds made pursuant to
        Section 5.03, the Company’s right to reimburse itself pursuant to this subclause
        (ii) being limited to amounts received on the related Mortgage Loan which
        represent late payments of principal and/or interest respecting which any
        such
        advance was made, it being understood that, in the case of any such
        reimbursement, the Company’s right thereto shall be prior to the rights of
        Purchaser, except that, where the Company is required to repurchase a Mortgage
        Loan pursuant to Section 3.03, 3.05, 3.07 or 6.02, the Company’s right to such
        reimbursement shall be subsequent to the payment to the Purchaser of the
        Repurchase Price pursuant to such sections and all other amounts required
        to be
        paid to the Purchaser with respect to such Mortgage Loan;

       

      (iii)  to
        reimburse itself for unreimbursed Servicing Advances, and for any unpaid
        Servicing Fees, the Company’s right to reimburse itself pursuant to this
        subclause (iii) with respect to any Mortgage Loan being limited to related
        Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds and such
        other
        amounts as may be collected by the Company from the Mortgagor or otherwise
        relating to the Mortgage Loan, it being understood that, in the case of any
        such
        reimbursement, the Company’s right thereto shall be prior to the rights of
        Purchaser except where the Company is required to repurchase a Mortgage Loan
        pursuant to Section 3.03, 3.05, 3.07 or 6.02, in which case the Company’s right
        to such reimbursement shall be subsequent to the payment to the Purchasers
        of
        the Repurchase Price pursuant to such sections and all other amounts required
        to
        be paid to the Purchasers with respect to such Mortgage Loan;

       

      (iv)  to
        pay
        itself interest on funds deposited in the Custodial Account;

       

      (v)  to
        reimburse itself for expenses incurred and reimbursable to it pursuant to
        Section 9.01;

       

      (vi)  to
        pay
        any amount required to be paid pursuant to Section 4.16 related to any REO
        Property, it being understood that in the case of any such expenditure or
        withdrawal related to a particular REO Property, the amount of such expenditure
        or withdrawal from the Custodial Account shall be limited to amounts on deposit
        in the Custodial Account with respect to the related REO Property;

       

      (vii)  to
        clear
        and terminate the Custodial Account upon the termination of this Agreement;
        and

       

      (viii)  to
        withdraw funds deposited in error.

       

      In
        the
        event that the Custodial Account is interest bearing, on each Remittance
        Date,
        the Company shall withdraw all funds from the Custodial Account except for
        those
        amounts which, pursuant to Section 5.01, the Company is not obligated to
        remit
        on such Remittance Date. The Company may use such withdrawn funds only for
        the
        purposes described in this Section 4.05.

       

      
        	
              	
                Section
                  4.06

              	
                Establishment
                  of and Deposits to Escrow
                  Account.

              

      

       

      The
        Company shall segregate and hold all funds collected and received pursuant
        to a
        Mortgage Loan constituting Escrow Payments separate and apart from any of
        its
        own funds and general assets and shall establish and maintain one or more
        Escrow
        Accounts, in the form of time deposit or demand accounts, titled, “Countrywide
        Home Loans, Inc., in trust for the EMC Mortgage Corporation, as purchaser
        of
        Residential Adjustable Rate Mortgage Loans and various Mortgagors”. The Escrow
        Accounts shall be established with a Qualified Depository, in a manner which
        shall provide maximum available insurance thereunder. Funds deposited in
        the
        Escrow Account may be drawn on by the Company in accordance with Section
        4.07.
        The creation of any Escrow Account shall be evidenced by a certification
        in the
        form of Exhibit E-1 hereto, in the case of an account established with
        the Company, or by a letter agreement in the form of Exhibit E-2 hereto,
        in the case of an account held by a depository other than the Company. A
        copy of
        such certification shall be furnished to the Purchaser and, upon request,
        to any
        subsequent Purchaser.

       

      The
        Company shall deposit in the Escrow Account or Accounts within two Business
        Days
        of receipt, and retain therein:

       

      (i)  all
        Escrow Payments collected on account of the Mortgage Loans, for the purpose
        of
        effecting timely payment of any such items as required under the terms of
        this
        Agreement; and

       

      (ii)  all
        amounts representing Insurance Proceeds or Condemnation Proceeds which are
        to be
        applied to the restoration or repair of any Mortgaged Property.

       

      The
        Company shall make withdrawals from the Escrow Account only to effect such
        payments as are required under this Agreement, as set forth in Section 4.07.
        The
        Company shall be entitled to retain any interest paid on funds deposited
        in the
        Escrow Account by the depository institution, other than interest on escrowed
        funds required by law to be paid to the Mortgagor. To the extent required
        by
        law, the Company shall pay interest on escrowed funds to the Mortgagor
        notwithstanding that the Escrow Account may be non-interest bearing or that
        interest paid thereon is insufficient for such purposes.

       

      
        	
              	
                Section
                  4.07

              	
                Permitted
                  Withdrawals From Escrow
                  Account.

              

      

       

      Withdrawals
        from the Escrow Account or Accounts may be made by the Company
        only:

       

      (i)  to
        effect
        timely payments of ground rents, taxes, assessments, water rates, mortgage
        insurance premiums, condominium charges, fire and hazard insurance premiums
        or
        other items constituting Escrow Payments for the related Mortgage;

       

      (ii)  to
        reimburse the Company for any Servicing Advances made by the Company pursuant
        to
        Section 4.08 with respect to a related Mortgage Loan, but only from amounts
        received on the related Mortgage Loan which represent late collections of
        Escrow
        Payments thereunder;

       

      (iii)  to
        refund
        to any Mortgagor any funds found to be in excess of the amounts required
        under
        the terms of the related Mortgage Loan;

       

      (iv)  for
        transfer to the Custodial Account and application to reduce the principal
        balance of the Mortgage Loan in accordance with the terms of the related
        Mortgage and Mortgage Note;

       

      (v)  for
        application to restoration or repair of the Mortgaged Property in accordance
        with the procedures outlined in Section 4.14;

       

      (vi)  to
        pay to
        the Company, or any Mortgagor to the extent required by law, any interest
        paid
        on the funds deposited in the Escrow Account;

       

      (vii)  to
        clear
        and terminate the Escrow Account on the termination of this Agreement;
        and

       

      (viii)  to
        withdraw funds deposited in error.

       

      
        	
              	
                Section
                  4.08

              	
                Payment
                  of Taxes, Insurance and Other
                  Charges.

              

      

       

      With
        respect to each Mortgage Loan, the Company shall maintain accurate records
        reflecting the status of ground rents, taxes, assessments, water rates, sewer
        rents, and other charges which are or may become a lien upon the Mortgaged
        Property and the status of PMI Policy premiums and fire and hazard insurance
        coverage and shall obtain, from time to time, all bills for the payment of
        such
        charges (including renewal premiums) and shall effect payment thereof prior
        to
        the applicable penalty or termination date, employing for such purpose deposits
        of the Mortgagor in the Escrow Account which shall have been estimated and
        accumulated by the Company in amounts sufficient for such purposes, as allowed
        under the terms of the Mortgage. To the extent that a Mortgage does not provide
        for Escrow Payments, the Company shall determine that any such payments are
        made
        by the Mortgagor at the time they first become due. The Company assumes full
        responsibility for the timely payment of all such bills and shall effect
        timely
        payment of all such charges irrespective of each Mortgagor’s faithful
        performance in the payment of same or the making of the Escrow Payments,
        and the
        Company shall make advances from its own funds to effect such
        payments.

       

      
        	
              	
                Section
                  4.09

              	
                Protection
                  of Accounts.

              

      

       

      The
        Company may transfer the Custodial Account or the Escrow Account to a different
        Qualified Depository from time to time. Upon any such transfer, the Company
        shall promptly notify the Purchaser and deliver to the Purchaser a Custodial
        Account Certification or Escrow Account Certification (as applicable) in
        the
        form of Exhibit D-1 or E-1 to this agreement.

       

      The
        Company shall bear any expenses, losses or damages sustained by the Purchaser
        because the Custodial Account and/or the Escrow Account are not demand deposit
        accounts.

       

      Amounts
        on deposit in the Custodial Account and the Escrow Account may at the option
        of
        the Company be invested in Eligible Investments; provided that in the event
        that
        amounts on deposit in the Custodial Account or the Escrow Account exceed
        the
        amount fully insured by the FDIC (the “Insured Amount”) the Company shall
        be obligated to invest the excess amount over the Insured Amount in Eligible
        Investments on the same Business Day as such excess amount becomes present
        in
        the Custodial Account or the Escrow Account. Any such Eligible Investment
        shall
        mature no later than the Determination Date next following the date of such
        Eligible Investment, provided, however, that if such Eligible Investment
        is an
        obligation of a Qualified Depository (other than the Company) that maintains
        the
        Custodial Account or the Escrow Account, then such Eligible Investment may
        mature on such Remittance Date. Any such Eligible Investment shall be made
        in
        the name of the Company in trust for the benefit of the Purchaser. All income
        on
        or gain realized from any such Eligible Investment shall be for the benefit
        of
        the Company and may be withdrawn at any time by the Company. Any losses incurred
        in respect of any such investment shall be deposited in the Custodial Account
        or
        the Escrow Account, by the Company out of its own funds immediately as
        realized.

       

      
        	
              	
                Section
                  4.10

              	
                Maintenance
                  of Hazard Insurance.

              

      

       

      The
        Company shall cause to be maintained for each Mortgage Loan hazard insurance
        such that all buildings upon the Mortgaged Property are insured by a generally
        acceptable insurer rated A:VI or better in the current Best’s Key Rating Guide
        (“Best’s”) against loss by fire, hazards of extended coverage and such
        other hazards as are customary in the area where the Mortgaged Property is
        located, in an amount which is at least equal to the lesser of (i) the
        replacement value of the improvements securing such Mortgage Loan and (ii)
        the
        greater of (a) the outstanding principal balance of the Mortgage Loan and
        (b) an
        amount such that the proceeds thereof shall be sufficient to prevent the
        Mortgagor or the loss payee from becoming a co-insurer.

       

      If
        a
        Mortgaged Property is located in an area identified in the Federal Register
        by
        the Flood Emergency Management Agency as having special flood hazards (and
        such
        flood insurance has been made available) a flood insurance policy meeting
        the
        requirements of the current guidelines of the Federal Insurance Administration
        is in effect with a generally acceptable insurance carrier rated A:VI or
        better
        in Best’s in an amount representing coverage equal to the lesser of (i) the
        minimum amount required, under the terms of coverage, to compensate for any
        damage or loss on a replacement cost basis (or the unpaid balance of the
        mortgage if replacement cost coverage is not available for the type of building
        insured) and (ii) the maximum amount of insurance which is available under
        the
        Flood Disaster Protection Act of 1973, as amended. If at any time during
        the
        term of the Mortgage Loan, the Company determines in accordance with applicable
        law and pursuant to the Fannie Mae Guides that a Mortgaged Property is located
        in a special flood hazard area and is not covered by flood insurance or is
        covered in an amount less than the amount required by the Flood Disaster
        Protection Act of 1973, as amended, the Company shall notify the related
        Mortgagor that the Mortgagor must obtain such flood insurance coverage, and
        if
        said Mortgagor fails to obtain the required flood insurance coverage within
        forty-five (45) days after such notification, the Company shall immediately
        force place the required flood insurance on the Mortgagor’s behalf.

       

      If
        a
        Mortgage is secured by a unit in a condominium project, the Company shall
        verify
        that the coverage required of the owner’s association, including hazard, flood,
        liability, and fidelity coverage, is being maintained in accordance with
        then
        current Fannie Mae requirements, and secure from the owner’s association its
        agreement to notify the Company promptly of any change in the insurance coverage
        or of any condemnation or casualty loss that may have a material effect on
        the
        value of the Mortgaged Property as security.

       

      The
        Company shall cause to be maintained on each Mortgaged Property earthquake
        or
        such other or additional insurance as may be required pursuant to such
        applicable laws and regulations as shall at any time be in force and as shall
        require such additional insurance, or pursuant to the requirements of any
        private mortgage guaranty insurer, or as may be required to conform with
        Accepted Servicing Practices.

       

      In
        the
        event that any Purchaser or the Company shall determine that the Mortgaged
        Property should be insured against loss or damage by hazards and risks not
        covered by the insurance required to be maintained by the Mortgagor pursuant
        to
        the terms of the Mortgage, the Company shall communicate and consult with
        the
        Mortgagor with respect to the need for such insurance and bring to the
        Mortgagor’s attention the desirability of protection of the Mortgaged
        Property.

       

      All
        policies required hereunder shall name the Company as loss payee and shall
        be
        endorsed with standard or union mortgagee clauses, without contribution,
        which
        shall provide for at least 30 days prior written notice of any cancellation,
        reduction in amount or material change in coverage.

       

      The
        Company shall not interfere with the Mortgagor’s freedom of choice in selecting
        either his insurance carrier or agent, provided, however, that the Company
        shall
        not accept any such insurance policies from insurance companies unless such
        companies are rated A:VI or better in Best’s and are licensed to do business in
        the jurisdiction in which the Mortgaged Property is located. The Company
        shall
        determine that such policies provide sufficient risk coverage and amounts,
        that
        they insure the property owner, and that they properly describe the property
        address. The Company shall furnish to the Mortgagor a formal notice of
        expiration of any such insurance in sufficient time for the Mortgagor to
        arrange
        for renewal coverage by the expiration date.

       

      Pursuant
        to Section 4.04, any amounts collected by the Company under any such policies
        (other than amounts to be deposited in the Escrow Account and applied to
        the
        restoration or repair of the related Mortgaged Property, or property acquired
        in
        liquidation of the Mortgage Loan, or to be released to the Mortgagor, in
        accordance with the Company’s normal servicing procedures as specified in
        Section 4.14) shall be deposited in the Custodial Account subject to withdrawal
        pursuant to Section 4.05.

       

      
        	
              	
                Section
                  4.11

              	
                Maintenance
                  of Mortgage Impairment
                  Insurance.

              

      

       

      In
        the
        event that the Company shall obtain and maintain a blanket policy insuring
        against losses arising from fire and hazards covered under extended coverage
        on
        all of the Mortgage Loans, then, to the extent such policy provides coverage
        in
        an amount equal to the amount required pursuant to Section 4.10 and otherwise
        complies with all other requirements of Section 4.10, it shall conclusively
        be
        deemed to have satisfied its obligations as set forth in Section 4.10. Any
        amounts collected by the Company under any such policy relating to a Mortgage
        Loan shall be deposited in the Custodial Account subject to withdrawal pursuant
        to Section 4.05. Such policy may contain a deductible clause, in which case,
        in
        the event that there shall not have been maintained on the related Mortgaged
        Property a policy complying with Section 4.10, and there shall have been
        a loss
        which would have been covered by such policy, the Company shall deposit in
        the
        Custodial Account at the time of such loss the amount not otherwise payable
        under the blanket policy because of such deductible clause, such amount to
        deposited from the Company’s funds, without reimbursement therefor. Upon request
        of any Purchaser, the Company shall cause to be delivered to such Purchaser
        a
        certified true copy of such policy and a statement from the insurer thereunder
        that such policy shall in no event be terminated or materially modified without
        30 days’ prior written notice to such Purchaser.

       

      
        	
              	
                Section
                  4.12

              	
                Maintenance
                  of Fidelity Bond and Errors and Omissions
                  Insurance.

              

      

       

      The
        Company shall maintain with responsible companies, at its own expense, a
        blanket
        Fidelity Bond and an Errors and Omissions Insurance Policy, with broad coverage
        on all officers, employees or other persons acting in any capacity requiring
        such persons to handle funds, money, documents or papers relating to the
        Mortgage Loans (“Company Employees”). Any such Fidelity Bond and Errors
        and Omissions Insurance Policy shall be in the form of the Mortgage Banker’s
        Blanket Bond and shall protect and insure the Company against losses, including
        forgery, theft, embezzle­ment, fraud, errors and omissions and negligent
        acts of such Company Employees. Such Fidelity Bond and Errors and Omissions
        Insurance Policy also shall protect and insure the Company against losses
        in
        connection with the release or satisfaction of a Mortgage Loan without having
        obtained payment in full of the indebtedness secured thereby. No provision
        of
        this Section 4.12 requiring such Fidelity Bond and Errors and Omissions
        Insurance Policy shall diminish or relieve the Company from its duties and
        obligations as set forth in this Agreement. The minimum coverage under any
        such
        bond and insurance policy shall be acceptable to Fannie Mae or Freddie
        Mac.  Upon the request of any Purchaser, the Company shall cause to be
        delivered to such Purchaser a certified true copy of such fidelity bond and
        insurance policy and a statement from the surety and the insurer that such
        fidelity bond and insurance policy shall in no event be terminated or materially
        modified without 30 days’ prior written notice to the Purchaser.

       

      
        	
              	
                Section
                  4.13

              	
                Inspections.

              

      

       

      The
        Company shall inspect the Mortgaged Property as often as deemed necessary
        by the
        Company to assure itself that the value of the Mortgaged Property is being
        preserved. In addition, if any Mortgage Loan is more than 60 days delinquent,
        the Company immediately shall inspect the Mortgaged Property and shall conduct
        subsequent inspections in accordance with Accepted Servicing Practices or
        as may
        be required by the primary mortgage guaranty insurer. The Company shall keep
        a
        written report of each such inspection.

       

      
        	
              	
                Section
                  4.14

              	
                Restoration
                  of Mortgaged Property.

              

      

       

      The
        Company need not obtain the approval of the Purchaser prior to releasing
        any
        Insurance Proceeds or Condemnation Proceeds to the Mortgagor to be applied
        to
        the restoration or repair of the Mortgaged Property if such release is in
        accordance with Accepted Servicing Practices. At a minimum, the Company shall
        comply with the following conditions in connection with any such release
        of
        Insurance Proceeds or Condemnation Proceeds:

       

      (i)  the
        Company shall receive satisfactory independent verification of completion
        of
        repairs and issuance of any required approvals with respect
        thereto;

       

      (ii)  the
        Company shall take all steps necessary to preserve the priority of the lien
        of
        the Mortgage, including, but not limited to requiring waivers with respect
        to
        mechanics’ and materialmen’s liens;

       

      (iii)  the
        Company shall verify that the Mortgage Loan is not in default; and

       

      (iv)  pending
        repairs or restoration, the Company shall place the Insurance Proceeds or
        Condemnation Proceeds in the Custodial Account.

       

      If
        the
        Purchaser is named as an additional loss payee, the Company is hereby empowered
        to endorse any loss draft issued in respect of such a claim in the name of
        the
        Purchaser.

       

      
        	
              	
                Section
                  4.15

              	
                Maintenance
                  of PMI and LPMI Policy; Claims.

              

      

       

      (a)
        With
        respect to each Mortgage Loan with a LTV in excess of 95%, the Company
        shall:

       

      (i)  with
        respect to Mortgage Loans which are not LPMI Loans, in accordance with state
        and
        federal laws and without any cost to the Purchaser, maintain or cause the
        Mortgagor to maintain in full force and effect a PMI Policy with a minimum
        of
        35% coverage insuring that portion of the Mortgage Loan in excess of 68%
        (or
        such other percentage as stated in the related Acknowledgment Agreement)
        of
        value, and shall pay or shall cause the Mortgagor to pay the premium thereon
        on
        a timely basis, until the LTV of such Mortgage Loan is reduced to 80%. In
        the
        event that such PMI Policy shall be terminated, the Company shall obtain
        from
        another Qualified Insurer a comparable replacement policy, with a total coverage
        equal to the remaining coverage of such terminated PMI Policy, at substantially
        the same fee level. If the insurer shall cease to be a Qualified Insurer,
        the
        Company shall determine whether recoveries under the PMI Policy are jeopardized
        for reasons related to the financial condition of such insurer, it being
        understood that the Company shall in no event have any responsibility or
        liability for any failure to recover under the PMI Policy for such
        reason.  If the Company determines that recoveries are so jeopardized,
        it shall notify the Purchaser and the Mortgagor, if required, and obtain
        from
        another Qualified Insurer a replacement insurance policy. The Company shall
        not
        take any action which would result in noncoverage under any applicable PMI
        Policy of any loss which, but for the actions of the Company would have been
        covered thereunder. In connection with any assumption or substitution agreement
        entered into or to be entered into pursuant to Section 4.01, the Company
        shall
        promptly notify the insurer under the related PMI Policy, if any, of such
        assumption or substitution of liability in accordance with the terms of such
        PMI
        Policy and shall take all actions which may be required by such insurer as
        a
        condition to the continuation of coverage under such PMI Policy. If such
        PMI
        Policy is terminated as a result of such assumption or substitution of
        liability, the Company shall obtain a replacement PMI Policy as provided
        above.

       

       (ii)
        with respect to LPMI Loans, maintain in full force and effect an LPMI Policy
        insuring that portion of the Mortgage Loan with a minimum of 35% coverage
        insuring that portion of the Mortgage Loan in excess of 68% (or such other
        percentage as stated in the related Acknowledgment Agreement) of value, and
        from
        time to time, withdraw the LPMI Fee with respect to such LPMI Loan from the
        Custodial Account in order to pay the premium thereon on a timely basis,
        until
        the LTV of such Mortgage Loan is reduced to 80%. In the event that the interest
        payments made with respect to any LPMI Loan are less than the LPMI Fee, the
        Company shall advance from its own funds the amount of any such shortfall
        in the
        LPMI Fee, in payment of the premium on the related LPMI Policy.  Any
        such advance shall be a Servicing Advance subject to reimbursement pursuant
        to
        the provisions on Section 2.05. In the event that such LPMI Policy shall
        be
        terminated, the Company shall obtain from another Qualified Insurer a comparable
        replacement policy, with a total coverage equal to the remaining coverage
        of
        such terminated LPMI Policy, at substantially the same fee level. If the
        insurer
        shall cease to be a Qualified Insurer, the Company shall determine whether
        recoveries under the LPMI Policy are jeopardized for reasons related to the
        financial condition of such insurer, it being understood that the Company
        shall
        in no event have any responsibility or liability for any failure to recover
        under the LPMI Policy for such reason.  If the Company determines that
        recoveries are so jeopardized, it shall notify the Purchaser and the Mortgagor,
        if required, and obtain from another Qualified Insurer a replacement insurance
        policy.  The Company shall not take any action which would result in
        noncoverage under any applicable LPMI Policy of any loss which, but for the
        actions of the Company would have been covered thereunder. In connection
        with
        any assumption or substitution agreement entered into or to be entered into
        pursuant to Section 6.01, the Company shall promptly notify the insurer under
        the related LPMI Policy, if any, of such assumption or substitution of liability
        in accordance with the terms of such LPMI Policy and shall take all actions
        which may be required by such insurer as a condition to the continuation
        of
        coverage under such PMI Policy. If such LPMI Policy is terminated as a result
        of
        such assumption or substitution of liability, the Company shall obtain a
        replacement LPMI Policy as provided above.

       

      (b)           In
        connection with its activities as servicer, the Company agrees to prepare
        and
        present, on behalf of itself and the Purchaser, claims to the insurer under
        any
        PMI Policy or LPMI Policy in a timely fashion in accordance with the terms
        of
        such PMI Policy or LPMI Policy and, in this regard, to take such action as
        shall
        be necessary to permit recovery under any PMI Policy or LPMI Policy respecting
        a
        defaulted Mortgage Loan. Pursuant to Section 4.04, any amounts collected
        by the
        Company under any PMI Policy or LPMI Policy shall be deposited in the Custodial
        Account, subject to withdrawal pursuant to Section 4.05.

       

      (c)           Purchaser,
        in its sole discretion, at any time, may (i) either obtain an additional
        PMI
        Policy on any Mortgage Loan which already has a PMI Policy in place, or (ii)
        obtain a PMI Policy for any Mortgage Loan which does not already have a PMI
        Policy in place.  In any event, the Company agrees to administer such
        PMI Policies in accordance with the Agreement or any Reconstitution
        Agreement.

       

      
        	
              	
                Section
                  4.16

              	
                Title,
                  Management and Disposition of REO
                  Property.

              

      

       

      In
        the
        event that title to any Mortgaged Property is acquired in foreclosure or
        by deed
        in lieu of foreclosure, the deed or certificate of sale shall be taken in
        the
        name of the Purchaser, or in the event the Purchaser is not authorized or
        permitted to hold title to real property in the state where the REO Property
        is
        located, or would be adversely affected under the “doing business” or tax laws
        of such state by so holding title, the deed or certificate of sale shall
        be
        taken in the name of such Person or Persons as shall be consistent with an
        Opinion of Counsel obtained by the Company from any attorney duly licensed
        to
        practice law in the state where the REO Property is located. The Person or
        Persons holding such title other than the Purchaser shall acknowledge in
        writing
        that such title is being held as nominee for the Purchaser.

       

      The
        Company shall manage, conserve, protect and operate each REO Property for
        the
        Purchaser solely for the purpose of its prompt disposition and sale. The
        Company, either itself or through an agent selected by the Company, shall
        manage, conserve, protect and operate the REO Property in the same manner
        that
        it manages, conserves, protects and operates other foreclosed property for
        its
        own account, and in the same manner that similar property in the same locality
        as the REO Property is managed. The Company shall attempt to sell the same
        (and
        may temporarily rent the same for a period not greater than one year, except
        as
        otherwise provided below) on such terms and conditions as the Company deems
        to
        be in the best interest of the Purchaser.

       

      The
        Company shall use its best efforts to dispose of the REO Property as soon
        as
        possible and shall sell such REO Property in any event within one year after
        title has been taken to such REO Property, unless (i) (A) a REMIC election
        has
        not been made with respect to the arrangement under which the Mortgage Loans
        and
        the REO Property are held, and (ii) the Company determines, and gives an
        appropriate notice to the Purchaser to such effect, that a longer period
        is
        necessary for the orderly liquidation of such REO Property. If a period longer
        than one year is permitted under the foregoing sentence and is necessary
        to sell
        any REO Property the Company shall report monthly to the Purchaser as to
        the
        progress being made in selling such REO Property.

       

      The
        Company shall also maintain on each REO Property fire and hazard insurance
        with
        extended coverage in amount which is at least equal to the maximum insurable
        value of the improvements which are a part of such property, liability insurance
        and, to the extent required and available under the Flood Disaster Protection
        Act of 1973, as amended, flood insurance in the amount required
        above.

       

      The
        disposition of REO Property shall be carried out by the Company at such price,
        and upon such terms and conditions, as the Company deems to be in the best
        interests of the Purchaser. The proceeds of sale of the REO Property shall
        be
        promptly deposited in the Custodial Account. As soon as practical thereafter
        the
        expenses of such sale shall be paid and the Company shall reimburse itself
        for
        any related unreimbursed Servicing Advances, unpaid Servicing Fees and
        unreimbursed advances made pursuant to Section 5.03, and on the Remittance
        Date
        immediately following the Principal Prepayment Period in which such sale
        proceeds are received the net cash proceeds of such sale remaining in the
        Custodial Account shall be distributed to the Purchaser.

       

      The
        Company shall withdraw the Custodial Account funds necessary for the proper
        operation, management and maintenance of the REO Property, including the
        cost of
        maintaining any hazard insurance pursuant to Section 4.10 and the fees of
        any
        managing agent of the Company, a Subservicer, or the Company itself. The
        REO
        management fee shall be an amount that is reasonable and customary in the
        area
        where the Mortgaged Property is located. The Company shall make monthly
        distributions on each Remittance Date to the Purchasers of the net cash flow
        from the REO Property (which shall equal the revenues from such REO Property
        net
        of the expenses described in this Section 4.16 and of any reserves reasonably
        required from time to time to be maintained to satisfy anticipated liabilities
        for such expenses).

       

      
        	
              	
                Section
                  4.17

              	
                Real
                  Estate Owned Reports.

              

      

       

      Together
        with the statement furnished pursuant to Section 5.02, the Company shall
        furnish
        to the Purchaser on or before the Remittance Date each month a statement
        with
        respect to any REO Property covering the operation of such REO Property for
        the
        previous month and the Company’s efforts in connection with the sale of such REO
        Property and any rental of such REO Property incidental to the sale thereof
        for
        the previous month. That statement shall be accompanied by such other
        information as the Purchaser shall reasonably request.

       

      
        	
              	
                Section
                  4.18

              	
                Liquidation
                  Reports.

              

      

       

      Upon
        the
        foreclosure sale of any Mortgaged Property or the acquisition thereof by
        the
        Purchaser pursuant to a deed in lieu of foreclosure, the Company shall submit
        to
        the Purchaser a liquidation report with respect to such Mortgaged
        Property.

       

      
        	
              	
                Section
                  4.19

              	
                Reports
                  of Foreclosures and Abandonments of Mortgaged
                  Property.

              

      

       

      Following
        the foreclosure sale or abandonment of any Mortgaged Property, the Company
        shall
        report such foreclosure or abandonment as required pursuant to Section 6050J
        of
        the Code.

       

      
        	
              	
                Section
                  4.20

              	
                Notification
                  of Adjustments.

              

      

       

      With
        respect to each Mortgage Loan, the Company shall adjust the Mortgage Interest
        Rate on the related Interest Rate Adjustment Date and shall adjust the Monthly
        Payment on the related Payment Adjustment Date in compliance with the
        requirements of applicable law and the related Mortgage and Mortgage Note.
        If,
        pursuant to the terms of the Mortgage Note, another index is selected for
        determining the Mortgage Interest Rate, the same index will be used with
        respect
        to each Mortgage Note which requires a new index to be selected, provided
        that
        such selection does not conflict with the terms of the related Mortgage
        Note.  The Company shall execute and deliver any and all necessary
        notices required under applicable law and the terms of the related Mortgage
        Note
        and Mortgage regarding the Mortgage Interest Rate and the Monthly Payment
        adjustments.  The Company shall promptly upon written request thereof,
        deliver to the Purchaser such notifications and any additional applicable
        data
        regarding such adjustments and the methods used to calculate and implement
        such
        adjustments. Upon the discovery by the Company, or the Purchaser that the
        Company has failed to adjust a Mortgage Interest Rate or a Monthly Payment
        pursuant to the terms of the related Mortgage Note and Mortgage, the Company
        shall immediately deposit in the Custodial Account from its own funds the
        amount
        of any interest loss caused the Purchaser thereby.

       

      ARTICLE
        V

       

      PAYMENTS
        TO PURCHASER

       

      
        	
              	
                Section
                  5.01

              	
                Remittances.

              

      

       

      On
        each
        Remittance Date the Company shall remit by wire transfer of immediately
        available funds to the Purchaser (a) all amounts deposited in the Custodial
        Account as of the close of business on the Determination Date (net of charges
        against or withdrawals from the Custodial Account pursuant to Section 4.05),
        plus (b) all amounts, if any, which the Company is obligated to distribute
        pursuant to Section 5.03, minus (c) any amounts attributable to Principal
        Prepayments received after the applicable Principal Prepayment Period which
        amounts shall be remitted on the following Remittance Date, together with
        any
        additional interest required to be deposited in the Custodial Account in
        connection with such Principal Prepayment in accordance with Section 4.04(viii),
        and minus (d) any amounts attributable to Monthly Payments collected but
        due on
        a Due Date or Dates subsequent to the first day of the month of the Remittance
        Date, which amounts shall be remitted on the Remittance Date next succeeding
        the
        Due Period for such amounts.

       

      With
        respect to any remittance received by the Purchaser after the second Business
        Day following the Business Day on which such payment was due, the Company
        shall
        pay to the Purchaser interest on any such late payment at an annual rate
        equal
        to the Prime Rate, adjusted as of the date of each change, plus three percentage
        points, but in no event greater than the maximum amount permitted by applicable
        law. Such interest shall be deposited in the Custodial Account by the Company
        on
        the date such late payment is made and shall cover the period commencing
        with
        the day following such second Business Day and ending with the Business Day
        on
        which such payment is made, both inclusive. Such interest shall be remitted
        along with the distribution payable on the next succeeding Remittance Date.
        The
        payment by the Company of any such interest shall not be deemed an extension
        of
        time for payment or a waiver of any Event of Default by the
        Company.

       

      
        	
              	
                Section
                  5.02

              	
                Statements
                  to Purchaser.

              

      

       

      Not
        later
        than the 10th
        day of each calendar month, the Company shall furnish to the Purchaser a
        Monthly
        Remittance Advice, with a trial balance report attached thereto, in the form
        of
Exhibit F annexed hereto electronic medium mutually acceptable to the
        parties as  to  the preceding calendar month and the Due
        Period in the month of remittance

       

      In
        addition, not more than 60 days after the end of each calendar year, the
        Company
        shall furnish to each Person who was a Purchaser at any time during such
        calendar year an annual statement in accordance with the requirements of
        applicable federal income tax law as to the aggregate of remittances for
        the
        applicable portion of such year.  Nothing in this Section 5.02 shall
        be deemed to require the Company to prepare any federal income tax return
        on
        Internal Revenue Service Form 1066, U.S. Real Estate Mortgage Investment
        Conduit
        Income Tax Return, including Schedule Q thereto, Quarterly Notice to Residual
        Interest Holders of REMIC Taxable Income or Net Loss Allocation, or any
        successor forms, to be filed on behalf of any REMIC under the REMIC
        Provisions.

       

      
        	
              	
                Section
                  5.03

              	
                Monthly
                  Advances by Company.

              

      

       

      On
        the
        Business Day immediately preceding each Remittance Date, either (a) the Company
        shall deposit in the Custodial Account from its own funds or (b) if funds
        are on
        deposit in the Custodial Account which are not required to be remitted on
        the
        related Remittance Date, the Company may make an appropriate entry in its
        records that such funds shall be applied toward the related Monthly Advance
        (provided, that any funds so applied shall be replaced by the Company no
        later
        than the Business Day immediately preceding the next Remittance Date), in
        each
        case, in an aggregate amount equal to all Monthly Payments (with interest
        adjusted to the Mortgage Loan Remittance Rate) which were due on the Mortgage
        Loans during the applicable Due Period and which were delinquent at the close
        of
        business on the immediately preceding Determination Date or which were deferred
        pursuant to Section 4.01. The Company’s obligation to make such Monthly Advances
        as to any Mortgage Loan will continue through the last Monthly Payment due
        prior
        to the payment in full of the Mortgage Loan, or through the last Remittance
        Date
        prior to the Remittance Date for the distribution of all Liquidation Proceeds
        and other payments or recoveries (including Insurance Proceeds and Condemnation
        Proceeds) with respect to the Mortgage Loan.

       

       In
        no event shall the Company be obligated to make an advance under this section
        5.03 if at the time of such advance it deems such advance to be
        non-recoverable.  The Company shall promptly deliver an officer’s
        certificate to the Purchaser upon determining that any advance is
        non-recoverable.  In the event that upon liquidation of the Mortgage
        Loan, the Liquidation Proceeds are insufficient to reimburse the Company
        for any
        Monthly Advances, the Company shall notify the related Purchaser of such
        shortfall by registered mail with sufficient supporting documentation and
        shall
        have the right to deduct such shortfall from the next remittance to be paid
        to
        the related Purchaser.

       

      ARTICLE
        VI

       

      GENERAL
        SERVICING PROCEDURES

       

      
        	
              	
                Section
                  6.01

              	
                Transfers
                  of Mortgaged Property.

              

      

       

      The
        Company shall use its best efforts to enforce any “due-on-sale” provision
        contained in any Mortgage or Mortgage Note and to deny assumption by the
        person
        to whom the Mortgaged Property has been or is about to be sold whether by
        absolute conveyance or by contract of sale, and whether or not the Mortgagor
        remains liable on the Mortgage and the Mortgage Note. When the Mortgaged
        Property has been conveyed by the Mortgagor, the Company shall, to the extent
        it
        has knowledge of such conveyance, exercise its rights to accelerate the maturity
        of such Mortgage Loan under the “due-on-sale” clause applicable thereto,
        provided, however, that the Company shall not exercise such rights if prohibited
        by law from doing so or if the exercise of such rights would impair or threaten
        to impair any recovery under the related PMI or LPMI Policy, if
        any.

       

      If
        the
        Company reasonably believes it is unable under applicable law to enforce
        such
“due-on-sale” clause, the Company shall enter into (i) an assumption and
        modification agreement with the person to whom such property has been conveyed,
        pursuant to which such person becomes liable under the Mortgage Note and
        the
        original Mortgagor remains liable thereon or (ii) in the event the Company
        is
        unable under applicable law to require that the original Mortgagor remain
        liable
        under the Mortgage Note and the Company has the prior consent of the primary
        mortgage guaranty insurer, a substitution of liability agreement with the
        purchaser of the Mortgaged Property pursuant to which the original Mortgagor
        is
        released from liability and the purchaser of the Mortgaged Property is
        substituted as Mortgagor and becomes liable under the Mortgage Note. If an
        assumption fee is collected by the Company for entering into an assumption
        agreement, a portion of such fee, up to an amount equal to one percent (1.0%)
        of
        the outstanding principal balance of the related Mortgage Loan, will be retained
        by the Company as additional servicing compensation, and any portion thereof
        in
        excess one percent (1.0%) shall be deposited in the Custodial Account for
        the
        benefit of the Purchaser. In connection with any such assumption or substitution
        of liability, neither the Mortgage Interest Rate borne by the related Mortgage
        Note, the term of the Mortgage Loan, the Index, the Lifetime Mortgage Interest
        Rate Cap, the Initial Rate Cap or the Gross Margin of any Mortgage Loan,
        nor the
        outstanding principal amount of the Mortgage Loan shall be changed.

       

      To
        the
        extent that any Mortgage Loan is assumable, the Company shall inquire diligently
        into the creditworthiness of the proposed transferee, and shall use the
        underwriting criteria for approving the credit of the proposed transferee
        which
        are used by Fannie Mae with respect to underwriting mortgage loans of the
        same
        type as the Mortgage Loans. If the credit of the proposed transferee does
        not
        meet such underwriting criteria, the Company diligently shall, to the extent
        permitted by the Mortgage or the Mortgage Note and by applicable law, accelerate
        the maturity of the Mortgage Loan.

       

      
        	
              	
                Section
                  6.02

              	
                Satisfaction
                  of Mortgages and Release of Mortgage
                  Files.

              

      

       

      Upon
        the
        payment in full of any Mortgage Loan, or the receipt by the Company of a
        notification that payment in full will be escrowed in a manner customary
        for
        such purposes, the Company shall notify the Purchaser in the Monthly Remittance
        Advice as provided in Section 5.02, and may request the release of any Mortgage
        Loan Documents.  In connection with any such prepayment in full, the
        Company shall comply with all applicable laws regarding satisfaction, release
        or
        reconveyance with respect to the Mortgage.

       

      If
        the
        Company satisfies or releases a Mortgage without first having obtained payment
        in full of the indebtedness secured by the Mortgage or should the Company
        otherwise prejudice any rights the Purchaser may have under the mortgage
        instruments, upon written demand of the Purchaser, the Company shall repurchase
        the related Mortgage Loan at the Repurchase Price by deposit thereof in the
        Custodial Account within 2 Business Days of receipt of such demand by the
        Purchaser. The Company shall maintain the Fidelity Bond and Errors and Omissions
        Insurance Policy as provided for in Section 4.12 insuring the Company against
        any loss it may sustain with respect to any Mortgage Loan not satisfied in
        accordance with the procedures set forth herein.

       

      
        	
              	
                Section
                  6.03

              	
                Servicing
                  Compensation.

              

      

       

      As
        compensation for its services hereunder, the Company shall be entitled to
        withdraw from the Custodial Account or to retain from interest payments on
        the
        Mortgage Loans the amount of its Servicing Fee. The Servicing Fee shall be
        payable monthly and shall be computed on the basis of the same unpaid principal
        balance and for the period respecting which any related interest payment
        on a
        Mortgage Loan is computed. The Servicing Fee shall be payable only at the
        time
        of and with respect to those Mortgage Loans for which payment is in fact
        made of
        the entire amount of the Monthly Payment. The obligation of the Purchaser
        to pay
        the Servicing Fee is limited to, and payable solely from, the interest portion
        of such Monthly Payments collected by the Company.

       

      Additional
        servicing compensation in the form of assumption fees, to the extent provided
        in
        Section 6.01, and late payment charges and Prepayment Penalties, shall be
        retained by the Company to the extent not required to be deposited in the
        Custodial Account. The Company shall be required to pay all expenses incurred
        by
        it in connection with its servicing activities hereunder and shall not be
        entitled to reimbursement thereof except as specifically provided for
        herein.  Notwithstanding anything in this Agreement to the contrary,
        in the event of a Principal Prepayment in full, the Company shall not waive,
        and
        shall not permit the waiver of, any Prepayment Penalty or portion thereof
        required by the terms of the related Mortgage Note unless (i) the Company
        determines that such waiver would maximize recovery of Liquidations Proceeds
        for
        such Mortgage Loan, taking into account the value of such Prepayment Penalty,
        or
        (ii) (A) the enforeceability therefore is 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.

       

      
        	
              	
                Section
                  6.04

              	
                Annual
                  Statement as to Compliance.

              

      

       

      The
        Company shall deliver to the Purchaser, on or before May 31 each year beginning
        May 31, 2003, an Officer’s Certificate, stating that (i) a review of the
        activities of the Company during the preceding calendar year and of performance
        under this Agreement has been made under such officer’s supervision, and (ii)
        the Company has complied fully with the provisions of Article II and Article
        IV,
        and (iii) to the best of such officer’s knowledge, based on such review, the
        Company has fulfilled all its obligations under this Agreement throughout
        such
        year, or, if there has been a default in the fulfillment of any such obligation,
        specifying each such default known to such officer and the nature and status
        thereof and the action being taken by the Company to cure such
        default.

       

      
        	
              	
                Section
                  6.05

              	
                Annual
                  Independent Public Accountants’ Servicing
                  Report.

              

      

       

      On
        or
        before May 31st of each year beginning May 31, 2003, the Company, at its
        expense, shall cause a firm of independent public accountants which is a
        member
        of the American Institute of Certified Public Accountants to furnish a statement
        to each Purchaser to the effect that such firm has examined certain documents
        and records relating to the servicing of the Mortgage Loans and this Agreement
        and that such firm is of the opinion that the provisions of Article II and
        Article IV have been complied with, and that, on the basis of such examination
        conducted substantially in compliance with the Single Attestation Program
        for
        Mortgage Bankers, nothing has come to their attention which would indicate
        that
        such servicing has not been conducted in compliance therewith, except for
        (i)
        such exceptions as such firm shall believe to be immaterial, and (ii) such
        other
        exceptions as shall be set forth in such statement.

       

      
        	
              	
                Section
                  6.06

              	
                Right
                  to Examine Company Records.

              

      

       

      The
        Purchaser shall have the right to examine and audit any and all of the books,
        records, or other information of the Company, whether held by the Company
        or by
        another on its behalf, with respect to or concerning this Agreement or the
        Mortgage Loans, during business hours or at such other times as may be
        reasonable under applicable circumstances, upon reasonable advance
        notice.

       

      ARTICLE
        VII

       

      AGENCY
        TRANSFER; PASS-THROUGH TRANSFER

       

      
        	
              	
                Section
                  7.01

              	
                Removal
                  of Mortgage Loans from Inclusion Under this Agreement Upon an Agency
                  Transfer, or a Pass-Through Transfer on One or More Reconstitution
                  Dates.

              

      

       

      The
        Purchaser and the Company agree that with respect to any Pass-Through Transfer,
        Whole Loan Transfer or Agency Transfers, as applicable, the Company shall
        cooperate with the Purchaser in effecting such transfers and shall negotiate
        in
        good faith and execute any Reconstitution Agreement required to effectuate
        the
        foregoing; provided that, such Reconstitution Agreement shall not materially
        increase the Company’s obligations or liabilities hereunder, nor diminish any of
        the Company’s rights, and provide to any master servicer or the trustee, as
        applicable, and/or the Purchaser any and all publicly available information
        and
        appropriate verification of information which may be reasonably available
        to the
        Company, whether through letters of its auditors and counsel or otherwise,
        as
        the Purchaser, trustee or a master servicer shall reasonable request as to
        the
        related Mortgage Loans.  Purchaser shall reimburse Company for any and
        all costs or expenses incurred by Company (i) in obtaining “accountant comfort
        letters” with respect to information supplied in response to Purchaser requests,
        (ii) in connection with any due diligence performed in connection with a
        Pass-Through or Whole Loan Transfer or (iii) making the Mortgage Loan Documents
        or Servicing Files available to parties participating in a Pass-Through or
        Whole
        Loan Transfer, including without limitation, shipping costs.  Such
        information may be included in any disclosure document prepared in connection
        with the Pass-Through Transfer, Whole Loan Transfer or Agency Transfer, as
        applicable; provided, however, that Company shall indemnify the Purchaser
        against any liability arising from any material omissions or misstatements
        in
        any information supplied by the Company and included in a disclosure document;
        and provided, further, that the Purchaser shall indemnify the Company against
        any liability arising from any information included in a disclosure document
        that was not supplied by the Company.  The Company shall execute any
        Reconstitution Agreements required within a reasonable period of time after
        receipt of such agreements which time shall be sufficient for the Company
        and
        the Company’s counsel to review such agreements.  Company shall use
        its Best Efforts to complete such review within ten (10) Business Days after
        mutual agreement as to the terms thereof, but such time shall not exceed
        fifteen
        (15) Business Days after mutual agreement as to the terms thereof.

       

      The
        Company shall not be required to restate any representations and warranties
        as
        of the date of any Pass-Through Transfer, Whole Loan Transfer or Agency
        Transfers other than the representations and warranties set forth in Section
        3.01 (provided, that the Company shall not be required to restate the
        representation and warranty set forth in Section 3.01(j)).

       

      In
        the
        event of any Agency Transfer, Pass-Through or Whole Loan Transfer, the Company
        shall have no obligation to pay any custodial fees charged by the
        Agency.

       

      
        	
              	
                Section
                  7.02

              	
                Purchaser’s
                  Repurchase and Indemnification
                  Obligations.

              

      

       

      Upon
        receipt by the Company of notice from Fannie Mae, Freddie Mac or the trustee
        of
        a breach of any Purchaser representation or warranty contained in any
        Reconstitution Agreement or a request by Fannie Mae, Freddie Mac or the trustee,
        as the case may be, for the repurchase of any Mortgage Loan transferred to
        Fannie Mae or Freddie Mac pursuant to an Agency Transfer or to a trustee
        pursuant to a Pass-Through Transfer, the Company shall promptly notify the
        Purchaser of same and shall, at the direction of the Purchaser, use its best
        efforts to cure and correct any such breach and to satisfy the requests or
        concerns of Fannie Mae, Freddie Mac, or the trustee related to such deficiencies
        of the related Mortgage Loans transferred to Fannie Mae, Freddie Mac, or
        the
        trustee.

       

      The
        Purchaser shall repurchase from the Company any Mortgage Loan transferred
        to
        Fannie Mae or Freddie Mac pursuant to an Agency Transfer or to a trustee
        pursuant to a Pass-Through Transfer with respect to which the Company has
        been
        required by Fannie Mae, Freddie Mac, or the trustee to repurchase due to
        a
        breach of a representation or warranty made by the Purchaser with respect
        to the
        Mortgage Loans, or the servicing thereof prior to the transfer date to Fannie
        Mae, Freddie Mac, or the trustee in any Reconstitution Agreement and not
        due to
        a breach of the Company’s representations or obligations thereunder or pursuant
        to this Agreement. The repurchase price to be paid by the Purchaser to the
        Company shall equal that repurchase price paid by the Company to Fannie Mae,
        Freddie Mac, or the third party purchaser plus all reasonable costs and expenses
        borne by the Company in connection with the cure of said breach of a
        representation or warranty made by the Purchaser and in connection with the
        repurchase of such Mortgage Loan from Fannie Mae, Freddie Mac, or the trustee,
        including, but not limited to, reasonable and necessary attorneys’
fees.

       

      At
        the
        time of repurchase, the Custodian and the Company shall arrange for the
        reassignment of the repurchased Mortgage Loan to the Purchaser according
        to the
        Purchaser’s instructions and the delivery to the Custodian of any documents held
        by Fannie Mae, Freddie Mac, or the trustee with respect to the repurchased
        Mortgage Loan pursuant to the related Reconstitution Agreement. In the event
        of
        a repurchase, the Company shall, simultaneously with such reassignment, give
        written notice to the Purchaser that such repurchase has taken place, and
        amend
        the related Mortgage Loan Schedule to reflect the addition of the repurchased
        Mortgage Loan to this Agreement. In connection with any such addition, the
        Company and the Purchaser shall be deemed to have made as to such repurchased
        Mortgage Loan the representations and warranties set forth in this
        Agreement.

       

      ARTICLE
        VIII

       

      COMPANY
        TO COOPERATE

       

      
        	
              	
                Section
                  8.01

              	
                Provision
                  of Information.

              

      

       

      During
        the term of this Agreement and provided such request will cause the Company
        to
        violate any applicable law or statute, the Company shall furnish to the
        Purchaser such periodic, special, or other reports or information and copies
        or
        originals of any documents contained in the Servicing File for each Mortgage
        Loan, whether or not provided for herein, as shall be necessary, reasonable,
        or
        appropriate with respect to the Purchaser, any regulatory requirement pertaining
        to the Purchaser or the purposes of this Agreement. All such reports, documents
        or information shall be provided by and in accordance with all reasonable
        instructions and directions which the Purchaser may give.  Purchaser
        shall pay any costs related to any special reports.

       

      The
        Company shall execute and deliver all such instruments and take all such
        action
        as the Purchaser may reasonably request from time to time, in order to
        effectuate the purposes and to carry out the terms of this
        Agreement.

       

      
        	
              	
                Section
                  8.02

              	
                Financial
                  Statements; Servicing Facility.

              

      

       

      In
        connection with marketing the Mortgage Loans, the Purchaser may make available
        to a prospective Purchaser a Consolidated Statement of Operations of the
        Company
        for the most recently completed five fiscal years for which such a statement
        is
        available, as well as a Consolidated Statement of Condition at the end of
        the
        last two fiscal years covered by such Consolidated Statement of Operations.
        The
        Company also shall make available any comparable interim statements to the
        extent any such statements have been prepared by or on behalf of the Company
        (and are available upon request to members or stockholders of the Company
        or to
        the public at large). If it has not already done so, the Company shall furnish
        promptly to the Purchaser copies of the statement specified
        above.  Unless requested the Purchaser, the Company shall not be
        required to deliver any documents which are publicly available on
        EDGAR.

       

      The
        Company also shall make available to Purchaser or prospective Purchaser a
        knowledgeable financial or accounting officer for the purpose of answering
        questions respecting recent developments affecting the Company or the financial
        statements of the Company, and to permit any prospective Purchaser to inspect
        the Company’s servicing facilities or those of any Subservicer for the purpose
        of satisfying such prospective Purchaser that the Company and any Subservicer
        have the ability to service the Mortgage Loans as provided in this
        Agreement.

       

      ARTICLE
        IX

       

      THE
        COMPANY

       

      
        	
              	
                Section
                  9.01

              	
                Indemnification;
                  Third Party Claims.

              

      

       

      The
        Company shall indemnify the Purchaser and hold it harmless against any and
        all
        claims, losses, damages, penalties, fines, and forfeitures, including, but
        not
        limited to reasonable and necessary legal fees and related costs, judgments,
        and
        any other costs, fees and expenses that the Purchaser may sustain in any
        way
        related to the failure of the Company to (a) perform its duties and service
        the
        Mortgage Loans in strict compliance with the terms of this Agreement or any
        Reconstitution Agreement entered into pursuant to Section 7.01, and/or (b)
        comply with applicable law. The Company immediately shall notify the Purchaser
        if a claim is made by a third party with respect to this Agreement or any
        Reconstitution Agreement or the Mortgage Loans, shall promptly notify Fannie
        Mae, Freddie Mac, or the trustee with respect to any claim made by a third
        party
        with respect to any Reconstitution Agreement, assume (with the prior written
        consent of the Purchaser) the defense of any such claim and pay all expenses
        in
        connection therewith, including counsel fees, and promptly pay, discharge
        and
        satisfy any judgment or decree in the amount of $5,000 or less, which may
        be
        entered against it or the Purchaser in respect of such claim. The Company
        shall
        follow any written instructions received from the Purchaser in connection
        with
        such claim. The Purchaser promptly shall reimburse the Company for all amounts
        advanced by it pursuant to the preceding sentence except when the claim is
        in
        any way related to the Company’s indemnification pursuant to Section 3.03, or
        the failure of the Company to (a) service and administer the Mortgage Loans
        in
        strict compliance with the terms of this Agreement or any Reconstitution
        Agreement, and/or (b) comply with applicable law.

       

      
        	
              	
                Section
                  9.02

              	
                Merger
                  or Consolidation of the
                  Company.

              

      

       

      The
        Company shall keep in full effect its existence, rights and franchises as
        a
        corporation, and shall obtain and preserve its qualification to do business
        as a
        foreign corporation in each jurisdiction in which such qualification is or
        shall
        be necessary to protect the validity and enforceability of this Agreement
        or any
        of the Mortgage Loans and to perform its duties under this
        Agreement.

       

      Any
        person into which the Company may be merged or consolidated, or any corporation
        resulting from any merger, conversion or consolidation to which the Company
        shall be a party, or any Person succeeding to the business of the Company,
        shall
        be the successor of the Company hereunder, without the execution or filing
        of
        any paper or any further act on the part of any of the parties hereto, anything
        herein to the contrary notwithstanding, provided, however, that the successor
        or
        surviving Person shall be an institution (i) having a net worth of not less
        than
        $25,000,000, (ii) whose deposits are insured by the FDIC through the BIF
        or the
        SAIF, and (iii) which is a Fannie Mae-approved company in good
        standing.

       

      
        	
              	
                Section
                  9.03

              	
                Limitation
                  on Liability of Company and
                  Others.

              

      

       

      Neither
        the Company nor any of the directors, officers, employees or agents of the
        Company shall be under any liability to the Purchaser for any action taken
        or
        for refraining from the taking of any action in good faith pursuant to this
        Agreement, or for errors in judgment, provided, however, that this provision
        shall not protect the Company or any such person against any Breach of
        warranties or representations made herein, or failure to perform its obligations
        in strict compliance with any standard of care set forth in this Agreement,
        or
        any liability which would otherwise be imposed by reason of any breach of
        the
        terms and conditions of this Agreement. The Company and any director, officer,
        employee or agent of the Company may rely in good faith on any document of
        any
        kind prima facie properly executed and submitted by any Person respecting
        any
        matters arising hereunder. The Company shall not be under any obligation
        to
        appear in, prosecute or defend any legal action which is not incidental to
        its
        duties to service the Mortgage Loans in accordance with this Agreement and
        which
        in its opinion may involve it in any expense or liability, provided, however,
        that the Company may, with the consent of the Purchaser, undertake any such
        action which it may deem necessary or desirable in respect to this Agreement
        and
        the rights and duties of the parties hereto. In such event, the Company shall
        be
        entitled to reimbursement from the Purchaser of the reasonable legal expenses
        and costs of such action.

       

      
        	
              	
                Section
                  9.04

              	
                Limitation
                  on Resignation and Assignment by
                  Company.

              

      

       

      The
        Purchaser has entered into this Agreement with the Company and subsequent
        Purchasers will purchase the Mortgage Loans in reliance upon the independent
        status of the Company, and the representations as to the adequacy of its
        servicing facilities, plant, personnel, records and procedures, its integrity,
        reputation and financial standing, and the continuance thereof. Therefore,
        the
        Company shall neither assign this Agreement or the servicing hereunder or
        delegate its rights or duties hereunder or any portion hereof (to other than
        a
        Subservicer) or sell or otherwise dispose of all or substantially all of
        its
        property or assets without the prior written consent of the Purchaser, which
        consent shall be granted or withheld in the sole discretion of the Purchaser;
        provided, however, that the Company may assign its right and obligations
        hereunder to any entity that is directly or indirectly owned or controlled
        by
        the Company and the Company guarantees the performance by such entity of
        all
        obligations hereunder.

       

      The
        Company shall not resign from the obligations and duties hereby imposed on
        it
        except by mutual consent of the Company and the Purchaser or upon the
        determination that its duties hereunder are no longer permissible under
        applicable law and such incapacity cannot be cured by the Company. Any such
        determination permitting the resignation of the Company shall be evidenced
        by an
        Opinion of Counsel to such effect delivered to the Purchaser which Opinion
        of
        Counsel shall be in form and substance acceptable to the Purchaser. No such
        resignation shall become effective until a successor shall have assumed the
        Company’s responsibilities and obligations hereunder in the manner provided in
        Section 12.01.

       

      Without
        in any way limiting the generality of this Section 9.04, in the event that
        the
        Company either shall assign this Agreement or the servicing responsibilities
        hereunder or delegate its duties hereunder or any portion thereof (to other
        than
        a Subservicer) or sell or otherwise dispose of all or substantially all of
        its
        property or assets, without the prior written consent of the Purchaser, then
        the
        Purchaser shall have the right to terminate this Agreement upon notice given
        as
        set forth in Section 10.01, without any payment of any penalty or damages
        and
        without any liability whatsoever to the Company or any third party.

       

      ARTICLE
        X

       

      DEFAULT

       

      
        	
              	
                Section
                  10.01

              	
                Events
                  of Default.

              

      

       

      Each
        of
        the following shall constitute an Event of Default on the part of the
        Company:

       

      (i)  any
        failure by the Company to remit to the Purchaser any payment required to
        be made
        under the terms of this Agreement which continues unremedied for a period
        of
        three days after the date upon which written notice of such failure, requiring
        the same to be remedied, shall have been given to the Company by the Purchaser;
        or

       

      (ii)  failure
        by the Company duly to observe or perform in any material respect any other
        of
        the covenants or agreements on the part of the Company set forth in this
        Agreement which continues unremedied for a period of 30 days after the date
        on
        which written notice of such failure, requiring the same to be remedied,
        shall
        have been given to the Company by the Purchaser; or

       

      (iii)  failure
        by the Company to maintain its license to do business in any jurisdiction
        where
        the Mortgage Property is located if such license is necessary for the Company
        to
        legally service the related Mortgage Loan; or

       

      (iv)  a
        decree
        or order of a court or agency or supervisory authority having jurisdiction
        for
        the appointment of a conservator or receiver or liquidator in any insolvency,
        readjustment of debt, including bankruptcy, marshaling of assets and liabilities
        or similar proceedings, or for the winding-up or liquidation of its affairs,
        shall have been entered against the Company and such decree or order shall
        have
        remained in force undischarged or unstayed for a period of 60 days;
        or

       

      (v)  the
        Company shall consent to the appointment of a conservator or receiver or
        liquidator in any insolvency, readjustment of debt, marshaling of assets
        and
        liabilities or similar proceedings of or relating to the Company or of or
        relating to all or substantially all of its property; or

       

      (vi)  the
        Company shall admit in writing its inability to pay its debts generally as
        they
        become due, file a petition to take advantage of any applicable insolvency,
        bankruptcy or reorganization statute, make an assignment for the benefit
        of its
        creditors, voluntarily suspend payment of its obligations or cease its normal
        business operations for three Business Days; or

       

      (vii)  the
        Company ceases to meet the qualifications of a Fannie Mae lender or servicer;
        or

       

      (viii)  the
        Company fails to maintain a minimum net worth of $25,000,000; or

       

      (ix)  the
        Company attempts to assign its right to servicing compensation hereunder
        or the
        Company attempts, without the consent of the Purchaser, to sell or otherwise
        dispose of all or substantially all of its property or assets or to assign
        this
        Agreement or the servicing responsibilities hereunder or to delegate its
        duties
        hereunder or any portion thereof (to other than a Subservicer) in violation
        of
        Section 9.04.

       

      In
        each
        and every such case, so long as an Event of Default shall not have been
        remedied, in addition to whatsoever rights the Purchaser may have at law
        or
        equity to damages, including injunctive relief and specific performance,
        the
        Purchaser, by notice in writing to the Company, may terminate all the rights
        and
        obligations of the Company under this Agreement and in and to the Mortgage
        Loans
        and the proceeds thereof.

       

      Upon
        receipt by the Company of such written notice, all authority and power of
        the
        Company under this Agreement, whether with respect to the Mortgage Loans
        or
        otherwise, shall pass to and be vested in the successor appointed pursuant
        to
        Section 12.01. Upon written request from any Purchaser, the Company shall
        prepare, execute and deliver to the successor entity designated by the Purchaser
        any and all documents and other instruments, place in such successor’s
        possession all Mortgage Files, and do or cause to be done all other acts
        or
        things necessary or appropriate to effect the purposes of such notice of
        termination, including but not limited to the transfer and endorsement or
        assignment of the Mortgage Loans and related documents, at the Company’s sole
        expense. The Company shall cooperate with the Purchaser and such successor
        in
        effecting the termination of the Company’s responsibilities and rights
        hereunder, including without limitation, the transfer to such successor for
        administration by it of all cash amounts which shall at the time be credited
        by
        the Company to the Custodial Account or Escrow Account or thereafter received
        with respect to the Mortgage Loans.

       

      
        	
              	
                Section
                  10.02

              	
                Waiver
                  of Defaults.

              

      

       

      By
        a
        written notice, the Purchaser may waive any default by the Company in the
        performance of its obligations hereunder and its consequences. Upon any waiver
        of a past default, such default shall cease to exist, and any Event of Default
        arising therefrom shall be deemed to have been remedied for every purpose
        of
        this Agreement. No such waiver shall extend to any subsequent or other default
        or impair any right consequent thereon except to the extent expressly so
        waived.

       

      ARTICLE
        XI

       

      TERMINATION

       

      
        	
              	
                Section
                  11.01

              	
                Termination.

              

      

      

       

      This
        Agreement shall terminate upon either: (i) the later of the final payment
        or
        other liquidation (or any advance with respect thereto) of the last Mortgage
        Loan or the disposition of any REO Property with respect to the last Mortgage
        Loan and the remittance of all funds due hereunder; or (ii) mutual consent
        of
        the Company and the Purchaser in writing.

       

      
        	
              	
                Section
                  11.02

              	
                Termination
                  Without Cause.

              

      

       

      The
        Purchaser may terminate, at its sole option, any rights the Company may have
        hereunder, without cause, as provided in this Section 11.02. Any such notice
        of
        termination shall be in writing and delivered to the Company by registered
        mail
        as provided in Section 12.05.

       

      In
        the
        event the Purchaser terminates the Company without cause with respect to
        some or
        all of the Mortgage Loans, the Purchaser shall be required to pay to the
        Company
        a Termination Fee in an amount equal to 2.0% of the outstanding principal
        balance of the terminated Mortgage Loans as of the date of such
        termination.

       

      ARTICLE
        XII

       

      MISCELLANEOUS
        PROVISIONS

       

      
        	
              	
                Section
                  12.01

              	
                Successor
                  to Company.

              

      

       

      Prior
        to
        termination of the Company’s responsibilities and duties under this Agreement
        pursuant to Sections 9.04, 10.01, 11.01 (ii) or pursuant to Section 11.02
        after
        the 90 day period has expired, the Purchaser shall, (i) succeed to and assume
        all of the Company’s responsibilities, rights, duties and obligations under this
        Agreement, or (ii) appoint a successor having the characteristics set forth
        in
        clauses (i) through (iii) of Section 9.02 and which shall succeed to all
        rights
        and assume all of the responsibilities, duties and liabilities of the Company
        under this Agreement prior to the termination of Company’s responsibilities,
        duties and liabilities under this Agreement. In connection with such appointment
        and assumption, the Purchaser may make such arrangements for the compensation
        of
        such successor out of payments on Mortgage Loans as it and such successor
        shall
        agree. In the event that the Company’s duties, responsibilities and liabilities
        under this Agreement should be terminated pursuant to the aforementioned
        sections, the Company shall discharge such duties and responsibilities during
        the period from the date it acquires knowledge of such termination until
        the
        effective date thereof with the same degree of diligence and prudence which
        it
        is obligated to exercise under this Agreement, and shall take no action
        whatsoever that might impair or prejudice the rights or financial condition
        of
        its successor. The resignation or removal of the Company pursuant to the
        aforementioned sections shall not become effective until a successor shall
        be
        appointed pursuant to this Section 12.01 and shall in no event relieve the
        Company of the representations and warranties made pursuant to Sections 3.01
        and
        3.02 and the remedies available to the Purchaser under Sections 3.03, 3.04,
        3.05
        and 3.07, it being understood and agreed that the provisions of such Sections
        3.01, 3.02, 3.03, 3.04, 3.05 and 3.07 shall be applicable to the Company
        notwithstanding any such sale, assignment, resignation or termination of
        the
        Company, or the termination of this Agreement.

       

      Any
        successor appointed as provided herein shall execute, acknowledge and deliver
        to
        the Company and to the Purchaser an instrument accepting such appointment,
        wherein the successor shall make the representations and warranties set forth
        in
        Section 3.01, except for subsections (f), (h), (i) and (k) thereof, whereupon
        such successor shall become fully vested with all the rights, powers, duties,
        responsibilities, obligations and liabilities of the Company, with like effect
        as if originally named as a party to this Agreement. Any termination or
        resignation of the Company or termination of this Agreement pursuant to Section
        9.04, 10.01, 11.01 or 11.02 shall not affect any claims that any Purchaser
        may
        have against the Company arising out of the Company’s actions or failure to act
        prior to any such termination or resignation.

       

      The
        Company shall deliver promptly to the successor servicer the Funds in the
        Custodial Account and Escrow Account and all Mortgage Files and related
        documents and statements held by it hereunder and the Company shall account
        for
        all funds and shall execute and deliver such instruments and do such other
        things as may reasonably be required to more fully and definitively vest
        in the
        successor all such rights, powers, duties, responsibilities, obligations
        and
        liabilities of the Company.

       

      Upon
        a
        successor’s acceptance of appointment as such, the Company shall notify by mail
        the Purchaser of such appointment in accordance with the procedures set forth
        in
        Section 12.05.

       

      
        	
              	
                Section
                  12.02

              	
                Amendment.

              

      

       

      This
        Agreement may be amended from time to time by the Company and the Purchaser
        by
        written agreement signed by the Company and the Purchaser.

       

      
        	
              	
                Section
                  12.03

              	
                Governing
                  Law.

              

      

       

      This
        Agreement shall be construed in accordance with the laws of the State of
        New
        York and the obligations, rights and remedies of the parties hereunder shall
        be
        determined in accordance with such laws.

       

      
        	
              	
                Section
                  12.04

              	
                Duration
                  of Agreement.

              

      

       

      This
        Agreement shall continue in existence and effect until terminated as herein
        provided. This Agreement shall continue notwithstanding transfers of the
        Mortgage Loans by the Purchaser.

       

      
        	
              	
                Section
                  12.05

              	
                Notices.

              

      

       

      All
        demands, notices and communications hereunder shall be in writing and shall
        be
        deemed to have been duly given if personally delivered at or mailed by
        registered mail, postage prepaid, addressed as follows:

       

      (i)  if
        to the
        Company:

       

      Countrywide
        Home Loans, Inc.,

      4500
        Park
        Grenada

      Calabasas,
        CA 91302

      Attention:
        David Spector

       

      or
        such
        other address as may hereafter be furnished to the Purchaser in writing by
        the
        Company;

       

      (ii)  if
        to
        Purchaser:

       

      EMC
        Mortgage Corporation

      Mac
        Arthur Ridge II

      909
        Hidden Ridge Drive, Suite
        200

      Irving,
        Texas 75014-1358

      Attention:  Ralene
        Ruyle

       

      
        	
              	
                Section
                  12.06

              	
                Severability
                  of Provisions.

              

      

       

      If
        any
        one or more of the covenants, agreements, provisions or terms of this Agreement
        shall be held invalid for any reason whatsoever, then such covenants,
        agreements, provisions or terms shall be deemed severable from the remaining
        covenants, agreements, provisions or terms of this Agreement and shall in
        no way
        affect the validity or enforceability of the other provisions of this
        Agreement.

       

      
        	
              	
                Section
                  12.07

              	
                Relationship
                  of Parties.

              

      

       

      Nothing
        herein contained shall be deemed or construed to create a partnership or
        joint
        venture between the parties hereto and the services of the Company shall
        be
        rendered as an independent contractor and not as agent for the
        Purchaser.

       

      
        	
              	
                Section
                  12.08

              	
                Execution;
                  Successors and Assigns.

              

      

       

      This
        Agreement may be executed in one or more counterparts and by the different
        parties hereto on separate counterparts, each of which, when so executed,
        shall
        be deemed to be an original; such counterparts, together, shall constitute
        one
        and the same agreement. Subject to Section 8.04, this Agreement shall inure
        to
        the benefit of and be binding upon the Company and the Purchaser and their
        respective successors and assigns.

       

      
        	
              	
                Section
                  12.09

              	
                Recordation
                  of Assignments of Mortgage.

              

      

       

      To
        the
        extent permitted by applicable law, each of the Assignments of Mortgage is
        subject to recordation in all appropriate public offices for real property
        records in all the counties or other comparable jurisdictions in which any
        or
        all of the Mortgaged Properties are situated, and in any other appropriate
        public recording office or elsewhere, such recordation to be effected at
        the
        Company’s expense in the event recordation is either necessary under applicable
        law or requested by the Purchaser at its sole option accordance with Section
        14
        of the Purchase Agreement.

       

      
        	
              	
                Section
                  12.10

              	
                Assignment
                  by Purchaser.

              

      

       

      The
        Purchaser shall have the right, without the consent of the Company but subject
        to the limit set forth in Section 2.02 hereof, to assign, in whole or in
        part,
        its interest under this Agreement with respect to some or all of the Mortgage
        Loans, and designate any person to exercise any rights of the Purchaser
        hereunder, by executing an Assignment and Assumption Agreement substantially
        in
        the form of Exhibit G hereto. Upon such assignment of rights and
        assumption of obligations, the assignee or designee shall accede to the rights
        and obligations hereunder of the Purchaser with respect to such Mortgage
        Loans
        and the Purchaser as assignor shall be released from all obligations hereunder
        with respect to such Mortgage Loans from and after the date of such assignment
        and assumption. All references to the Purchaser in this Agreement shall be
        deemed to include its assignee or designee.

       

      
        	
              	
                Section
                  12.11

              	
                No
                  Personal Solicitation.

              

      

      

      From
        and
        after the related Closing Date, the Company hereby agrees that it will not
        take
        any action or permit or cause any action to be taken by any of its agents
        or
        affiliates, or by any independent contractors or independent mortgage brokerage
        companies on the Company’s behalf, to personally, by telephone or mail, solicit
        the Mortgagor under any Mortgage Loan for the purpose of refinancing such
        Mortgage Loan; provided, that the Company may solicit any Mortgagor for whom
        the
        Company has received a request for verification of mortgage, a request for
        demand for payoff, a mortgagor initiated written or verbal communication
        indicating a desire to prepay the related Mortgage Loan, or the mortgagor
        initiates a title search, provided further, it is understood and agreed that
        promotions undertaken by the Company or any of its affiliates which (i) concern
        optional insurance products or other additional projects, (ii) are directed
        to
        the general public at large, including, without limitation, mass mailings
        based
        on commercially acquired mailing lists, newspaper, radio and television
        advertisements, (iii) are directed to mortgagors who have a specific type
        of
        mortgage (i.e., balloon Mortgage Loans, LIBOR Mortgage Loans, etc.) or (iv)
        directed to those mortgagors whose mortgages fall within specific interest
        rate
        ranges shall not constitute solicitation under this Section 12.11 nor is
        the
        Company prohibited from responding to unsolicited requests or inquiries made
        by
        a Mortgagor or an agent of a Mortgagor.  Notwithstanding the
        foregoing, the following solicitations, if undertaken by the Company or any
        affiliate of the Company, shall not be prohibited under this Section 12.11:
        (i)
        solicitations that are directed to the general public at large, including,
        without limitation, mass mailings based on commercially acquired mailing
        lists
        and newspaper, radio, television and other mass media advertisements; (ii)
        borrower messages included on, and statement inserts provided with, the monthly
        statements sent to Mortgagors; provided, however, that similar messages and
        inserts are sent to the borrowers of other mortgage loans serviced by the
        Company.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      IN
        WITNESS WHEREOF, the Company and the Purchaser have caused their names
        to be signed hereto by their respective officers thereunto duly authorized
        as of
        the day and year first above written.

       

       

      
        	 	
                EMC MORTGAGE
                  CORPORATION

                 

              	 
	 	 	 	 
	
                 

              	
                By:
                  

              	 	 
	 	
                 

                Name:

              	
                 

                Ralene
                  Ruyle

                 

              	 
	 	Title:	President	 
	 	 	 	 

      

       

       

      
        
          	 	
                  
                    COUNTRYWIDE
                      HOME LOANS, INC.

                  

                	 
	 	 	 	 
	
                   

                	
                  By:
                    

                	 	 
	 	
                   

                  Name:

                	
                   

                   

                	 
	 	
                   

                  Title:

                	 	 
	 	 	 	 

        

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

       

      
        	STATE
                OF NEW YORK 	)	 
	 	)	ss.:
	COUNTY
                OF __________	)	 

      

       

      On
        the __
        day of ________, 200_ before me, a Notary Public in and for said State,
        personally appeared ________, known to me to be Vice President of EMC Mortgage
        Corporation, the federal savings association that executed the within instrument
        and also known to me to be the person who executed it on behalf of said
        corporation, and acknowledged to me that such corporation executed the within
        instrument.

       

      IN
        WITNESS WHEREOF, I have hereunto set my hand affixed my office seal the day
        and
        year in this certificate first above written.

       

       

      
        	 	 
	 	 	 
	
                 

              	
                 

              	 
	 	Notary
                Public
	 	 	 
	 	 	 
	 	My
                Commission expires	 
	 	 	 

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

        
          	STATE
                  OF  	)	 
	 	)	ss.:
	COUNTY
                  OF __________	)	 

        

         

      

       

      On
        the __
        day of _______, 200_ before me, a Notary Public in and for said State,
        personally appeared __________, known to me to be ______________ of Countrywide
        Home Loans, Inc. the corporation that executed the within instrument and
        also
        known to me to be the person who executed it on behalf of said corporation,
        and
        acknowledged to me that such corporation executed the within
        instrument.

       

      IN
        WITNESS WHEREOF, I have hereunto set my hand affixed my office seal the day
        and
        year in this certificate first above written.

       

      
        	 	 
	 	 	 
	
                 

              	
                 

              	 
	 	Notary
                Public
	 	 	 
	 	 	 
	 	My
                Commission expires	 
	 	 	 

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

       

       

      EXHIBIT
        A

       

      MORTGAGE
        LOAN SCHEDULE

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        B

       

      CONTENTS
        OF EACH MORTGAGE FILE

       

      With
        respect to each Mortgage Loan, the Mortgage File shall include each of the
        following items, which shall be available for inspection by the Purchaser
        and
        any prospective Purchaser, and which shall be retained by the Company in
        the
        Servicing File or delivered to the Custodian pursuant to Section 2.01 and
        2.03
        of the Seller’s Warranties and Servicing Agreement to which this Exhibit is
        attached (the “Agreement”):

       

      
        	
              	
                1.

              	
                The
                  original Mortgage Note bearing all intervening endorsements, endorsed
“Pay
                  to the order of _________ without recourse” and signed in the name of the
                  Company by an authorized officer (in the event that the Mortgage
                  Loan was
                  acquired by the Company in a merger, the signature must be in the
                  following form: “Countrywide Home Loans, Inc., successor by merger to
                  [name of predecessor]”; and in the event that the Mortgage Loan was
                  acquired or originated by the Company while doing business under
                  another
                  name, the signature must be in the following form: “Countrywide Home
                  Loans, Inc., formerly known as [previous
                  name]”).

              

      

       

      
        	
              	
                2.

              	
                The
                  original of any guarantee executed in connection with the Mortgage
                  Note
                  (if any).

              

      

       

      
        	
              	
                3.

              	
                The
                  original Mortgage, with evidence of recording thereon. If in connection
                  with any Mortgage Loan, the Company cannot deliver or cause to
                  be
                  delivered the original Mortgage with evidence of recording thereon
                  on or
                  prior to the related Closing Date because of a delay caused by
                  the public
                  recording office where such Mortgage has been delivered for recordation
                  or
                  because such Mortgage has been lost or because such public recording
                  office retains the original recorded Mortgage, the Company shall
                  deliver
                  or cause to be delivered to the Custodian, a photocopy of such
                  Mortgage,
                  together with (i) in the case of a delay caused by the public recording
                  office, an Officer’s Certificate of the Company stating that such Mortgage
                  has been dispatched to the appropriate public recording office
                  for
                  recordation and that the original recorded Mortgage or a copy of
                  such
                  Mortgage certified by such public recording office to be a true
                  and
                  complete copy of the original recorded Mortgage will be promptly
                  delivered
                  to the Custodian upon receipt thereof by the Company; or (ii) in
                  the case
                  of a Mortgage where a public recording office retains the original
                  recorded Mortgage or in the case where a Mortgage is lost after
                  recordation in a public recording office, a copy of such Mortgage
                  certified by such public recording office or by the title insurance
                  company that issued the title policy to be a true and complete
                  copy of the
                  original recorded Mortgage.

              

      

       

      
        	
              	
                4.

              	
                The
                  originals of all assumption, modification, consolidation or extension
                  agreements, with evidence of recording
                  thereon.

              

      

       

      
        	
              	
                5.

              	
                The
                  original Assignment of Mortgage for each Mortgage Loan, in form
                  and
                  substance acceptable for recording, delivered in blank. If the
                  Mortgage
                  Loan was acquired by the Company in a merger, the Assignment of
                  Mortgage
                  must be made by “Countrywide Home Loans, Inc., successor by merger to
                  [name of predecessor].”  If the Mortgage Loan was acquired or
                  originated by the Company while doing business under another name,
                  the
                  Assignment of Mortgage must be by “Countrywide Home Loans, Inc., formerly
                  known as [previous name].”

              

      

       

      
        	
              	
                6.

              	
                Originals
                  of all intervening assignments of the Mortgage with evidence of
                  recording
                  thereon, or if any such intervening assignment has not been returned
                  from
                  the applicable recording office or has been lost or if such public
                  recording office retains the original recorded assignments of mortgage,
                  the Company shall deliver or cause to be delivered to the Custodian,
                  a
                  photocopy of such intervening assignment, together with (i) in
                  the case of
                  a delay caused by the public recording office, an Officer’s Certificate of
                  the Company stating that such intervening assignment of mortgage
                  has been
                  dispatched to the appropriate public recording office for recordation
                  and
                  that such original recorded intervening assignment of mortgage
                  or a copy
                  of such intervening assignment of mortgage certified by the appropriate
                  public recording office or by the title insurance company that
                  issued the
                  title policy to be a true and complete copy of the original recorded
                  intervening assignment of mortgage will be promptly delivered to
                  the
                  Custodian upon receipt thereof by the Company; or (ii) in the case
                  of an
                  intervening assignment where a public recording office retains
                  the
                  original recorded intervening assignment or in the case where an
                  intervening assignment is lost after recordation in a public recording
                  office, a copy of such intervening assignment certified by such
                  public
                  recording office to be a true and complete copy of the original
                  recorded
                  intervening assignment.

              

      

       

      
        	
              	
                7.

              	
                The
                  original mortgagee policy of title insurance or attorney’s opinion of
                  title and abstract of title.

              

      

       

      
        	
              	
                8.

              	
                Any
                  security agreement, chattel mortgage or equivalent executed in
                  connection
                  with the Mortgage.

              

      

       

      
        	
              	
                9.

              	
                The
                  original hazard insurance policy and, if required by law, flood
                  insurance
                  policy, in accordance with Section 4.10 of the
                  Agreement.

              

      

       

      
        	
              	
                10.

              	
                Residential
                  loan application.

              

      

       

      
        	
              	
                11.

              	
                Mortgage
                  Loan closing statement.

              

      

       

      
        	
              	
                12.

              	
                Verification
                  of employment and income.

              

      

       

      
        	
              	
                13.

              	
                Verification
                  of acceptable evidence of source and amount of
                  downpayment.

              

      

       

      
        	
              	
                14.

              	
                Credit
                  report on the Mortgagor.

              

      

       

      
        	
              	
                15.

              	
                Residential
                  appraisal report.

              

      

       

      
        	
              	
                16.

              	
                Photograph
                  of the Mortgaged Property.

              

      

       

      
        	
              	
                17.

              	
                Survey
                  of the Mortgaged Property.

              

      

       

      
        	
              	
                18.

              	
                Copy
                  of each instrument necessary to complete identification of any
                  exception
                  set forth in the exception schedule in the title policy, i.e.,
                  map or
                  plat, restrictions, easements, sewer agreements, home association
                  declarations, etc.

              

      

       

      
        	
              	
                19.

              	
                All
                  required disclosure statements.

              

      

       

      
        	
              	
                20.

              	
                If
                  available, termite report, structural engineer’s report, water potability
                  and septic certification.

              

      

       

      
        	
              	
                21.

              	
                Sales
                  contract.

              

      

       

      
        	
              	
                22.

              	
                Tax
                  receipts, insurance premium receipts, ledger sheets, payment history
                  from
                  date of origination, insurance claim files, correspondence, current
                  and
                  historical computerized data files, and all other processing, underwriting
                  and closing papers and records which are customarily contained
                  in a
                  mortgage loan file and which are required to document the Mortgage
                  Loan or
                  to service the Mortgage Loan.

              

      

       

      In
        the
        event an Officer’s Certificate of the Company is delivered to the Custodian
        because of a delay caused by the public recording office in returning any
        recorded document, the Company shall deliver to the Custodian, within 180
        days
        of the related Closing Date, an Officer’s Certificate which shall (i) identify
        the recorded document, (ii) state that the recorded document has not been
        delivered to the Custodian due solely to a delay caused by the public recording
        office, (iii) state the amount of time generally required by the applicable
        recording office to record and return a document submitted for recordation,
        and
        (iv) specify the date the applicable recorded document will be delivered
        to the
        Custodian. The Company shall be required to deliver to the Custodian the
        applicable recorded document by the date specified in (iv) above. An extension
        of the date specified in (iv) above may be requested from the Purchaser,
        which
        consent shall not be unreasonably withheld.

      

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

       

      EXHIBIT
        C

      

      MORTGAGE
        LOAN DOCUMENTS

       

      The
        Mortgage Loan Documents for each Mortgage Loan shall include each of the
        following items, which shall be delivered to the Custodian pursuant to Section
        2.01 of the Seller’s Warranties and Servicing Agreement to which this Exhibit is
        annexed (the “Agreement”):

       

      (a)  the
        original Mortgage Note bearing all intervening endorsements, endorsed “Pay to
        the order of ___________, without recourse” and signed in the name of the
        Company by an authorized officer. To the extent that there is no room on
        the
        face of the Mortgage Note for endorsements, the endorsement may be contained
        on
        an allonge, if state law so allows. If the Mortgage Loan was acquired by
        the
        Company in a merger, the endorsement must be by “Countrywide Home Loans, Inc.,
        successor by merger to [name of predecessor].”  If the Mortgage Loan
        was acquired or originated by the Company while doing business under another
        name, the endorsement must be by “Countrywide Home Loans, Inc., formerly known
        as [previous name]”;

       

      (b)  the
        original of any guarantee executed in connection with the Mortgage
        Note;

       

      (c)  the
        original Mortgage with evidence of recording thereon, and the original recorded
        power of attorney, if the Mortgage was executed pursuant to a power of attorney,
        with evidence of recording thereon;

       

      (d)  the
        originals of all assumption, modification, consolidation or extension
        agreements, with evidence of recording thereon;

       

      (e)  the
        original Assignment of Mortgage for each Mortgage Loan, in form and substance
        acceptable for recording, delivered in blank, or the original Assignment
        of
        Mortgage in recordable form into MERS. If the Mortgage Loan was acquired
        by the
        Company in a merger, the Assignment of Mortgage must be made by “Countrywide
        Home Loans, Inc., successor by merger to [name of predecessor].”  If
        the Mortgage Loan was acquired or originated by the Company while doing business
        under another name, the Assignment of Mortgage must be by “Countrywide Home
        Loans, Inc., formerly known as [previous name];”

       

      (f)  the
        originals of all intervening assignments of mortgage with evidence of recording
        thereon, including warehousing assignments, if any;

       

      (g)  the
        original mortgagee title insurance policy;

       

      (h)  such
        other documents as the Purchaser may require.

      

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

       

      EXHIBIT
        D-1

       

      CUSTODIAL
        ACCOUNT CERTIFICATION

       

      _____________________,
        200_

       

      Countrywide
        Home Loans, Inc. hereby certifies that it has established the account described
        below as a Custodial Account pursuant to Section 4.04 of the Seller’s Warranties
        and Servicing Agreement, dated as of September 1, 2002, Residential Adjustable
        Rate Mortgage Loans.

       

      Title
        of
        Account:            Countrywide
        Home Loans, Inc. in trust for the Purchaser

       

      Account
        Number:          _______________

       

      Address
        of office or branch

      of
        the
        Company at

      
        	which
                Account is maintained:	 
	 	
                 

                 

              
	 	
                 

                 

              
	 	
                 

                 

              
	 	 

      

       

      
        	 	
                Countrywide
                  Home Loans, Inc. 

              
	 	 	 
	 	Company 
	 	 	 
	 	By: 	 
	 	 	 
	 	Name: 	 
	 	 	 
	 	Title:	 

      

      

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

       

      EXHIBIT
        D-2

       

      CUSTODIAL
        ACCOUNT LETTER AGREEMENT

       

      _________________,
        200_

       

       

      
        	
                To:

              	 	 
	 	
                 

                 

              	 
	 	
                 

                 

              	 
	 	
                (the
                  “Depository”)

              	 

      

       

      As
        Company under the Seller’s Warranties and Servicing Agreement, dated as of
        September 1, 2002, Residential Adjustable Rate Mortgage Loans (the “Agreement”),
        we hereby authorize and request you to establish an account, as a Custodial
        Account pursuant to Section 4.04 of the Agreement, to be designated as
“[Servicer] in trust for the Purchaser - Residential Adjustable Rate Mortgage
        Loans.”  All deposits in the account shall be subject to withdrawal
        therefrom by order signed by the Company. You may refuse any deposit which
        would
        result in violation of the requirement that the account be fully insured
        as
        described below. This letter is submitted to you in duplicate. Please execute
        and return one original to us.

       

      
        	 	
                
                  [COUNTRYWIDE
                    HOME LOANS, INC.]

                   

                

              
	 	 	 
	 	 
	 	 	 
	 	By: 	 
	 	 	 
	 	Name: 	 
	 	 	 
	 	Title:	 
	 	 	 
	 	Date:	 

      

       

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

       

      The
        undersigned, as Depository, hereby certifies that the above described account
        has been established under Account Number __________, at the office of the
        Depository indicated above, and agrees to honor withdrawals on such account
        as
        provided above. The full amount deposited at any time in the account will
        be
        insured by the Federal Deposit Insurance Corporation through the Bank Insurance
        Fund (“BIF”) or the Savings Association Insurance Fund (“SAIF”).

       

       

      
        
          	 	 
	 	
                  
                    Depository

                  

                
	 	 
	 	 	 
	 	By: 	 
	 	 	 
	 	Name: 	 
	 	 	 
	 	Title:	 
	 	 	 
	 	Date:	 

        

         

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      EXHIBIT
        E-1

      

      ESCROW
        ACCOUNT CERTIFICATION

       

      __________________,
        200_

       

      Countrywide
        Home Loans, Inc. hereby certifies that it has established the account described
        below as an Escrow Account pursuant to Section 4.06 of the Seller’s Warranties
        and Servicing Agreement, dated as of September 1, 2002, Residential Adjustable
        Rate Mortgage Loans.

       

      Title
        of
        Account:                           
 “Countrywide Home Loans, Inc. in trust for the Purchaser and various
        Mortgagors.”

       

      Account
        Number:                            _______________

       

      Address
        of office or branch

      of
        the
        Company at

      
        	
                which
                  Account is maintained:

              	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	
                 

                [COUNTRYWIDE
                  HOME LOANS, INC.]

                 

                 

              
	 	 	 
	 	By:	 
	 	 	 
	 	Name: 	 
	 	 	 
	 	Title:	 

      

      

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

       

      EXHIBIT
        E-2

      

      ESCROW
        ACCOUNT LETTER AGREEMENT

       

      ___________________,
        200_

       

      
        	
                To:

              	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	
                (the
                  “Depository”)

              	 

      

       

      As
        Company under the Seller’s Warranties and Servicing Agreement, dated as of
        September 1, 2002 Residential Adjustable Rate Mortgage Loans (the “Agreement”),
        we hereby authorize and request you to establish an account, as an Escrow
        Account pursuant to Section 4.07 of the Agreement, to be designated as
“[Servicer], in trust for the Purchaser - Residential Adjustable Rate Mortgage
        Loans.”  All deposits in the account shall be subject to withdrawal
        therefrom by order signed by the Company. You may refuse any deposit which
        would
        result in violation of the requirement that the account be fully insured
        as
        described below. This letter is submitted to you in duplicate. Please execute
        and return one original to us.

       

       

      
        	 	
                
                  [COUNTRYWIDE
                    HOME LOANS, INC.]

                   

                

              
	 	 	 
	 	 
	 	 	 
	 	By: 	 
	 	 	 
	 	Name: 	 
	 	 	 
	 	Title:	 
	 	 	 
	 	Date:	 

      

       

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

       

      The
        undersigned, as Depository, hereby certifies that the above described account
        has been established under Account Number ______, at the office of the
        Depository indicated above, and agrees to honor withdrawals on such account
        as
        provided above. The full amount deposited at any time in the account will
        be
        insured by the Federal Deposit Insurance Corporation through the Bank Insurance
        Fund (“BIF”) or the Savings Association Insurance Fund (“SAIF”).

       

      
         

        
          
            	 	 
	 	
                    
                      Depository

                    

                  
	 	 
	 	 	 
	 	By: 	 
	 	 	 
	 	Name: 	 
	 	 	 
	 	Title:	 
	 	 	 
	 	Date:	 

          

          

            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

          

           

        

      

      EXHIBIT
        F

       

      MONTHLY
        REMITTANCE ADVICE

      

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

       

      EXHIBIT
        G

       

      ASSIGNMENT
        AND ASSUMPTION

       

      _________________,
        200_

       

      ASSIGNMENT
        AND ASSUMPTION, dated __________, between __________________________________,
        a
        ___________________ corporation having an office at __________________
        (“Assignor”) and _________________________________, a __________________
        corporation having an office at __________________ (“Assignee”):

       

      For
        and
        in consideration of the sum of TEN DOLLARS ($10.00) and other valuable
        consideration the receipt and sufficiency of which hereby are acknowledged,
        and
        of the mutual covenants herein contained, the parties hereto hereby agree
        as
        follows:

       

      1.  The
        Assignor hereby grants, transfers and assigns to Assignee all of the right,
        title and interest of Assignor, as purchaser, in, to and under that certain
        Seller’s Warranties and Servicing Agreement, Residential Adjustable Rate
        Mortgage Loans (the “Seller’s Warranties and Servicing Agreement”), dated as of
        September 1, 2002, by and between EMC Mortgage Corporation (the “Purchaser”),
        and Countrywide Home Loans, Inc. (the “Company”), and the Mortgage Loans
        delivered thereunder by the Company to the Assignor.

       

      2.  The
        Assignor warrants and represents to, and covenants with, the Assignee
        that:

       

      a.  The
        Assignor is the lawful owner of the Mortgage Loans with the full right to
        transfer the Mortgage Loans free from any and all claims and encumbrances
        whatsoever;

       

      b.  The
        Assignor has not received notice of, and has no knowledge of, any offsets,
        counterclaims or other defenses available to the Company with respect to
        the
        Seller’s Warranties and Servicing Agreement or the Mortgage Loans;

       

      c.  The
        Assignor has not waived or agreed to any waiver under, or agreed to any
        amendment or other modification of, the Seller’s Warranties and Servicing
        Agreement, the Custodial Agreement or the Mortgage Loans, including without
        limitation the transfer of the servicing obligations under the Seller’s
        Warranties and Servicing Agreement. The Assignor has no knowledge of, and
        has
        not received notice of, any waivers under or amendments or other modifications
        of, or assignments of rights or obligations under, the Seller’s Warranties and
        Servicing Agreement or the Mortgage Loans; and

       

      d.  Neither
        the Assignor nor anyone acting on its behalf has offered, transferred, pledged,
        sold or otherwise disposed of the Mortgage Loans, any interest in the Mortgage
        Loans or any other similar security to, or solicited any offer to buy or
        accept
        a transfer, pledge or other disposition of the Mortgage Loans, any interest
        in
        the Mortgage Loans or any other similar security from, or otherwise approached
        or negotiated with respect to the Mortgage Loans, any interest in the Mortgage
        Loans or any other similar security with, any person in any manner, or made
        any
        general solicitation by means of general advertising or in any other manner,
        or
        taken any other action which would constitute a distribution of the Mortgage
        Loans under the Securities Act of 1933 (the “33 Act”) or which would render the
        disposition of the Mortgage Loans a violation of Section 5 of the 33 Act
        or
        require registration pursuant thereto.

       

      3.  The
        Assignee warrants and represents to, and covenants with, the Assignor and
        the
        Company that:

       

      a.  The
        Assignee agrees to be bound, as Purchaser, by all of the terms, covenants
        and
        conditions of the Seller’s Warranties and Servicing Agreement, the Mortgage
        Loans and the Custodial Agreement, and from and after the date hereof, the
        Assignee assumes for the benefit of each of the Company and the Assignor
        all of
        the Assignor’s obligations as Purchaser thereunder;

       

      b.  The
        Assignee understands that the Mortgage Loans have not been registered under
        the
        33 Act or the securities laws of any state;

       

      c.  The
        purchase price being paid by the Assignee for the Mortgage Loans are in excess
        of $250,000 and will be paid by cash remittance of the full purchase price
        within 60 days of the sale;

       

      d.  The
        Assignee is acquiring the Mortgage Loans for investment for its own account
        only
        and not for any other person. In this connection, neither the Assignee nor
        any
        Person authorized to act therefor has offered the Mortgage Loans by means
        of any
        general advertising or general solicitation within the meaning of Rule 502(c)
        of
        U.S. Securities and Exchange Commission Regulation D, promulgated under the
        1933
        Act;

       

      e.  The
        Assignee considers itself a substantial, sophisticated institutional investor
        having such knowledge and experience in financial and business matters that
        it
        is capable of evaluating the merits and risks of investment in the Mortgage
        Loans;

       

      f.  The
        Assignee has been furnished with all informa­tion regarding the Mortgage
        Loans that it has requested from the Assignor or the Company;

       

      g.  Neither
        the Assignee nor anyone acting on its behalf has offered, transferred, pledged,
        sold or otherwise disposed of the Mortgage Loans, any interest in the Mortgage
        Loans or any other similar security to, or solicited any offer to buy or
        accept
        a transfer, pledge or other disposition of the Mortgage Loans, any interest
        in
        the Mortgage Loans or any other similar security from, or otherwise approached
        or negotiated with respect to the Mortgage Loans, any interest in the Mortgage
        Loans or any other similar security with, any person in any manner which
        would
        constitute a distribution of the Mortgage Loans under the 33 Act or which
        would
        render the disposition of the Mortgage Loans a violation of Section 5 of
        the 33
        Act or require registration pursuant thereto, nor will it act, nor has it
        authorized or will it authorize any person to act, in such manner with respect
        to the Mortgage Loans; and

       

      h.  Either:
        (1) the Assignee is not an employee benefit plan (“Plan”) within the meaning of
        section 3(3) of the Employee Retirement Income Security Act of 1974, as amended
        (“ERISA”) or a plan (also “Plan”) within the meaning of section 4975(e)(1) of
        the Internal Revenue Code of 1986 (“Code”), and the Assignee is not directly or
        indirectly purchasing the Mortgage Loans on behalf of, investment manager
        of, as
        named fiduciary of, as Trustee of, or with assets of, a Plan; or (2) the
        Assignee’s purchase of the Mortgage Loans will not result in a prohibited
        transaction under section 406 of ERISA or section 4975 of the Code.

       

      i.  The
        Assignee’s address for purposes of all notices and correspondence related to the
        Mortgage Loans and the Seller’s Warranties and Servicing Agreement
        is:

      
         

        
          	
                   

                	 	 
	 	 	 
	 	 	 
	 	 	 

        

        

        
          	 	Attention: 	 	 

        

         

      

      The
        Assignee’s wire transfer instructions for purposes of all remittances and
        payments related to the Mortgage Loans and the Seller’s Warranties and Servicing
        Agreement are:

       

      
        
          	
                   

                	 	 
	 	 	 
	 	 	 

        

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      IN
        WITNESS WHEREOF, the parties have caused this Assignment and Assumption to
        be
        executed by their duly authorized officers as of the date first above
        written.

       

       

      
        	 	 	 	 	 
	
                Assignor

                 

                 

              	 	
                Assignee

              
	By:  	 	 	By:  	 
	 	 	 	 	 
	Its:  	 	 	Its:  	 

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        H

       

      UNDERWRITING
        UIDELINES

      

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

       

      EXHIBIT
        I

       

      ACKNOWLEDGMENT
        AGREEMENT

       

      On
        this
        ____ day of ____________, 200_, EMC Mortgage Corporation, (the “Purchaser”) as
        the Purchaser under that certain Seller’s Warranties and Servicing Agreement
        dated as of September 1, 2002, (the “Agreement”), does hereby contract with
        Countrywide Home Loans Inc. (the “Company”) as Company under the Agreement, for
        the servicing responsibilities related to the Mortgage Loans listed on the
        related Mortgage Loan Schedule attached hereto. The Company hereby accepts
        the
        servicing responsibilities transferred hereby and on the date hereof assumes
        all
        servicing responsibilities related to the Mortgage Loans identified on the
        related Mortgage Loan Schedule all in accordance with the Agreement. The
        contents of each Servicing File required to be delivered to service the Mortgage
        Loans pursuant to the Agreement have been or shall be delivered to the Company
        by the Purchaser in accordance with the terms of the Agreement.

       

      With
        respect to the Mortgage Loans made subject to the Agreement hereby, the related
        Closing Date shall be ___________________.

       

      All
        other
        terms and conditions of this transaction shall be governed by the
        Agreement.

       

      Capitalized
        terms used herein and not otherwise defined shall have the meanings set forth
        in
        the Agreement.

       

      This
        Acknowledgment Agreement may be executed simultaneously in any number of
        counterparts. Each counterpart shall be deemed to be an original, and all
        such
        counterparts shall constitute one and the same instrument.

       

      IN
        WITNESS WHEREOF, the Purchaser and the Company have caused their names to
        be
        signed hereto by their respective officers thereunto duly authorized as of
        the
        day and year first above written.

       

      
        	 	
                PURCHASER:

                EMC MORTGAGE CORPORATION

              	 
	 	 	 	 
	
                 

              	
                By:
                  

              	 	 
	 	Name:  	 	 
	 	Title:  	 	 
	 	 	 	 

      

       

      
        
          	 	
                  
                     SELLER:

                    COUNTRYWIDE
                      HOME LOANS, INC.

                  

                	 
	 	 	 	 
	
                   

                	
                  By:
                    

                	 	 
	 	Name:  	 	 
	 	Title:  	 	 
	 	 	 	 

        

      

    AMENDMENT
      NUMBER ONE

    to
      the

    SELLER’S
      WARRANTIES AND SERVICING AGREEMENT

    dated
      as
      of September 1, 2002

    by
      and
      between

    COUNTRYWIDE
      HOME LOANS, INC.

    Company,

    and

    EMC
      MORTGAGE CORPORATION

    Purchaser

     

    This
      AMENDMENT NUMBER ONE is made this 1st day of January, 2003, by and between
      COUNTRYWIDE HOME LOANS, INC., having an address at 4500 Park Granada, Calabasas,
      California 91302 (the “Company”) and EMC MORTGAGE CORPORATION, having an address
      at Mac Arthur Ridge II, 909 Hidden Ridge Drive, Suite 200, Irving, Texas
      75014-1358(the “Purchaser”), to the Seller’s Warranties and Servicing Agreement,
      dated as of September 1,2002, by and between the Company and the Purchaser
      (the
“Agreement”).

     

    RECITALS

     

    WHEREAS,
      the Company and the Purchaser have agreed to amend the Agreement as set forth
      herein.

     

    NOW
      THEREFORE, for good and valuable consideration, the receipt and sufficiency
      of
      which are hereby acknowledged, and for the mutual covenants herein contained,
      the parties hereto hereby agree as follows:

     

    SECTION
      1.  Amendments.  Effective
      as of January 1, 2003, the Agreement is hereby modified by making the following
      additions, deletions or modifications:

     

    
      	
              A)        
                  

            	
              All
                references to “Residential Adjustable Rate Mortgage Loans” are hereby
                deleted in their entirety and replaced with “Residential Fixed and
                Adjustable Rate Mortgage Loans” in the following sections: (i) the cover
                page, (ii) Section 4.04, (iii) Section 4.06, (iv) Exhibit D-1, (v)
                Exhibit
                D-2, (vi) Exhibit E-1, (vii) Exhibit E-2, and (viii) Exhibit
                G.

            

    

     

    
      	
              B)           

            	
              The
                references to “adjustable rate” are hereby deleted and replaced with
                “fixed and adjustable rate” in the following sections: (i) the
                introductory sentence of the Agreement, and (ii) Section
                3.01(i).

            

    

     

    
      	
              C)         
                 

            	
              The
                definition of “Convertible Mortgage Loan” is hereby deleted in its
                entirety.

            

    

     

    
      	
              D)        
                  

            	
              The
                definition of “5/1 ARM Mortgage Loan” is hereby deleted in its
                entirety.

            

    

     

    
      	
              E)           
                

            	
              The
                definition of “Gross Margin” is hereby modified by deleting it in its
                entirety and replacing it with the
                following:

            

    

     

    Gross
      Margin:  With respect to each adjustable rate Mortgage Loan, the
      fixed percentage amount set forth on the related Mortgage Note, which amount
      is
      added to the Index in accordance with the terms of the related Mortgage Note
      to
      determine on each Interest Rate Adjustment Date, the Mortgage Interest Rate
      for
      such Mortgage Loan.

     

    
      	
              F)       
                 

            	
              The
                definition of “Index” is hereby modified by deleting it in its entirety
                and replacing it with the
                following:

            

    

     

    Index:  With
      respect to any adjustable rate Mortgage Loan, the index identified on the
      related Mortgage Loan Schedule and set forth in the related Mortgage Note for
      the purpose of calculating the Mortgage Interest Rate thereon.

     

    
      	
              G)      
                  

            	
              The
                definition of “Initial Rate Cap” is hereby modified by deleting it in its
                entirety and replacing it with the
                following:

            

    

     

    Initial
      Rate Cap:  With respect to each adjustable rate Mortgage Loan and
      the initial Interest Rate Adjustment Date therefor, a number of percentage
      points per annum that is set forth in the related Mortgage Loan Schedule and
      in
      the related Mortgage Note, which is the maximum amount by which the Mortgage
      Interest Rate for such adjustable rate Mortgage Loan may increase or decrease
      from the Mortgage Interest Rate in effect immediately prior to such Interest
      Rate Adjustment Date.

     

    
      	
              H)      
                  

            	
              The
                definition of “LIBOR Mortgage Loan” is hereby deleted in its
                entirety.

            

    

     

    
      	
              I)        
                 

            	
              The
                definition of “Lifetime Mortgage Interest Rate Cap” is hereby modified by
                deleting it in its entirety and replacing it with the
                following:

            

    

     

    Lifetime
      Mortgage Interest Rate Cap:  With respect to each adjustable rate
      Mortgage Loan, the absolute maximum Mortgage Interest Rate payable, above which
      the Mortgage Interest Rate cannot be adjusted.

     

    
      	
              J)       
                  

            	
              The
                definition of “Mortgage Interest Rate” is hereby modified by deleting it
                in its entirety and replacing it with the
                following:

            

    

     

    Mortgage
      Interest Rate:  The annual rate at which Interest accrues on any
      Mortgage Loan, and with respect to adjustable rate Mortgage Loans, the annual
      rate at which Interest accrues as adjusted from time to time in accordance
      with
      the provisions of the related Mortgage Note and in compliance with the related
      Initial Rate Cap, Lifetime Mortgage Interest Rate Cap and Periodic Rate Cap,
      if
      any, of the related Mortgage Note.

     

    
      	
              K)      
                  

            	
              The
                definition of “Mortgage Loan” is hereby modified by deleting it in its
                entirety and replacing it with the
                following:

            

    

     

    Mortgage
      Loan:  An individual fixed or adjustable rate Mortgage Loan which
      is the subject of this Agreement, each Mortgage Loan originally sold and subject
      to this Agreement being identified on the Mortgage Loan Schedule, which Mortgage
      Loan includes without limitation the Mortgage File, the Monthly Payments,
      Principal Prepayments, Liquidation Proceeds, condemnation proceeds, Insurance
      Proceeds, REO disposition proceeds, and all other rights, benefits, proceeds
      and
      obligations arising from or in connection with such Mortgage Loan.

     

    
      	
              L)    
                    

            	
              The
                definition of “Non-Convertible Mortgage Loan” is hereby deleted in its
                entirety.

            

    

     

    
      	
              M)      
                 

            	
              The
                definition of “Servicing Fee Rate” is hereby modified by deleting it in
                its entirety and replacing it with the
                following:

            

    

     

    Servicing
      Fee Rate:  (i) 0.25% per annum with respect to fixed rate Mortgage
      Loans and certain adjustable rate Mortgage Loans as specified on the Mortgage
      Loan Schedule, (ii) 0.375% per annum with respect to certain adjustable rate
      Mortgage Loans as specified on the Mortgage Loan Schedule, and (iii) 0.25%
      with
      respect to certain adjustable rate Mortgage Loans for the period prior to the
      initial Interest Rate Adjustment Date and 0.375% for the period following the
      initial Interest Rate Adjustment Date as specified in the Mortgage Loan
      Schedule.

     

    
      	
              N)      
                  

            	
              The
                definition of “7/1 ARM Mortgage Loan” is hereby deleted in its
                entirety.

            

    

     

    
      	
              O)      
                  

            	
              The
                definition of “10/1 ARM Mortgage Loan” is hereby deleted in its
                entirety.

            

    

     

    
      	
              P)      
                  

            	
              The
                definition of “3/1 ARM Mortgage Loan” is hereby deleted in its
                entirety.

            

    

     

    
      	
              Q)      
                  

            	
              The
                definition of “Treasury Rate Mortgage Loan” is hereby deleted in its
                entirety.

            

    

     

    
      	
              R)         

            	
              Section
                3.01(c) is hereby modified by deleting the subpart in its entirety
                and
                replacing it with the following:

            

    

     

    
      	
               

            	
              (c)

            	
              No
                Conflicts; No Default.  Neither the execution and delivery
                of this Agreement, the acquisition of the Mortgage Loans by the Company,
                the sale of the Mortgage Loans to the Purchaser or the transactions
                contemplated hereby, nor the fulfillment of or compliance with the
                terms
                and conditions of this Agreement, will conflict with or result in
                a breach
                of any of the terms, conditions or provisions of the Company’s charter or
                by-laws or any legal restriction or any agreement or instrument to
                which
                the Company is now a party or by which it is bound, or constitute
                a
                default or result in an acceleration under any of the foregoing,
                or result
                in the violation of any law, rule, regulation, order, judgment or
                decree
                to which the Company or its property is subject, or impair the ability
                of
                the Purchaser to realize on the Mortgage Loans, or impair the value
                of the
                Mortgage Loans. The Company is not in default, and has received no
                notice
                of default, under this Agreement;

            

    

     

    
      	
              S)       
                 

            	
              Section
                3.01(d) is hereby modified by deleting the subpart in its entirety
                and
                replacing it with the following:

            

    

     

    
      	
               

            	
              (d)

            	
              Ability
                to Service.  The Company is an approved seller/servicer of
                conventional residential mortgage loans for the United States Department
                of Housing and Urban Development (“HUD”), Fannie Mae, Freddie Mac, or any
                successor thereto, with the facilities, procedures, and experienced
                personnel necessary for the sound servicing of mortgage loans of
                the same
                type as the Mortgage Loans. The Company is in good standing to sell
                mortgage loans to and service mortgage loans for HUD, Fannie Mae
                or
                Freddie Mac, and no event has occurred, including but not limited
                to a
                change in insurance coverage, which would make the Company unable
                to
                comply with HUD, Fannie Mae or Freddie Mac eligibility requirements
                or
                which would require notification to either HUD, Fannie Mae or Freddie
                Mac;

            

    

     

    
      	
              T)      
                  

            	
              The
                following shall be inserted as the last sentence of Section
                3.02(f):

            

    

     

    “To
      the
      best of Company’s knowledge, the Mortgaged Property is free of material damage
      ;”

     

    
      	
              U)       
                 

            	
              The
                first sentence of Section 3.02(k) is hereby modified by deleting
                the
                sentence in its entirety and replacing it with the
                following:

            

    

     

    
      	
               

            	
              (k)

            	
              Validity
                of Mortgage Documents.  The Mortgage Note and the Mortgage
                are genuine, on forms generally acceptable to Fannie Mae and Freddie
                Mac,
                and each is the legal, valid and binding obligation of the maker
                thereof
                enforceable in accordance with its
                terms.

            

    

     

    
      	
              V)      
                   

            	
              The
                following shall be inserted as the last sentence of Section
                3.02(m):

            

    

     

    “Upon
      recordation of the Mortgage Note, Purchaser or its designee will be the owner
      of
      record of the Mortgage and the indebtedness evidenced by the Mortgage Note.
      Upon
      the sale of the Mortgage Loans, Purchaser will own such Mortgage Loans free
      and
      clear of any encumbrance, equity, participation interest, pledge, change, claim
      or security interest.”

     

    
      	
              W)      
                 

            	
              Section
                3.02(t) is hereby modified by deleting the subpart in its entirety
                and
                replacing it with the following:

            

    

     

    
      	
               

            	
              (t)

            	
              Origination;
                Payment Terms.  The Mortgage Loan was originated by either
                i) the Company, which is a FNMA-approved, FHLMC-approved and HUD-approved
                mortgage banker, or ii) an entity that is a FNMA-approved, FHLMC-approved
                and HUD-approved mortgage banker, or a savings and loan association,
                a
                savings bank, a commercial bank or similar banking institution which
                is
                supervised and examined by a Federal or state authority. The Mortgage
                Interest Rate for an adjustable rate Mortgage Loan is adjusted as
                set
                forth in the related Mortgage Note. The Mortgage Note is payable
                each
                month in monthly installments of principal and interest, with interest
                in
                arrears, and requires Monthly Payments sufficient to amortize the
                original
                principal balance of the Mortgage Loan over a term of no more than
                30
                years. Each convertible Mortgage Loan contains a provision whereby
                the
                Mortgagor is permitted to convert the Mortgage Loan to a fixed-rate
                mortgage loan. No Mortgage Loan has a provision for negative
                amortization;

            

    

     

    
      	
              X)      
                  

            	
              Section
                3.05 is hereby modified by deleting the section in its entirety and
                replacing it with the following:

            

    

     

    Section
      3.05                                Repurchase
      Upon Conversion.

     

    In
      the
      event the Mortgagor under any convertible Mortgage Loan elects to convert said
      Mortgage Loan to a fixed rate mortgage loan, as provided in the related Mortgage
      Note, then the Company shall repurchase the related Mortgage Loan in the month
      the conversion takes place and in the manner prescribed in Section 3.04 at
      the
      Repurchase Price.

     

    
      	
              Y)       
                 

            	
              The
                following shall be inserted as the last sentence of Section
                9.01:

            

    

     

    “All
      indemnification provisions of this Agreement, including but not limited to
      those
      set forth in this Section 9.01, shall survive the termination of this
      Agreement.”

     

    SECTION
      2.  Defined
      Terms.  Any terms capitalized but not otherwise defined herein
      shall have the respective meanings set forth in the Agreement.

     

    SECTION
      3.  Governing
      Law.  THIS AMENDMENT NUMBER ONE SHALL BE CONSTRUED IN ACCORDANCE
      WITH THE LAWS OF THE STATE OF NEW YORK (INCLUDING SECTION 5-1401 OF THE NEW
      YORK
      GENERAL OBLIGATIONS LAW) AND THE OBLIGATIONS, RIGHTS, AND REMEDIES OF THE
      PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS WITHOUT
      REGARD TO CONFLICT OF LAWS DOCTRINE APPLIED IN SUCH STATE (OTHER THAN SECTION
      5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW).

     

    SECTION
      4.  Counterparts.  This
      Amendment Number One may be executed by each of the parties hereto on any number
      of separate counterparts, each of which shall be an original and all of which
      taken together shall constitute one and the same instrument.

     

    SECTION
      5.  Limited
      Effect.  Except as amended hereby, the Agreement shall continue in
      full force and effect in accordance with its terms. Reference to this Amendment
      Number One need not be made in the Agreement or any other instrument or document
      executed in connection therewith, or in any certificate, letter or communication
      issued or made pursuant to, or with respect to, the Agreement, any reference
      in
      any of such items to the Agreement being sufficient to refer to the Agreement
      as
      amended hereby.

     

    [SIGNATURE
      PAGE FOLLOWS]

     

    IN
      WITNESS WHEREOF, the Company and the Purchaser have caused this Amendment Number
      One to be executed and delivered by their duly authorized officers as of the
      day
      and year first above written.

     

    
      
        	 	
                COUNTRYWIDE
                  HOME LOANS, INC.

                (Company)

              
	 	 
	 	 
	 	
                By:___________________________________

              
	 	
                Name:

              
	 	
                Title:

              
	 	 
	 	
                EMC
                  MORTGAGE CORPORATION

                (Purchaser)

              
	 	 
	 	 
	 	
                By:___________________________________

              
	 	
                Name:

              
	 	
                Title:

              

      

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    This
      AMENDMENT No. 2 (the “Amendment”) is made this 1st day of
      September,
      2004, by and between EMC Mortgage Corporation (the “Purchaser”) and Countrywide
      Home Loans, Inc. (the “Company”), to the Seller’s Warranties and Servicing
      Agreement dated as of September 1, 2002 (the “SWS Agreement”), by and between
      the Purchaser and the Company.

     

    WHEREAS,
      the Purchaser and the Company desire to amend the SWS Agreement as set forth
      herein.

     

    NOW,
      THEREFORE, for good and valuable consideration, the receipt and sufficiency
      of
      which are hereby acknowledged, the parties hereto hereby agrees as
      follows:

     

    SECTION
      1. Defined Terms.   Unless otherwise amended by the
      terms of this Amendment, terms used in this Amendment shall have the meanings
      assigned in the SWS Agreement.

     

    SECTION
      2. Amendment.   Effective as of September 1, 2004 the
      SWS Agreement is hereby amended as follows:

     

    (a)           The
      following definition of Qualified Depository is modified by adding the word
      “fully” to it and now reads as follows:

     

    Qualified
      Depository: A depository the accounts of which are fully insured by the FDIC
      through BIF or SAIF or the debt obligations of which are rated AA (or the
      equivalent rating category) or better by a national recognized statistical
      rating organization.

     

    (b)           The
      following definition is added to Article I of the SWS Agreement:

     

    Master
      Servicer:  Wells Fargo Bank, National Association, or its
      successors in interest.

     

    (c)           The
      definition of Business Day is deleted in its entirety and replaced with the
      following:

     

    Business
      Day:  Any day other than: (i) a Saturday or Sunday, or (ii) a
      legal holiday in the States of New York, California, Texas, Maryland or
      Minnesota, or (iii) a day on which banks in the States of New York, California,
      Texas, Maryland or Minnesota are authorized or obligated by law or executive
      order to be closed.

     

    (d)           Clause
      (d) of Section 3.01 of the SWS Agreement is deleted in its entirety and replaced
      with the following:

     

    (d)           Ability
      to Service.  The Company is an approved servicer of conventional
      residential mortgage loans for Fannie Mae or Freddie Mac, with the facilities,
      procedures, and experienced personnel necessary for the sound servicing of
      mortgage loans of the same type as the Mortgage Loans. The Company is in good
      standing to service mortgage loans for Fannie Mae or Freddie Mac, and no event
      has occurred, including but not limited to a change in insurance coverage,
      which
      would make the Company unable to comply with Fannie Mae or Freddie Mac
      eligibility requirements or which would require notification to either Fannie
      Mae or Freddie Mac;

     

    (e)           Section
      3.02(oo) of the SWS Agreement is hereby deleted in its entirety and replaced
      with the following:

     

    
      	
               

            	
              (oo)

            	
              No
                HOEPA or “High Cost” Loans.  No Mortgage Loan is classified
                as a “high cost” mortgage loan under the Home Ownership and Equity
                Protection Act of 1994, as amended, nor is any Mortgage Loan a “high cost
                home,” “covered,” “high risk home” or “predatory” loan under any
                applicable state, federal or local law (or a similarly classified
                loan
                using different terminology under a law imposing heightened regulatory
                scrutiny or additional legal liability for residential mortgage loans
                having high interest rates, points and/or fees) or any other statute
                or
                regulation providing assignee liability to holders of such mortgage
                loans.

            

    

     

    (f)           The
      following representations and warranties are added to Section 3.02 of the SWS
      Agreement:

     

    
      	
               

            	
              (xx)

            	
              No
                Mortgage Loan originated on or after October 1, 2002 through March
                6, 2003
                is secured by Mortgaged Property located in the State of
                Georgia;

            

    

     

    
      	
               

            	
              (yy)

            	
              No
                Mortgage Loan originated on or after March 7, 2003 is a “high cost home
                loan” as defined under the Georgia Fair Lending
                Act;

            

    

     

    
      	
               

            	
              (zz)

            	
              With
                respect to each Mortgage Loan, accurate and complete information
                regarding
                the borrower credit files related to such Mortgage Loan has been
                furnished
                on a monthly basis to credit reporting agencies in compliance with
                the
                provisions of the Fair Credit Reporting Act, 15 U.S.C. § 1681 et seq., and
                the applicable implementing
                regulations.

            

    

     

    (g)           The
      following shall be added as the second sentence of the third paragraph of
      Section 4.01 of the SWS Agreement:

     

    In
      addition, the Company shall furnish information regarding the borrower credit
      files related to such Mortgage Loan to credit reporting agencies in compliance
      with the provisions of the Fair Credit Reporting Act, 15 U.S.C. § 1681 et seq.,
      and the applicable implementing regulations, on a monthly basis.

     

    (h)           Section
      6.04 of the SWS Agreement is deleted in its entirety and replaced with the
      following:

     

    Section
      6.04                                Annual
      Statement as to Compliance.

     

    The
      Company will deliver to the Master Servicer on or before March 15 of each year,
      beginning with March 15, 2005 an Officer’s Certificate in a form acceptable for
      filing with the Securities and Exchange Commission as an exhibit to a Form
      10-K
      stating that (i) a review of the activities of the Company during the preceding
      calendar year and of performance under this Agreement has been made under such
      officer’s supervision, (ii) the Company has fully complied with the servicing
      provisions of this Agreement and (iii) to the best of such officer’s knowledge,
      based on such review, the Company has fulfilled all of its obligations under
      this Agreement throughout such year, or, if there has been a default in the
      fulfillment of any such obligation, specifying each such default known to such
      officer and the nature and status thereof.  (“Annual Statement of
      Compliance”)

     

    (i)           Section
      6.05 of the SWS Agreement is deleted in its entirety and replaced with the
      following:

     

    Section
      6.05                                Annual
      Independent Certified Public Accountants’ Servicing Report.

     

    On
      or
      before March 15 of each year, beginning with March 15, 2005, the Company at
      its
      expense shall cause a firm of independent public accountants which is a member
      of the American Institute of Certified Public Accountants to furnish a statement
      to the Master Servicer in a form acceptable for filing with the Securities
      and
      Exchange Commission as an exhibit to a Form 10-K to the effect that such firm
      has examined certain documents and records relating to the servicing of mortgage
      loans by the Company generally that include a sampling of the Mortgage Loans,
      the provisions of Article II and Article IV of this Agreement have been complied
      with and, on the basis of such an examination conducted substantially in
      accordance with the Uniform Single Attestation Program for Mortgage Bankers,
      such servicing has been conducted in compliance with this Agreement, except
      for
      (i) such exceptions as such firm shall believe to be immaterial, and (ii) such
      other exceptions as shall be set forth in such statement.  (“Annual
      Independent Public Accountant’s Servicing Report”)

     

    (j)           The
      following is added as Section 6.07 of the SWS Agreement:

     

    Section
      6.07                                Annual
      Certification.

     

    (a)           For
      so long as (1) the Mortgage Loans are being master serviced by the Master
      Servicer and (2) the Master Servicer is required by Section 302 of the
      Sarbanes-Oxley Act of 2002 to provide an annual certification, by March 15th
      of
      each year, beginning with March 15, 2005 (or if not a Business Day, the
      immediately preceding Business Day), an officer of the Company shall execute
      and
      deliver an Officer’s Certificate to the Master Servicer for the benefit of such
      Master Servicer and its officers, directors and affiliates, certifying as to
      the
      following matters:

     

    (i)           Based
      on my knowledge, the information in the Annual Statement of Compliance, the
      Annual Independent Public Accountant’s Servicing Report and all servicing
      reports, officer’s certificates and other information relating to the servicing
      of the Mortgage Loans submitted to the Master Servicer taken as a whole, does
      not contain any untrue statement of a material fact or omit to state a material
      fact necessary to make the statements made, in light of the circumstances under
      which such statements were made, not misleading as of the last day of the period
      covered by such statements or reports;

     

    (ii)           Based
      on my knowledge, the servicing information required to be provided to the Master
      Servicer by the Company under this Servicing Agreement has been provided to
      the
      Master Servicer;

     

    (iii)           I
      am responsible for reviewing the activities performed by the Company under
      the
      Servicing Agreement and based upon my knowledge and the review required by
      this
      Servicing Agreement, and except as disclosed in the Annual Statement of
      Compliance or the Annual Independent Public Accountant’s Servicing Report
      submitted to the Master Servicer, the Servicer has, as of the last day of the
      period covered by the Annual Statement of Compliance, fulfilled its obligations
      under this Servicing Agreement; and

     

    (iv)           I
      have disclosed to the Master Servicer all significant deficiencies relating
      to
      the Company’s compliance with the minimum servicing standards in accordance with
      a review conducted in compliance with the Uniform Single Attestation Program
      for
      Mortgage Bankers or similar standard as set forth in the Servicing
      Agreement.

     

    (b)           The
      Company shall indemnify and hold harmless the Master Servicer and its officers,
      directors, agents and affiliates from and against any losses, damages,
      penalties, fines, forfeitures, reasonable legal fees and related costs,
      judgments and other costs and expenses arising out of or based upon a breach
      by
      the Company or any of its officers, directors, agents or affiliates of its
      obligations under this Section 6.07 or the negligence, bad faith or willful
      misconduct of the Company in connection therewith. If the indemnification
      provided for herein is unavailable in whole or in part for any reason, then
      the
      Company agrees that it shall contribute to the amount paid or payable by the
      Master Servicer as a result of the losses, claims, damages or liabilities of
      the
      Master Servicer in such proportion as is appropriate to reflect the relative
      fault of the Company, in connection with a breach of the Company’s obligations
      under this Section 6.07 or the Company’s negligence, bad faith or willful
      misconduct in connection therewith.

     

    (k)           Section
      10.01 is hereby modified by adding the word “or” at the end of clause (ix)
      thereof and inserting the following as clause (x):

     

    (x)           failure
      by the Company to duly perform, within the required time period, its obligations
      under Section 6.04, 6.05 or 6.07 which failure continues unremedied for a period
      of ten (10) days after the date on which written notice of such failure,
      requiring the same to be remedied, shall have been given to the Company by
      any
      party to this Servicing Agreement or by any master servicer responsible for
      master servicing the Mortgage Loans pursuant to a securitization of such
      Mortgage Loans.

     

    (l)           Section
      12.03 of the SWS Agreement is deleted in its entirety and replaced with the
      following:

     

    Section
      12.03                                Governing
      Law.

     

    This
      Agreement shall be governed by and construed in accordance with the laws of
      the
      State of New York without giving effect to principles of conflicts of laws
      and
      except to the extent preempted by Federal law and the obligations, rights and
      remedies of the parties hereunder shall be determined in accordance with such
      laws.

     

    SECTION
      3. Effect of Amendment.   Upon execution of this
      Amendment, the SWS Agreement shall be, and be deemed to be, modified and amended
      in accordance herewith and the respective rights, limitations, obligations,
      duties, liabilities and immunities of the Purchaser and the Company shall
      hereafter be determined, exercised and enforced subject in all respects to
      such
      modifications and amendments, and all the terms and conditions of this Amendment
      shall be deemed to be part of the terms and conditions of the SWS Agreement
      for
      any and all purposes. Except as modified and expressly amended by this
      Amendment, the SWS Agreement is in all respects ratified and confirmed, and
      all
      the terms, provisions and conditions thereof shall be and remain in full force
      and effect.

     

    SECTION
      4. Binding Effect.   The provisions of this Amendment
      shall be binding upon and inure to the benefit of the respective successors
      and
      assigns of the parties hereto, and all such provisions shall inure to the
      benefit of the Purchaser and the Company.

     

    SECTION
      5. Severability of Provisions.   If any one or more of the
      provisions or terms of this Amendment shall be for any reason whatsoever held
      invalid, then such provisions or terms shall be deemed severable from the
      remaining provisions or terms of this Amendment and shall in no way affect
      the
      validity or enforceability of the other provisions or terms of this
      Amendment.

     

    SECTION
      6. Section Headings.   The section headings herein are for
      convenience of reference only, and shall not limit or otherwise affect the
      meaning hereof.

     

    SECTION
      7. Execution in
      Counterparts.                                                                This
      Amendment may be executed by the parties hereto in several counterparts, each
      of
      which shall be executed by the parties hereto and be deemed an original and
      all
      of which shall constitute together by one and the same agreement.

     

    SECTION
      8. Governing
      Law.                                           THIS
      AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW
      YORK, WITHOUT REFERENCE TO CONFLICT OF LAW PRINCIPLES, AND THE OBLIGATIONS,
      RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE
      WITH THE LAWS OF THE STATE OF NEW YORK.

    

    IN
      WITNESS WHEREOF, the parties have caused this Amendment to the SWS Agreement
      to
      be executed by their respective officers thereunto duly authorized as of the
      day
      and year first above written.

     

    
      	
              EMC
                MORTGAGE CORPORATION

               

            
	 	 
	
              By:

            	 
	
              Name:

            	 
	
              Title:

            	 
	 
	 
	 
	
              COUNTRYWIDE
                HOME LOANS, INC.

               

            
	 	 
	
              By:

            	 
	
              Name:

            	 
	
              Title:

            	 

    

    

     

    

     

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

     

     

    EXECUTION
      VERSION

    
 

    AMENDMENT
      REG AB

    TO
      THE
      MASTER MORTGAGE LOAN PURCHASEAND SERVICING AGREEMENT

    

     

    This
      is
      Amendment Reg AB (“Amendment Reg AB”), dated as of January 1, 2006, by
      and between EMC Mortgage Corporation (the “Purchaser”), and
      Countrywide Home Loans, Inc. (the “Company”) to that certain Seller’s
      Warranties and Servicing Agreement dated as of September 1, 2002 by and between
      the Company and the Purchaser (as amended, modified or supplemented, the
“Existing Agreement”).

     

    W
      I T N E
      S S E T H

     

    WHEREAS,
      the Company and the Purchaser have agreed, subject to the terms and conditions
      of this Amendment Reg AB that the Existing Agreement be amended to reflect
      agreed upon revisions to the terms of the Existing Agreement.

     

    Accordingly,
      the Company and the Purchaser hereby agree, in consideration of the mutual
      premises and mutual obligations set forth herein, that the Existing Agreement
      is
      hereby amended as follows:

    

    1.           Capitalized
      terms used herein but not otherwise defined shall have the meanings set forth
      in
      the Existing Agreement.  The Existing Agreement is hereby amended by
      adding the following definitions in their proper alphabetical
      order:

    

    Commission:  The
      United States Securities and Exchange Commission.

    

    Company
      Information:  As defined in Section 2(g)(i)(A)(1).

    

    Depositor:  The
      depositor, as such term is defined in Regulation AB, with respect to any
      Securitization Transaction.

    

    Exchange
      Act:  The
      Securities Exchange Act of 1934, as amended.

    

    Master
      Servicer:  With
      respect to any Securitization Transaction, the “master servicer,” if any,
      identified in the related transaction documents.

    

    Qualified
      Correspondent:  Any Person from which the Company purchased
      Mortgage Loans, provided that the following conditions are
      satisfied:  (i) such Mortgage Loans were either (x) originated
      pursuant to an agreement between the Company and such Person that contemplated
      that such Person would underwrite mortgage loans from time to time, for sale
      to
      the Company, in accordance with underwriting guidelines designated by the
      Company (“Designated Guidelines”) or guidelines that do not vary materially from
      such Designated Guidelines or (y) individually re-underwritten by the Company
      to
      the Designated Guidelines at the time such Mortgage Loans were acquired by
      the
      Company; (ii) either (x) the Designated Guidelines were, at the time such
      Mortgage Loans were originated, used by the Company in origination of mortgage
      loans of the same type as the Mortgage Loans for the Company’s own account or
      (y) the Designated Guidelines were, at the time such Mortgage Loans were
      underwritten, designated by the Company on a consistent basis for use by lenders
      in originating mortgage loans to be purchased by the Company; and (iii) the
      Company employed, at the time such Mortgage Loans were acquired by the Company,
      pre-purchase or post-purchase quality assurance procedures (which may involve,
      among other things, review of a sample of mortgage loans purchased during a
      particular time period or through particular channels) designed to ensure that
      either Persons from which it purchased mortgage loans properly applied the
      underwriting criteria designated by the Company or the Mortgage Loans purchased
      by the Company substantially comply with the Designated Guidelines.

    

    Reconstitution:  Any
      Securitization Transaction or Whole Loan Transfer.

    

    Reconstitution
      Agreement:  An agreement or agreements entered into by the Company
      and the Purchaser and/or certain third parties in connection with a
      Reconstitution with respect to any or all of the Mortgage Loans serviced under
      the Agreement.

    

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

    

    Securities
      Act:  The Securities Act
      of 1933,
      as amended.

    

    Securitization
      Transaction:  Any transaction subject to Regulation AB involving
      either (1) a sale or other transfer of some or all of the Mortgage Loans
      directly or indirectly to an issuing entity in connection with an issuance
      of
      publicly offered, rated or unrated mortgage-backed securities or (2) an issuance
      of publicly offered, rated or unrated securities, the payments on which are
      determined primarily by reference to one or more portfolios of residential
      mortgage loans consisting, in whole or in part, of some or all of the Mortgage
      Loans.

    

    Servicer:  As
      defined
      in Section 2(c)(iii).

    

    Servicing
      Criteria:  The “servicing criteria” set forth in Item 1122(d) of
      Regulation AB, as such may be amended from time to time.

    

    Static
      Pool
      Information:  Static pool information as described in Item 1105 of
      Regulation AB.

    

    Subcontractor:  Any
      vendor, subcontractor or other Person that is not responsible for the overall
      servicing (as “servicing” is commonly understood by participants in the
      mortgage-backed securities market) of Mortgage Loans but performs one or more
      discrete functions identified in Item 1122(d) of Regulation AB with respect
      to
      Mortgage Loans under the direction or authority of the Company or a
      Subservicer.

    

    Subservicer:  Any
      Person that services Mortgage Loans on behalf of the Company or any Subservicer
      and is responsible for the performance (whether directly or through Subservicers
      or Subcontractors) of a substantial portion of the material servicing functions
      required to be performed by the Company under this Agreement or any
      Reconstitution Agreement that are identified in Item 1122(d) of Regulation
      AB;
      provided, however, that the term “Subservicer” shall not include any master
      servicer other than the Company, or any special servicer engaged at the request
      of a Depositor, Purchaser or investor in a Securitization Transaction, nor
      any
“back-up servicer” or trustee performing servicing functions on behalf of a
      Securitization Transaction engaged at the request of a Depositor, Purchaser,
      or
      investor in a Securitization Transaction.

    

    Third-Party
      Originator:  Each Person, other than a Qualified Correspondent,
      that originated Mortgage Loans acquired by the Company.

    

    Whole
      Loan
      Transfer:  Any sale or transfer of some or all of the Mortgage
      Loans, other than a Securitization Transaction.

    

    2.           The
      Purchaser and the Company agree that the Existing Agreement is hereby amended
      by
      adding the following provisions:

    

    (a)           Intent
      of the Parties; Reasonableness.

    

    The
      Purchaser and the Company acknowledge and agree that the purpose of Article
      2 of
      this Agreement is to facilitate compliance by the Purchaser and any Depositor
      with the provisions of Regulation AB and related rules and regulations of the
      Commission.  Neither the Purchaser nor any Depositor shall exercise
      its right to request delivery of information or other performance under these
      provisions other than in good faith, or for purposes other than compliance
      with
      the Securities Act, the Exchange Act and the rules and regulations of the
      Commission thereunder.  Although Regulation AB is applicable by its
      terms only to offerings of asset-backed securities that are registered under
      the
      Securities Act, the parties acknowledges that investors in privately offered
      securities may require that the Purchaser or any Depositor provide comparable
      disclosure in unregistered offerings.  The parties agree over time to
      negotiate in good faith with respect to the provision of comparable disclosure
      in private offerings.  The Company acknowledges that interpretations
      of the requirements of Regulation AB may change over time, whether due to
      interpretive guidance provided by the Commission or its staff. The Company
      agrees to negotiate in good faith with the Purchaser or any Depositor with
      regard to any reasonable requests for delivery of information under these
      provisions on the basis of evolving interpretations of Regulation
      AB.  In connection with
      any Securitization Transaction, the Company shall cooperate fully with the
      Purchaser to deliver to the Purchaser (including any of its assignees or
      designees) and any Depositor, any and all statements, reports, certifications,
      records and any other information necessary to permit the Purchaser or such
      Depositor to comply with the provisions of Regulation AB, together with such
      disclosures relating to the Company, and any parties or items identified in
      writing by the Purchaser, including, any Subservicer, any Third-Party Originator
      and the Mortgage Loans, or the servicing of the Mortgage Loans necessary in
      order to effect such compliance, in the Purchaser’s or Depositor’s reasonable
      determination.

    

    The
      Purchaser agrees that it will
      cooperate with the Company and provide sufficient and timely notice of any
      information requirements pertaining to a Securitization
      Transaction.  The Purchaser will make all reasonable efforts to limit
      requests for information, reports or any other materials to items the Purchaser
      reasonably believes is required for compliance with Regulation AB, and shall
      not
      request information which is not required for such
      compliance.

    

    (b)           Additional
      Representations and Warranties of the Company.

    

    (i)           The
      Company shall be deemed to represent to the Purchaser and to any Depositor,
      as
      of the date on which information is first provided to the Purchaser or any
      Depositor under Section 2(c) that, except as disclosed in writing to the
      Purchaser or such Depositor prior to such date:  (i) the Company is not aware
      and has not
      received notice that any default, early amortization or other performance
      triggering event has occurred as to any other securitization due to any act
      or
      failure to act of the Company; (ii) the Company has not been terminated
      as servicer in a residential mortgage loan securitization, either due to a
      servicing default or to application of a servicing performance test or trigger;
      (iii) no material
noncompliance with the
      applicable servicing criteria with respect to
      other securitizations of residential mortgage loans involving the Company as
      servicer has been disclosed or
      reported by the Company; (iv) no material changes to the Company’s
      policies or procedures with respect to the servicing function it will perform
      under this Agreement and any Reconstitution Agreement for mortgage loans of
      a
      type similar to the Mortgage Loans
      have occurred during the three-year period immediately preceding the related
      Securitization Transaction; (v) there are no aspects of the Company’s financial
      condition that could have a material adverse effect on the performance by
the Company of its servicing obligations under this Agreement or any
      Reconstitution Agreement; (vi)
      there are no material legal or governmental proceedings pending (or known
      to be contemplated) against the Company, any Subservicer or any Third-Party
      Originator; and (vii) there are no
      affiliations, relationships or transactions relating to the Company, any
      Subservicer or any Third-Party Originator with respect to any Securitization
      Transaction and any party thereto identified by the related Depositor of a
      type
      described in Item 1119 of Regulation AB.

    

    (ii)           If
      so requested by the Purchaser or any
      Depositor on any date following the date on which information is first
      provided to the Purchaser or any Depositor under Section 2(c), the Company shall, within five
      Business
      Days following such request, confirm in writing the accuracy of the
      representations and warranties set forth in paragraph (i) of this Section or,
      if
      any such representation and warranty is not accurate as of the date of such
      request, provide reasonably adequate disclosure of the pertinent facts, in
      writing, to the requesting party.

    

    (c)           Information
      to Be Provided by the Company.

    

    In
      connection with any Securitization Transaction the Company shall (1) within
      five
      Business Days following request by the Purchaser or any Depositor, provide
      to
      the Purchaser and such Depositor (or, as applicable, cause each Third-Party
      Originator and each Subservicer to provide), in writing reasonably required
      for
      compliance with Regulation AB, the information and materials specified in
      paragraphs (i), (ii), (iii) and (vi) of this Section 2(c), and (2) as promptly
      as practicable following notice to or discovery by the Company, provide to
      the
      Purchaser and any Depositor (as required by Regulation AB) the information
      specified in paragraph (iv) of this Section.

    

    (i)           If
      so requested by the Purchaser or any Depositor, the Company shall provide such
      information regarding (x) the Company, as originator of the Mortgage Loans
      (including as an acquirer of Mortgage Loans from a Qualified Correspondent,
      if
      applicable), or (y) as applicable, each Third-Party Originator, and (z) as
      applicable, each Subservicer, as is requested for the purpose of compliance
      with
      Items 1103(a)(1), 1105 (subject to paragraph (b) below), 1110, 1117 and 1119
      of
      Regulation AB.  Such information shall include, at a
      minimum:

    

    (A)           the
      originator’s form of organization;

    

    (B)           to
      the extent material, a description of the originator’s origination program and
      how long the originator has been engaged in originating residential mortgage
      loans, which description shall include a discussion of the originator’s
      experience in originating mortgage loans of a similar type as the Mortgage
      Loans; if material, information regarding the size and composition of the
      originator’s origination portfolio; and information that may be material to an
      analysis of the performance of the Mortgage Loans, including the originators’
credit-granting or underwriting criteria for mortgage loans of similar type(s)
      as the Mortgage Loans and such other information as the Purchaser or any
      Depositor may reasonably request for the purpose of compliance with Item
      1110(b)(2) of Regulation AB;

    

    (C)           a
      brief description of any material legal or governmental proceedings pending
      (or
      known to be contemplated by a governmental authority) against the Company,
      each
      Third-Party Originator, if applicable, and each Subservicer; and

    

    (D)           a
      description of any affiliation or relationship between the Company, each
      Third-Party Originator, if applicable, each Subservicer and any of the following
      parties to a Securitization Transaction, as such parties are identified to
      the
      Company by the Purchaser or any Depositor in writing or in the related
      Reconstitution Agreement within five Business Days in advance of such
      Securitization Transaction:

    

    (1)           the
      sponsor;

    (2)           the
      depositor;

    (3)           the
      issuing entity;

    (4)           any
      servicer;

    (5)           any
      trustee;

    (6)           any
      originator;

    (7)           any
      significant obligor;

    (8)           any
      enhancement or support provider; and

    (9)           any
      other material transaction party.

    

    (ii)           If
      so requested by the Purchaser or any Depositor, and required by Regulation
      AB or
      as otherwise agreed upon by the Company, the Purchaser and/or the Depositor,
      the
      Company shall provide (or, as applicable, cause each Third-Party Originator
      to
      provide) Static Pool Information with respect to the mortgage loans (of a
      similar type as the Mortgage Loans, as reasonably identified by the Purchaser
      as
      provided below) originated by (a) the Company, if the Company is an originator
      of Mortgage Loans (including as an acquirer of Mortgage Loans from a Qualified
      Correspondent, if applicable), and/or (b) as applicable, each Third-Party
      Originator.  Such Static Pool Information shall be prepared by the
      Company (or, if applicable, the Third-Party Originator) on the basis of its
      reasonable, good faith interpretation of the requirements of Item 1105(a)(1)-(3)
      of Regulation AB.  To the extent that there is reasonably available to
      the Company (or Third-Party Originator, as applicable) Static Pool Information
      with respect to more than one mortgage loan type, the Purchaser or any Depositor
      shall be entitled to specify whether some or all of such information shall
      be
      provided pursuant to this paragraph.  The content of such Static Pool
      Information may be in the form customarily provided by the Company, and need
      not
      be customized for the Purchaser or any Depositor.  Such Static Pool
      Information for each vintage origination year or prior securitized pool, as
      applicable, shall be presented in increments no less frequently than quarterly
      over the life of the mortgage loans included in the vintage origination year
      or
      prior securitized pool.  The most recent periodic increment must be as
      of a date no later than 135 days prior to the date of the prospectus or other
      offering document in which the Static Pool Information is to be included or
      incorporated by reference.  The Static Pool Information shall be
      provided in an electronic format that provides a permanent record of the
      information provided, such as a portable document format (pdf) file, or other
      such electronic format.

    

    Promptly
      following notice or discovery of a material error (as determined in Company’s
      sole discretion), in Static Pool Information provided pursuant to the
      immediately preceding paragraph (including an omission to include therein
      information required to be provided pursuant to such paragraph), the Company
      shall provide corrected Static Pool Information to the Purchaser or any
      Depositor, as applicable, in the same format in which Static Pool Information
      was previously provided to such party by the Company.

    

    If
      so requested by the Purchaser or any
      Depositor, the Company shall provide (or, as applicable, cause each Third-Party
      Originator to provide), at the expense of the requesting party (to the extent
      of
      any additional incremental expense associated with delivery pursuant to this
      Agreement), agreed-upon procedures letters of certified public accountants
      pertaining to Static Pool Information relating to prior securitized pools for
      securitizations closed on or after January 1, 2006 or, in the case of Static
      Pool Information with respect to the Company’s or, if applicable, Third-Party
      Originator’s originations or purchases, to calendar months commencing January 1,
      2006, as the Purchaser or such Depositor shall reasonably
      request.  Such statements and letters shall be addressed to and be for
      the benefit of such parties as the Purchaser or such Depositor shall designate,
      which shall be limited to any Sponsor, any Depositor, any broker dealer acting
      as underwriter, placement agent or initial purchaser with respect to a
      Securitization Transaction or any other party that is reasonably and customarily
      entitled to receive such statements and letters in a Securitization
      Transaction.  Any such statement or letter may take the form of a
      standard, generally applicable document accompanied by a reliance letter
      authorizing reliance by the addressees designated by the Purchaser or such
      Depositor.

    

    (iii)           If
      reasonably requested by the Purchaser or any Depositor, the Company shall
      provide such information regarding the Company, as servicer of the Mortgage
      Loans, and each Subservicer (each of the Company and each Subservicer, for
      purposes of this paragraph, a “Servicer”), as is reasonably requested for the
      purpose of compliance with Item 1108 of Regulation AB.  Such
      information shall include, at a minimum:

    

    (A)           the
      Servicer’s form of organization;

     

    (B)           a
      description of how long the Servicer has been servicing residential mortgage
      loans; a general discussion of the Servicer’s experience in servicing assets of
      any type as well as a more detailed discussion of the Servicer’s experience in,
      and procedures for, the servicing function it will perform under this Agreement
      and any Reconstitution Agreements; information regarding the size, composition
      and growth of the Servicer’s portfolio of residential mortgage loans of a type
      similar to the Mortgage Loans and information on factors related to the Servicer
      that may be material, in the reasonable determination of the Purchaser or any
      Depositor, to any analysis of the servicing of the Mortgage Loans or the related
      asset-backed securities, as applicable, including, without
      limitation:

     

    (1)           whether
      any prior securitizations of mortgage loans of a type similar to the Mortgage
      Loans involving the Servicer have defaulted or experienced an early amortization
      or other performance triggering event because of servicing during the three-year
      period immediately preceding the related Securitization
      Transaction;

    (2)           the
      extent of outsourcing the Servicer utilizes;

    (3)           whether
      there has been previous disclosure of material noncompliance with the applicable
      servicing criteria with respect to other securitizations of residential mortgage
      loans involving the Servicer as a servicer during the three-year period
      immediately preceding the related Securitization Transaction;

    (4)           whether
      the Servicer has been terminated as servicer in a residential mortgage loan
      securitization, either due to a servicing default or to application of a
      servicing performance test or trigger; and

    (5)           such
      other information as the Purchaser or any Depositor may reasonably request
      for
      the purpose of compliance with Item 1108(b)(2) of Regulation AB;

     

    (C)           a
      description of any material changes during the three-year period immediately
      preceding the related Securitization Transaction to the Servicer’s policies or
      procedures with respect to the servicing function it will perform under this
      Agreement and any Reconstitution Agreements for mortgage loans of a type similar
      to the Mortgage Loans;

     

    (D)           information
      regarding the Servicer’s financial condition, to the extent that there is a
      material risk that an adverse financial event or circumstance involving the
      Servicer could have a material adverse effect on the performance by the Company
      of its servicing obligations under this Agreement or any Reconstitution
      Agreement;

     

    (E)           information
      regarding advances made by the Servicer on the Mortgage Loans and the Servicer’s
      overall servicing portfolio of residential mortgage loans for the three-year
      period immediately preceding the related Securitization Transaction, which
      may
      be limited to a statement by an authorized officer of the Servicer to the effect
      that the Servicer has made all advances required to be made on residential
      mortgage loans serviced by it during such period, or, if such statement would
      not be accurate, information regarding the percentage and type of advances
      not
      made as required, and the reasons for such failure to advance;

     

    (F)           a
      description of the Servicer’s processes and procedures designed to address any
      special or unique factors involved in servicing loans of a similar type as
      the
      Mortgage Loans;

    

    (G)           a
      description of the Servicer’s processes for handling delinquencies, losses,
      bankruptcies and recoveries, such as through liquidation of mortgaged
      properties, sale of defaulted mortgage loans or workouts; and

    

    (H)           information
      as to how the Servicer defines or determines delinquencies and charge-offs,
      including the effect of any grace period, re-aging, restructuring, partial
      payments considered current or other practices with respect to delinquency
      and
      loss experience.

    

    (iv)           For
      the purpose of satisfying its reporting obligation under the Exchange Act with
      respect to any class of asset-backed securities, the Company shall (or shall
      cause each Subservicer and, if applicable, any Third-Party Originator to) (a)
      provide notice within two (2) Business Days to the Purchaser, any Master
      Servicer and any Depositor in writing of (1) any merger, consolidation or sale
      of substantially all of the assets of the Company, (2) the Company’s entry into
      an agreement with a Subservicer to perform or assist in the performance of
      any
      of the Company’s obligations under the Agreement or any Reconstitution Agreement
      that qualifies as an “entry into a material definitive agreement” under Item
      1.01 of the form 8-K, and (b) provide prompt notice to the Purchaser, the Master
      Servicer and the Depositor of (1) any Event of Default under the terms of the
      Agreement or any Reconstitution Agreement to the extent not known by such
      Purchaser, Master Servicer or Depositor, and (2) any material litigation or
      governmental proceedings involving the Company, any Subservicer or any Third
      Party Originator.

    

    (v)           To
      the extent the Purchaser or any Depositor does not itself have an affiliation
      or
      relationship required to be disclosed under Item 1119 of Regulation AB that
      develops following the closing date of a Securitization Transaction, the Company
      shall provide to the Purchaser and any Depositor a description of any such
      affiliation or relationship involving the Company, any Subservicer or any
      Third-Party Originator no later than 15 calendar days prior to the date the
      Depositor is required to file its Form 10-K disclosing such affiliation or
      relationship.  For purposes of the foregoing, the Company (1) shall be
      entitled to assume that the parties to the Securitization Transaction with
      whom
      affiliations or relations must be disclosed are the same as on the closing
      date
      if it provides a written request (which may be by e-mail) to the Depositor
      or
      Master Servicer, as applicable, requesting such confirmation and either obtains
      such confirmation or receives no response within three (3) Business Days, (2)
      shall not be obligated to disclose any affiliations or relationships that may
      develop after the closing date for the Securitization Transaction with any
      parties not identified to the Company pursuant to clause (D) of paragraph (i)
      of
      this Section 2(c), and (3) shall be entitled to rely upon any written
      identification of parties provided by the Depositor, the Purchaser or any master
      servicer.

    

    

    (v)           As
      a condition to the succession to the Company or any Subservicer as servicer
      or
      subservicer under this Agreement or any applicable Reconstitution Agreement
      related thereto by any Person (i) into which the Company or such Subservicer
      may
      be merged or consolidated, or (ii) which may be appointed as a successor to
      the
      Company or any Subservicer, the Company shall provide to the Purchaser, any
      Master Servicer, and any Depositor, at least 15 calendar days prior to the
      effective date of such succession or appointment, (x) written notice to the
      Purchaser and any Depositor of such succession or appointment and (y) in
      writing, all information reasonably requested by the Purchaser or any Depositor
      in order to comply with its reporting obligation under Item 6.02 of Form 8-K
      with respect to any class of asset-backed securities.

    

    (vi)           Not
      later than ten days prior to the deadline for the filing of any distribution
      report on Form 10-D in respect of any Securitization Transaction that includes
      any of the Mortgage Loans serviced by the Company, the Company shall, to the
      extent the Company has knowledge, provide to the party responsible for filing
      such report (including, if applicable, the Master Servicer) notice of the
      occurrence of any of the following events along with all information, data,
      and
      materials related thereto as may be required to be included in the related
      distribution report on Form 10-D (as specified in the provisions of Regulation
      AB referenced below):

     

    (a)           any
      material modifications, extensions or waivers of Mortgage Loan terms, fees,
      penalties or payments during the distribution period or that have cumulatively
      become material over time (Item 1121(a)(11) of Regulation AB);

     

    (b)           material
      breaches of Mortgage Loan representations or warranties or transaction covenants
      under the Existing Agreement, as amended herein (Item 1121(a)(12) of Regulation
      AB): and

     

    (c)           information
      regarding any Mortgage Loan changes (such as, additions, substitutions or
      repurchases) and any material changes in origination,
      underwriting, or other criteria for acquisition or selection of pool assets
      (Item 1121(a)(14) of Regulation AB).

    

    (vii)           In
      addition to such information as the Company, as servicer, is obligated to
      provide pursuant to other provisions of this Agreement, if reasonably requested
      by the Purchaser or any Depositor, the Company shall provide such information
      which is available to the Company, regarding the servicing of the Mortgage
      Loans
      as is reasonably required to facilitate preparation of distribution reports
      in
      accordance with Item 1121 of Regulation AB.

    

    (d)           Servicer
      Compliance Statement.

    

    On
      or
      before March 5 of each calendar year, commencing in 2007, the Company shall
      deliver to the Purchaser and any Depositor a statement of compliance addressed
      to the Purchaser and such Depositor and signed by an authorized officer of
      the
      Company, to the effect that (i) a review of the Company’s servicing activities
      during the immediately preceding calendar year (or applicable portion thereof)
      and of its performance under the servicing provisions of this Agreement and
      any
      applicable Reconstitution Agreement during such period has been made under
      such
      officer’s supervision, and (ii) to the best of such officers’ knowledge, based
      on such review, the Company has fulfilled all of its servicing obligations
      under
      this Agreement and any applicable Reconstitution Agreement in all material
      respects throughout such calendar year (or applicable portion thereof) or,
      if
      there has been a failure to fulfill any such obligation in any material respect,
      specifically identifying each such failure known to such officer and the nature
      and the status thereof.

    

    (e)           Report
      on Assessment of Compliance and Attestation.

    

    (i)           On
      or before March 5 of each calendar year, commencing in 2007, the Company
      shall:

    

    (A)           deliver
      to the Purchaser and any Depositor a report regarding the Company’s assessment
      of compliance with the Servicing Criteria during the immediately preceding
      calendar year, as required under Rules 13a-18 and 15d-18 of the Exchange Act
      and
      Item 1122 of Regulation AB.  Such report shall be addressed to the
      Purchaser and such Depositor and signed by an authorized officer of the Company,
      and shall address each of the applicable Servicing Criteria specified on a
      certification substantially in the form of Exhibit A hereto (wherein “investor”
shall mean the Master Servicer) delivered to the Purchaser concurrently with
      the
      execution of this Agreement;

    

    (B)           deliver
      to the Purchaser and any Depositor a report of a registered public accounting
      firm that attests to, and reports on, the assessment of compliance made by
      the
      Company and delivered pursuant to the preceding paragraph.  Such
      attestation shall be in accordance with Rules 1-02(a)(3) and 2-02(g) of
      Regulation S-X under the Securities Act and the Exchange Act;

    

    (C)           if
      required by Regulation AB, cause each Subservicer and each Subcontractor
      determined by the Company pursuant to Section 2(f)(ii) to be “participating in
      the servicing function” within the meaning of Item 1122 of Regulation AB (each,
      a “Participating Entity”), to deliver to the Purchaser and any Depositor an
      assessment of compliance and accountants’ attestation as and when provided in
      paragraphs (A) and (B) of this Section 2(e)(i); and

    

    (D)           deliver
      or, if required by Regulation AB, cause each Subservicer and Subcontractor
      described in Section 2(e)(i)(C) above to deliver to the Purchaser, Depositor
      or
      any other Person that will be responsible for signing the certification (a
      “Sarbanes Certification”) required by Rules 13a-14(d) and 15d-14(d) under the
      Exchange Act (pursuant to Section 302 of the Sarbanes-Oxley Act of 2002) on
      behalf of an asset-backed issuer with respect to a Securitization Transaction
      a
      certification, signed by the appropriate officer of the Company, in the form
      attached hereto as Exhibit B; provided that such certification delivered by
      the
      Company may not be filed as an exhibit to, or included in, any filing with
      the
      Commission.

    

    The
      Company acknowledges that the party identified in clause (i)(D) above may rely
      on the certification provided by the Company pursuant to such clause in signing
      a Sarbanes Certification and filing such with the Commission.  Neither
      the Purchaser nor any Depositor will request deliver of a certification under
      clause (D) above unless the Purchaser, Depositor or any other Person is required
      under the Exchange Act to file an annual report on Form 10-K with respect to
      an
      issuing entity whose asset pool includes Mortgage Loans.

    

    (ii)           Each
      assessment of compliance provided by a Subservicer pursuant to Section
      2(e)(i)(A) shall address each of the applicable Servicing Criteria specified
      on
      a certification substantially in the form of Exhibit A hereto delivered to
      the
      Purchaser concurrently with the execution of this Agreement or, in the case
      of a
      Subservicer subsequently appointed as such, on or prior to the date of such
      appointment.  An assessment of compliance provided by a Participating
      Entity pursuant to Section 2(e)(i)(C) need not address any elements of the
      Servicing Criteria other than those specified by the Company pursuant to Section
      2(f).

    

    (iii)           If
      reasonably requested by the Purchaser or any Depositor, the Company shall
      provide to the Purchaser, any Master Servicer or any Depositor, evidence of
      the
      authorization of the person signing any certification or statement pursuant
      to
      Section 2(d) or 2(e) of this Agreement.

    

    (f)           Use
      of Subservicers and Subcontractors.

    

    The
      Company shall not hire or otherwise utilize the services of any Subservicer
      to
      fulfill any of the obligations of the Company as servicer under this Agreement
      or any related Reconstitution Agreement unless the Company complies with the
      provisions of paragraph (i) of this Subsection (f).  The Company shall
      not hire or otherwise utilize the services of any Subcontractor, and shall
      not
      permit any Subservicer to hire or otherwise utilize the services of any
      Subcontractor, to fulfill any of the obligations of the Company as servicer
      under this Agreement or any related Reconstitution Agreement unless the Company
      complies with the provisions of paragraph (ii) of this Subsection
      (f).

    

    (i)           It
      shall not be necessary for the Company to seek the consent of the Purchaser
      or
      any Depositor to the utilization of any Subservicer.  If required by
      Regulation AB, the Company shall cause any Subservicer used by the Company
      (or
      by any Subservicer) for the benefit of the Purchaser and any Depositor to comply
      with the provisions of this Section and with Sections 2(b), 2(c)(iii), 2(c)(v),
      2(d), and 2(e) of this Agreement , and to provide the information required
      with
      respect to such Subservicer under Section 2(c)(iv) of this
      Agreement.  The Company shall be responsible for obtaining from each
      Subservicer and delivering to the Purchaser and any Depositor any servicer
      compliance statement required to be delivered by such Subservicer under Section
      2(d), any assessment of compliance and attestation required to be delivered
      by
      such Subservicer under Section 2(e) and any certification required to be
      delivered to the Person that will be responsible for signing the Sarbanes
      Certification under Section 2(e) as and when required to be
      delivered.

    

    (ii)           It
      shall not be necessary for the Company to seek the consent of the Purchaser
      or
      any Depositor to the utilization of any Subcontractor.  If required by
      Regulation AB, the Company shall promptly upon request provide to the Purchaser
      and any Depositor (or any designee of the Depositor, such as a master servicer
      or administrator) a written description  of the role and function of
      each Subcontractor utilized by the Company or any Subservicer, specifying (A)
      the identity of each such Subcontractor, (B) which (if any) of such
      Subcontractors are Participating Entities, and (C) which elements of the
      Servicing Criteria will be addressed in assessments of compliance provided
      by
      each Participating Entity identified pursuant to clause (B) of this
      paragraph.

    

    The
      Company shall cause any such Participating Entity used by the Company (or by
      any
      Subservicer) for the benefit of the Purchaser and any Depositor to comply with
      the provisions of Section 2(e) of this Agreement.  The Company shall
      be responsible for obtaining from each Participating Entity and delivering
      to
      the Purchaser and any Depositor any assessment of compliance and attestation
      and
      certificate required to be delivered by such Participating Entity under Section
      2(e), in each case as and when required to be delivered.

    

    (g)           Indemnification;
      Remedies.

    

    (i)           The
      Company shall indemnify the Purchaser and each of the following parties
      participating in a Securitization Transaction: each sponsor and issuing entity;
      each Person responsible for the execution or filing of any report required
      to be
      filed with the Commission with respect to such Securitization Transaction,
      or
      for execution of a certification pursuant to Rule 13a-14(d) or Rule 15d-14(d)
      under the Exchange Act with respect to such Securitization Transaction; each
      Person who controls any of such parties (within the meaning of Section 15 of
      the
      Securities Act and Section 20 of the Exchange Act); and the respective present
      and former directors, officers and employees of each of the foregoing and of
      the
      Depositor, and shall hold each of them harmless from and against any losses,
      damages, penalties, fines, forfeitures, legal fees and expenses and related
      costs, judgments, and any other costs, fees and expenses that any of them may
      sustain arising out of or based upon:

    

    (A)(1)       any
      untrue statement of a material fact contained or alleged to be contained in
      any
      written information, written report, certification or other material provided
      under this Amendment Reg AB by or on behalf of the Company, or provided under
      this Amendment Reg AB by or on behalf of any Subservicer, Participating Entity
      or, if applicable, Third-Party Originator (collectively, the “Company
      Information”), or (2) the omission or alleged omission to state in the Company
      Information a material fact required to be stated in the Company Information
      or
      necessary in order to make the statements therein, in the light of the
      circumstances under which they were made, not misleading; provided, by way
      of clarification, that clause (2) of this paragraph shall be construed
      solely by reference to the Company Information and not to any other information
      communicated in connection with a sale or purchase of securities, without regard
      to whether the Company Information or any portion thereof is presented together
      with or separately from such other information;

    

    (B)           any
      failure by the Company, any Subservicer, any Participating Entity or any
      Third-Party Originator to deliver any information, report, certification,
      accountants’ letter or other material when and as required under this Amendment
      Reg AB, including any failure by the Company to identify pursuant to Section
      2(f)(ii) any Participating Entity; or

    

    (C)           any
      breach by the Company of a representation or warranty set forth in Section
      2(b)(i) or in a writing furnished pursuant to Section 2(b)(ii) and made as
      of a
      date prior to the closing date of the related Securitization Transaction, to
      the
      extent that such breach is not cured by such closing date, or any breach by
      the
      Company of a representation or warranty in a writing furnished pursuant to
      Section 2(b)(ii) to the extent made as of a date subsequent to such closing
      date.

    

    In
      the
      case of any failure of performance described in clause (i)(B) of this Section,
      the Company shall promptly reimburse the Purchaser, any Depositor, as
      applicable, and each Person responsible for the execution or filing of any
      report required to be filed with the Commission with respect to such
      Securitization Transaction, or for execution of a certification pursuant to
      Rule
      13a-14(d) or Rule 15d-14(d) under the Exchange Act with respect to such
      Securitization Transaction, for all costs reasonably incurred by each such
      party
      in order to obtain the information, report, certification, accountants’ letter
      or other material not delivered as required by the Company, any Subservicer,
      any
      Participating Entity or any Third-Party Originator.

    

    (ii)           (A)           Any
      failure by the Company, any Subservicer, any Participating Entity or any
      Third-Party Originator to deliver any information, report, certification,
      accountants’ letter or other material when and as required under this Amendment
      Reg AB , which continues unremedied for three Business Days after receipt by
      the
      Company and the applicable Subservicer, Subcontractor, or Third-Party Originator
      of written notice of such failure from the Purchaser or Depositor shall, except
      as provided in clause (B) of this paragraph, constitute an Event of Default
      with
      respect to the Company under this Agreement and any applicable Reconstitution
      Agreement, and shall entitle the Purchaser or Depositor, as applicable, in
      its
      sole discretion to terminate the rights and obligations of the Company as
      servicer under this Agreement and/or any applicable Reconstitution Agreement
      related thereto without payment (notwithstanding anything in this Agreement
      or
      any applicable Reconstitution Agreement related thereto to the contrary) of
      any
      compensation to the Company (and if the Company is servicing any of the Mortgage
      Loans in a Securitization Transaction, appoint a successor servicer reasonably
      acceptable to any Master Servicer for such Securitization Transaction);
provided, however it is understood that the Company shall retain any
      rights pursuant to which it may be entitled to receive reimbursement for
      unreimbursed Monthly Advances and Servicing Advances made by the Company under
      this Agreement and/or any applicable Reconstitution
      Agreement.  Notwithstanding anything to the contrary set forth herein,
      to the extent that any provision of this Agreement and/or any applicable
      Reconstitution Agreement expressly provides for the survival of certain rights
      or obligations following termination of the Company as servicer, such provision
      shall be given effect.

    

    (B)           Any
      failure by the Company, any Subservicer or any Participating Entity to deliver
      any information, report, certification or accountants’ letter required under
      Regulation AB when and as required under Section 2(d) or 2(e), including any
      failure by the Company to identify a Participating Entity, which continues
      unremedied for ten calendar days after the date on which such information,
      report, certification or accountants’ letter was required to be delivered shall
      constitute an Event of Default with respect to the Company under this Agreement
      and any applicable Reconstitution Agreement, and shall entitle the Purchaser
      or
      Depositor, as applicable, in its sole discretion to terminate the rights and
      obligations of the Company as servicer under this Agreement and/or any
      applicable Reconstitution Agreement without payment (notwithstanding anything
      in
      this Agreement to the contrary) of any compensation to the Company;
provided,however it is understood that the Company shall
      retain any rights pursuant to which it may be entitled to receive reimbursement
      for unreimbursed Monthly Advances and Servicing Advances made by the Company
      under this Agreement and/or any applicable Reconstitution
      Agreement.  Notwithstanding anything to the contrary set forth herein,
      to the extent that any provision of this Agreement and/or any applicable
      Reconstitution Agreement expressly provides for the survival of certain rights
      or obligations following termination of the Company as servicer, such provision
      shall be given effect.

    

    (C)           The
      Company shall promptly reimburse the Purchaser (or any affected designee of
      the
      Purchaser, such as a master servicer) and any Depositor, as applicable, for
      all
      reasonable expenses incurred by the Purchaser (or such designee) or such
      Depositor as such are incurred, in connection with the termination of the
      Company as servicer and the transfer of servicing of the Mortgage Loans to
      a
      successor servicer.  The provisions of this paragraph shall not limit
      whatever rights the Company, the Purchaser or any Depositor may have under
      other
      provisions of this Agreement and/or any applicable Reconstitution Agreement
      or
      otherwise, whether in equity or at law, such as an action for damages, specific
      performance or injunctive relief.

    

    (iii)           The
      Purchaser agrees to indemnify and hold harmless the Company, any Subservicer,
      any Participating Entity, and, if applicable, any Third-Party Originator, each
      Person who controls any of such parties (within the meaning of Section 15 of
      the
      Securities Act and Section 20 of the Exchange Act), and the respective present
      and former directors, officers and employees of each of the foregoing from
      and
      against any losses, damages, penalties, fines, forfeitures, legal fees and
      expenses and related costs, judgments, and any other costs, fees and expenses
      that any of them may sustain arising out of or based upon any untrue statement
      or alleged untrue statement of any material fact contained in any filing with
      the Commission with respect to a Securitization Transaction or the omission
      or
      alleged omission to state in any filing with the Commission with respect to
      a
      Securitization Transaction a material fact required to be stated or necessary
      to
      be stated in order to make the statements therein, in the light of the
      circumstances under which they were made, not misleading, in each case to the
      extent, but only to the extent, that such untrue statement, alleged untrue
      statement, omission, or alleged omission relates to any filing with the
      Commission with respect to a Securitization Transaction other than the Company
      Information.

    

    (iv)           If
      the indemnification provided for herein is unavailable or insufficient to hold
      harmless the indemnified party, then the indemnifying party agrees that it
      shall
      contribute to the amount paid or payable by such indemnified party as a result
      of any claims, losses, damages or liabilities uncured by such indemnified party
      in such proportion as is appropriate to reflect the relative fault of such
      indemnified party on the one hand and the indemnifying party on the
      other.

    

    (v)           This
      indemnification shall survive the termination of this Amendment Reg AB or the
      termination of any party to this Amendment Reg AB.

    

    3.  Notwithstanding
      any other provision of this Amendment Reg AB, the Company shall seek the consent
      of the Purchaser for the utilization of all Subservicers and Participating
      Entities, when required by and in accordance with the terms of the Existing
      Agreement.

     

    4.  The
      Existing Agreement is hereby amended by adding the Exhibits attached hereto
      as
      Exhibit A and Exhibit B to the end thereto.  References in this
      Amendment Reg AB to “this Agreement” or words of similar import (including
      indirect references to the Agreement) shall be deemed to be references to the
      Existing Agreement as amended by this Amendment Reg AB.  Except as
      expressly amended and modified by this Amendment Reg AB, the Agreement shall
      continue to be, and shall remain, in full force and effect in accordance with
      its terms.  In the event of a conflict between this Amendment Reg AB
      and any other document or agreement, including without limitation the Existing
      Agreement, this Amendment Reg AB shall control.

     

    5.           All
      notification pursuant to Section 2(c)(iv) should be sent to:

    

    EMC
      Mortgage Corporation

    2780
      Lake
      Vista Drive

    Lewisville,
      TX  75067-3884

    Attention:  Conduit
      Seller Approval Dept.

    Facsimile:  (214)
      626-3751

    Email:  sellerapproval@bear.com

    

    With
      a
      copy to:

    

    Bear,
      Stearns & Co. Inc.

    383
      Madison Avenue, 3rd Floor

    New,
      York, NY  10179

    Attention:  Global
      Credit Administration

    Facsimile:  (212)
      272-6564

    

    All
      notification pursuant to Section 2(c)(iv)(4) should be sent to:

    

    EMC
      Mortgage Corporation

    Two
      Mac
      Arthur Ridge

    909
      Hidden Ridge Drive, Suite 200

    Irving,
      TX  75038

    Attention:  Associate
      General Counsel for Loan Administration

    Facsimile:  (972)
      831-2555

    

    With
      copies to:

    

    Bear,
      Stearns & Co. Inc.

    383
      Madison Avenue, 3rd Floor

    New,
      York, NY  10179

    Attention:  Global
      Credit Administration

    Facsimile:  (212)
      272-6564

    

    EMC
      Mortgage Corporation

    2780
      Lake
      Vista Drive

    Lewisville,
      TX  75067-3884

    Attention:  Conduit
      Seller Approval Dept.

    Facsimile:  (214)
      626-3751

    Email:  sellerapproval@bear.com

    

    All
      notifications to any Master Servicer, to the extent such “Master Servicer” is
      Wells Fargo, should be sent to:

    

    UPS/FedEx
      Delivery:

    

    9062
      Old
      Annapolis Road

    Columbia,
      MD  21045

    Attention:
      Corporate Trust Group, [Insert Deal Name]

    

    USPS
      Delivery:

    

    P.O.
      Box
      98

    Columbia,
      MD  21046

    Attention:
      Corporate Trust Group, [Insert Deal Name]

     

    6.           This
      Amendment Reg AB shall be governed by and construed in accordance with the
      laws
      of the State of New York without reference to its conflict of laws provisions
      (other than Section 5-1401 of the General Obligation Law), and the obligations,
      rights and remedies of the parties hereunder shall be determined accordance
      with
      such laws.

     

    7.           This
      Amendment Reg AB may be executed in one or more counterparts and by different
      parties hereto on separate counterparts, each of which, when so executed, shall
      constitute one and the same agreement.  This Amendment Reg AB will
      become effective as of the date first mentioned above.  This Amendment Reg AB shall
      bind and
      inure to the benefit of and be enforceable by the Company and the Purchaser
      and
      the respective permitted successors and assigns of the Company and the
      successors and assigns of the Purchaser.

     

     

    [Signature
      Page Follows]

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

    IN
      WITNESS WHEREOF, the parties have caused their names to be signed hereto by
      their respective officers thereunto duly authorized as of the day and year
      first
      above written.

     

     

    
      	 	
              EMC
                MORTGAGE CORPORATION

               

              Purchaser

            	 
	 	 	 	 
	
               

            	
              By:
                

            	 	 
	 	Name:	 	 
	 	Title:	 	 
	 	 	 	 

    

                                                      

     

     

    
      
        	 	
                
                  COUNTRYWIDE
                    HOME LOANS, INC.

                   

                  Company

                

              	 
	 	 	 	 
	
                 

              	
                By:
                  

              	 	 
	 	Name:	 	 
	 	Title:	 	 
	 	 	 	 

      

                               

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      A

    

    SERVICING
      CRITERIA TO BE ADDRESSED IN ASSESSMENT OF COMPLIANCE

    

    The
      assessment of compliance to be delivered by [the Company] [Name of Subservicer]
      shall address, at a minimum, the applicable criteria identified below as
“Applicable Servicing Criteria”:

    

    
      	
              Servicing
                Criteria

            	
              Applicable
                Servicing Criteria

            
	
              Reference

            	
              Criteria

            	
               

            
	
               

            	
              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

            
	
              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.

            	
              X

            
	
              1122(d)(1)(iii)

            	
              Any
                requirements in the transaction agreements to maintain a back-up
                servicer
                for the mortgage loans 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 mortgage loans 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

            
	
              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

            
	
              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 overcollateralization, are separately
                maintained (e.g., with respect to commingling of cash) as set forth
                in the
                transaction agreements.

            	
              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

            
	
              1122(d)(2)(vi)

            	
              Unissued
                checks are safeguarded so as to prevent unauthorized
                access.

            	
              X

            
	
              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

            
	
               

            	
              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 mortgage loans serviced by the
                Servicer.

            	
              X

            
	
              1122(d)(3)(ii)

            	
              Amounts
                due to investors are allocated and remitted in accordance with timeframes,
                distribution priority and other terms set forth in the transaction
                agreements.

            	
              X

            
	
              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

            
	
              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

            
	
               

            	
              Pool
                Asset Administration

            	 
	
              1122(d)(4)(i)

            	
              Collateral
                or security on mortgage loans is maintained as required by the transaction
                agreements or related mortgage loan documents.

            	
              X

            
	
              1122(d)(4)(ii)

            	
              Mortgage
                loan 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

            
	
              1122(d)(4)(iv)

            	
              Payments
                on mortgage loans, including any payoffs, made in accordance with
                the
                related mortgage loan 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 mortgage loan documents.

            	
              X

            
	
              1122(d)(4)(v)

            	
              The
                Servicer’s records regarding the mortgage loans 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 mortgage loans
                (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
                mortgage
                loan 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 mortgage loans including, for
                example,
                phone calls, letters and payment rescheduling plans in cases where
                delinquency is deemed temporary (e.g., illness or
                unemployment).

            	
              X

            
	
              1122(d)(4)(ix)

            	
              Adjustments
                to interest rates or rates of return for mortgage loans with variable
                rates are computed based on the related mortgage loan
                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 mortgage loan
                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 mortgage loan
                documents and state laws; and (C) such funds are returned to the
                obligor
                within 30 calendar days of full repayment of the related mortgage
                loans,
                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.

            	 

    

    

     

    
      
        	 	
                [NAME
                  OF COMPANY] [NAME OF SUBSERVICER]

              	 
	 	 	 	 
	 	 	 	 
	 	Date: 	 	 
	 	 	 	 
	 	 	 	 
	
                 

              	
                By:
                  

              	 	 
	 	Name:	 	 
	 	Title:	 	 
	 	 	 	 

      

                                                        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

    

    EXHIBIT
      B

     

    FORM
      OF
      ANNUAL CERTIFICATION

     

    
      	
                     
                Re:  

            	
              The
                [                   ]
                agreement dated as of [      ], 200[
                ] (the “Agreement”), among [IDENTIFY
                PARTIES]

            

    

     

    I,
      ________________________________, the _______________________ of Countrywide
      Home Loans, Inc., certify to [the Purchaser], [the Depositor], [Master
      Servicer], [Securities Administrator] or [Trustee], and its officers, with
      the
      knowledge and intent that they will rely upon this certification,
      that:

     

    (1)           I
      have reviewed the servicer compliance statement of the Company provided in
      accordance with Item 1123 of Regulation AB (the “Compliance Statement”), the
      report on assessment of the Company’s compliance with the servicing criteria set
      forth in Item 1122(d) of Regulation AB (the “Servicing Criteria”), provided in
      accordance with Rules 13a-18 and 15d-18 under Securities Exchange Act of 1934,
      as amended (the “Exchange Act”) and Item 1122 of Regulation AB (the “Servicing
      Assessment”), the registered public accounting firm’s attestation report
      provided in accordance with Rules 13a-18 and 15d-18 under the Exchange Act
      and
      Section 1122(b) of Regulation AB (the “Attestation Report”), and all
      servicing reports, officer’s certificates and other information relating to the
      servicing of the Mortgage Loans by the Company during 200[ ] that were delivered
      by the Company to the [Depositor] [Master Servicer] [Securities Administrator]
      or [Trustee] pursuant to the Agreement (collectively, the “Company Servicing
      Information”);

     

    (2)           Based
      on my knowledge, the Company Servicing Information, taken as a whole, does
      not
      contain any untrue statement of a material fact or omit to state a material fact
      necessary to make the statements made, in the light of the circumstances under
      which such statements were made, not misleading with respect to the period
      of
      time covered by the Company Servicing Information;

     

    (3)           Based
      on my knowledge, all of the Company Servicing Information required to be
      provided by the Company under the Agreement has been provided to the [Depositor]
      [Master Servicer] [Securities Administrator] or [Trustee];

     

    (4)           I
      am responsible for reviewing the activities performed by the Company as servicer
      under the Agreement, and based on my knowledge and the compliance review
      conducted in preparing the Compliance Statement and except as disclosed in
      the
      Compliance Statement, the Servicing Assessment or the Attestation Report, the
      Company has fulfilled its obligations under the Agreement; and

     

    

    [Intentionally
      Left Blank]

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (5)           The
      Compliance Statement required to be delivered by the Company pursuant to this
      Agreement, and the Servicing Assessment and Attestation Report required to
      be
      provided by the Company and by each Subservicer and Participating Entity
      pursuant to the Agreement, have been provided to the [Depositor] [Master
      Servicer].  Any material instances of noncompliance described in such
      reports have been disclosed to the [Depositor] [Master Servicer].  Any
      material instance of noncompliance with the Servicing Criteria has been
      disclosed in such reports.

    

    
      
        	 	 	 	 
	 	Date: 	 	 
	 	 	 	 
	 	 	 	 
	
                 

              	
                By:
                  

              	 	 
	 	Name:	 	 
	 	Title:	 	 
	 	 	 	 

      

                                                        

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    EXHIBIT
      H-2

     

    EMC
      SERVICING AGREEMENT

     

    
      THIS
        IS A
        SERVICING AGREEMENT, dated as of August 1, 2007, and is executed between
        Structured Asset Mortgage Investments II Inc. (the "Owner") and EMC Mortgage
        Corporation (the "Servicer").

       

      W
        I T N E
        S S E T H :

      

      WHEREAS,
        the Owner is the owner of the Mortgage Loans;

       

      WHEREAS,
        the Owner and the Servicer wish to prescribe the permanent management, servicing
        and control of the Mortgage Loans;

       

      NOW,
        THEREFORE, in consideration of the mutual agreements hereinafter set forth,
        and
        for other good and valuable consideration, the receipt and adequacy of which
        is
        hereby acknowledged, the Owner and the Servicer agree as follows:

       

      ARTICLE
        I 

       

      DEFINITIONS

       

      Section
        1.01.    Defined Terms.

       

      Whenever
        used in this Agreement, the following words and phrases, unless the context
        otherwise requires, shall have the following meaning specified in this
        Article:

       

      Accepted
        Servicing Practices:   The procedures, including prudent
        collection and loan administration procedures, and the standard of care (i)
        employed by prudent mortgage servicers which service mortgage loans of the
        same
        type as the Mortgage Loans in the jurisdictions in which the related Mortgage
        Properties are located or (ii) in accordance with the Fannie Mae Guide or
        Freddie Mac Guide, subject to any variances negotiated with Fannie Mae or
        Freddie Mac and subject to the express provisions of this
        Agreement.  Such standard of care shall not be lower than that the
        Servicer customarily employs and exercises in servicing and administering
        similar mortgage loans for its own account and shall be in full compliance
        with
        all federal, state, and local laws, ordinances, rules and
        regulations.

       

      Adjustment
        Date:  As to each ARM Loan, the date on which the Mortgage
        Interest Rate is adjusted in accordance with the terms of the related Mortgage
        Note.

       

      Agreement:  This
        Servicing Agreement including all exhibits hereto, amendments hereof and
        supplements hereto.

       

      Amounts
        Held for Future Distribution:  As to any Remittance Date shall be
        the total of the amounts held in the Custodial Account on any date of
        determination which were received after the Cut-off Date on account of (i)
        Liquidation Proceeds and Insurance Proceeds received or made in the month
        of
        such Remittance Date and Principal Prepayments received after the related
        Prepayment Period, and (ii) payments which represent early receipt of scheduled
        payments of principal and interest due on a date or dates subsequent to the
        related Due Date.

       

      ARM
        Loans: First lien, conventional, 1-4 family residential Mortgage Loans with
        interest rates which adjust from time to time in accordance with the related
        Index and are subject to Periodic Rate Caps and Lifetime Rate Caps and which
        may
        permit conversion to fixed interest rates.

       

      Business
        Day:   Any day other than (i) a Saturday or Sunday, or (ii) a
        legal holiday in the States of Maryland, Minnesota, New York or the jurisdiction
        in which the Servicer conducts its servicing activities, or (iii) a day on
        which
        banks in the States of Maryland, Minnesota, New York or the jurisdiction
        in
        which the Servicer conducts its servicing activities are authorized or obligated
        by law or executive order to be closed.

       

      Capitalization
        Reimbursement Amount: For any Remittance Date, the aggregate of the amounts
        added to the Stated Principal Balances of the Mortgage Loans during the
        preceding calendar month in connection with the modification of such Mortgage
        Loans pursuant to Section 4.01 which amounts represent unreimbursed Monthly
        Advances or Servicing Advances owed to the Servicer.

      

      Code:  The
        Internal Revenue Code of 1986, as it may be amended from time to time, or
        any
        successor statute thereto, and applicable U.S. Department of the Treasury
        regulations issued pursuant thereto.

       

      Commission
        or SEC:  The Securities and Exchange Commission.

       

      Condemnation
        Proceeds:  All awards or settlements in respect of a Mortgaged
        Property, whether permanent or temporary, partial or entire, by exercise
        of the
        power of eminent domain or condemnation, to the extent not required to be
        released to a Mortgagor in accordance with the terms of the related Mortgage
        Loan Documents.

       

      Custodial
        Account:   One or more demand account or accounts created and
        maintained pursuant to Section 4.04 which shall be entitled "BSARM 2007-5
        Custodial Account in trust for SAMI II, Owner of Whole Loan Mortgages and
        various Mortgagors" established at a Qualified Depository, each of which
        accounts shall be held by such Qualified Depository in a fiduciary capacity,
        separate and apart from its funds and general assets.

       

      Custodians:  Wells
        Fargo Bank, N.A. and Treasury Bank, a Division of Countrywide Bank, FSB,
        or such
        other custodian as Owner shall designate.

       

      Cut-off
        Date:  With respect to any Mortgage Loan, the opening of business
        on the first day of the month in which the related closing date with respect
        to
        such Mortgage Loan occurs.

       

      Delinquent:  As
        defined in the related pooling and servicing agreement.

       

      Depositor:
        The depositor, as such term is defined in Regulation AB, with respect to
        any
        Pass-Through Transfer.

       

      Determination
        Date: The 15th day (or if such 15th day is not a Business Day, the Business
        Day immediately preceding such 15th day) of the month of the Remittance
        Date.

       

      Due
        Date:   Each day on which payments of principal and interest
        are required to be paid in accordance with the terms of the related Mortgage
        Note, exclusive of any days of grace.

       

      Due
        Period:   With respect to each Remittance Date, the period
        commencing on the second day of the month preceding the month of such Remittance
        Date and ending on the first day of the month of the Remittance
        Date.

       

      Escrow
        Account:   The separate trust account or accounts created and
        maintained pursuant to Section 4.06 which shall be entitled "BSARM 2007-5
        Escrow
        Account, in trust for SAMI II, Owner of Whole Loan Mortgages and various
        Mortgagors" and shall be established at a Qualified Depository, each of which
        accounts shall in no event contain funds in excess of the FDIC insurance
        limits.

       

      Escrow
        Payments:   With respect to any Mortgage Loan, the amounts
        constituting ground rents, taxes, assessments, water rates, sewer rents,
        municipal charges, mortgage insurance premiums, fire and hazard insurance
        premiums, condominium charges, and any other payments required to be escrowed
        by
        the Mortgagor with the mortgagee pursuant to the Mortgage or any other
        document.

       

      Event
        of Default:   Any one of the conditions or circumstances
        enumerated in Section 9.01.

       

      Exchange
        Act:  The Securities Exchange Act of 1934, as
        amended.

       

      Fannie
        Mae:  Fannie Mae, or any successor thereto.

       

      Fannie
        Mae Guide:   The Fannie Mae Selling Guide and the Fannie Mae
        Servicing Guide and all amendments or additions thereto.

       

      Fidelity
        Bond:  A fidelity bond to be maintained by the Servicer pursuant
        to Section 4.12.

       

      FIRREA:   The
        Financial Institutions Reform, Recovery, and Enforcement Act of 1989, as
        amended
        from time to time.

       

      Freddie
        Mac:  Freddie Mac, or any successor thereto.

       

      Freddie
        Mac Guide:   The Freddie Mac Selling Guide and the Freddie
        Mac Servicing Guide and all amendments or additions thereto.

       

      Full
        Principal Prepayment:  A Principal Prepayment made by a Mortgagor
        of the entire principal balance of a Mortgage Loan.

       

      GAAP:  Generally
        accepted accounting procedures, consistently applied.

       

      HUD:   The
        United States Department of Housing and Urban Development or any
        successor.

       

      Index:  With
        respect to each ARM Loan, on the related Adjustment Date, the index used
        to
        determine the Mortgage Interest Rate on each such ARM Loan.

       

      Insurance
        Proceeds:   With respect to each Mortgage Loan, proceeds of
        insurance policies insuring the Mortgage Loan or the related Mortgaged
        Property.

       

      Lifetime
        Rate Cap:   With respect to each ARM Loan, the maximum
        Mortgage Interest Rate over the term of such Mortgage Loan, as specified
        in the
        related Mortgage Note.

       

      Liquidation
        Proceeds:   Amounts, other than Insurance Proceeds and
        Condemnation Proceeds, received in connection with the liquidation of a
        defaulted Mortgage Loan, whether through the sale or assignment of such Mortgage
        Loan, trustee's sale, foreclosure sale or otherwise, and any other amounts
        received with respect to an REO Property pursuant to Section 4.13.

       

      Margin:  With
        respect to each ARM Loan, the fixed percentage amount set forth in each related
        Mortgage Note which is added to the Index in order to determine the related
        Mortgage Interest Rate.

       

      Master
        Servicer:  EMC Mortgage Corporation, its successors in interest
        and assigns, or any successor thereto designated by the Owner.

       

      Monthly
        Advance:   The aggregate of the advances made by the Servicer
        on any Remittance Date pursuant to Section 5.03.

       

      Monthly
        Payment:   With respect to each Mortgage Loan, the scheduled
        monthly payment of principal and interest thereon which is payable by the
        related Mortgagor under the related Mortgage Note.

       

      Mortgage:  The
        mortgage, deed of trust or other instrument securing a Mortgage Note which
        creates a first lien on an unsubordinated estate in fee simple in real property
        securing the Mortgage Note.

       

      Mortgage
        Interest Rate:   The annual rate at which interest accrues on
        any Mortgage Loan in accordance with the provisions of the related Mortgage
        Note, and in the case of an ARM Loan, as adjusted from time to time on each
        Adjustment Date for such Mortgage Loan to equal the Index for such Mortgage
        Loan
        plus the Margin for such Mortgage Loan, and subject to the limitations on
        such
        interest rate imposed by the Periodic Rate Cap and the Lifetime Rate
        Cap.

       

      Mortgage
        Loan:   An individual Mortgage Loan described herein and as
        further identified on the Mortgage Loan Schedule, which Mortgage Loan includes
        without limitation the Mortgage Loan Documents, the Monthly Payments, Principal
        Prepayments, Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds,
        REO Disposition Proceeds, and all other rights, benefits, proceeds and
        obligations arising from or in connection with such Mortgage Loan.

       

      Mortgage
        Loan Documents:  The original mortgage loan legal documents held
        by the Custodian.

       

      Mortgage
        Loan Remittance Rate:   With respect to each Mortgage Loan,
        the annual rate of interest remitted to the Owner, which shall be equal to
        the
        related Mortgage Interest Rate minus the Servicing Fee Rate.

       

      Mortgage
        Loan Schedule:  The schedule of Mortgage Loans attached hereto as
Exhibit A, such schedule being acceptable to the Owner and the
        Servicer.

       

      Mortgage
        Note:  The note or other evidence of the indebtedness of a
        Mortgagor secured by a Mortgage.

       

      Mortgaged
        Property:  The underlying real property securing repayment of a
        Mortgage Note.

       

      Mortgagor:  The
        obligor on a Mortgage Note.

       

      Net
        Liquidation Proceeds:  As to any Mortgage Loan, Liquidation
        Proceeds net of unreimbursed Servicing Advances, Servicing Fees and Monthly
        Advances and expenses incurred by the Servicer in connection with the
        liquidation of the Mortgage Loan and the related Mortgaged
        Property.

       

      Nonrecoverable
        Advance:  Any advance previously made by the Servicer pursuant to
        Section 5.03 or any Servicing Advance proposed to be made by the Servicer
        in
        respect of a Mortgage Loan or REO Property which, in the good faith judgment
        of
        the Servicer, may not be ultimately recoverable by the Servicer from Liquidation
        Proceeds or Insurance Proceeds on such Mortgage Loan or REO Property as provided
        herein.  The determination by the Servicer that it has made a
        Nonrecoverable Advance, or that a proposed advance may constitute a
        Nonrecoverable Advance, shall be evidenced by an Officer's Certificate of
        the
        Servicer delivered to the Owner and detailing the reasons for such
        determination.

       

      Officer's
        Certificate:  A certificate signed by the Chairman of the Board,
        the Vice Chairman of the Board, the President, a Senior Vice President or
        a Vice
        President or by the Treasurer or the Secretary or one of the Assistant
        Treasurers or Assistant Secretaries of the Servicer, and delivered to the
        Owner
        as required by this Agreement.

       

      Opinion
        of Counsel:  A written opinion of counsel, who may be an employee
        of the party on behalf of whom the opinion is being given, reasonably acceptable
        to the Owner.

       

      Owner:  Structured
        Asset Mortgage Investments II Inc., its successors in interest and assigns
        (including the Trustee in connection with a Pass-Through Transfer).

       

      Partial
        Principal Prepayment:  A Principal Prepayment by a Mortgagor of a
        partial principal balance of a Mortgage Loan.

       

      Pass-Through
        Transfer: Any transaction involving either (1) a sale or other transfer of
        some or all of the Mortgage Loans directly or indirectly to an issuing entity
        in
        connection with an issuance of publicly offered or privately placed, rated
        or
        unrated mortgage-backed securities or (2) an issuance of publicly offered
        or
        privately placed, rated or unrated securities, the payments on which are
        determined primarily by reference to one or more portfolios of residential
        mortgage loans consisting, in whole or in part, of some or all of the Mortgage
        Loans.

       

      Periodic
        Rate Cap:   With respect to each ARM Loan, the maximum
        increase or decrease in the Mortgage Interest Rate on any Adjustment
        Date.

       

      Permitted
        Investments:  Any one or more of the following obligations or
        securities:

       

      
        	
                 

              	
                (i)

              	
                direct
                  obligations of, and obligations the timely payment of which are
                  fully
                  guaranteed by the United States of America or any agency or
                  instrumentality of the United States of America the obligations
                  of which
                  are backed by the full faith and credit of the United States of
                  America;

              

      

      

      
        	
                 

              	
                (ii)

              	
                demand
                  or time deposits, federal funds or bankers' acceptances issued
                  by any
                  depository institu­tion or trust company incorporated under the laws
                  of the United States of America or any state thereof (including
                  any
                  Trustee or the Master Servicer) and subject to supervision and
                  examination
                  by federal and/or state banking authorities, provided that the
                  commercial
                  paper and/or the short-term deposit rating and/or the long-term
                  unsecured
                  debt obligations or deposits of such depository institution or
                  trust
                  company at the time of such investment or contractual commitment
                  providing
                  for such investment are rated in one of the two highest rating
                  categories
                  by each Rating Agency;

              

      

      

      
        	
                 

              	
                (iii)

              	
                repurchase
                  obligations with respect to (a) any security described in clause
                  (i) above
                  or (b) any other security issued or guaranteed by an agency or
                  instrumen­tality of the United States of America, the obligations of
                  which are backed by the full faith and credit of the United States
                  of
                  America, in either case entered into with a depository institution
                  or
                  trust company (acting as principal) described in clause (ii)(a)
                  above;

              

      

      

      
        	
                 

              	
                (iv)

              	
                securities
                  bearing interest or sold at a discount issued by any corporation
                  (including any Trustee or the Master Servicer) incorporated under
                  the laws
                  of the United States of America or any state thereof that are rated
                  in one
                  of the two highest rating categories by each Rating Agency at the
                  time of
                  such in­vestment or contractual commitment providing for such
                  investment; provided, however, that securities issued by any
                  particular corporation will not be Permitted Investments to the
                  extent
                  that investments therein will cause the then outstanding principal
                  amount
                  of secur­ities issued by such corporation and held as Permitted
                  Investments to exceed 10% of the aggregate outstand­ing principal
                  balances and amounts of all the Permitted
                  Investments;

              

      

      

      
        	
                 

              	
                (v)

              	
                commercial
                  paper (including both non-interest-bearing discount obligations
                  and
                  interest-bearing obliga­tions payable on demand or on a specified date
                  not more than one year after the date of issuance there­of) which are
                  rated in one of the two highest rating categories by each Rating
                  Agency at
                  the time of such investment;

              

      

      

      
        	
                 

              	
                (vi)

              	
                any
                  other demand, money market or time deposit, obligation, security
                  or
                  investment as may be acceptable to each Rating Agency;
                  and

              

      

      

      
        	
                 

              	
                (vii)

              	
                any
                  money market funds the collateral of which consists of obligations
                  fully
                  guaranteed by the United States of America or any agency or
                  instru­ment­al­ity of the United States of America the
                  obligations of which are backed by the full faith and credit of
                  the United
                  States of America (which may include repurchase obligations secured
                  by
                  collateral described in clause (i)) and other securities (including
                  money
                  market or common trust funds for which any Trustee or the Master
                  Servicer
                  or any affiliate thereof acts as a manager or an advisor) and which
                  money
                  market funds are rated in one of the two highest rating categories
                  by each
                  Rating Agency;

              

      

      

      provided,
        however, that no instrument or security shall be a Permitted Investment
        if such instrument or security evidences a right to receive only interest
        payments with respect to the ob­li­ga­tions underlying such
        instrument or if such security provides for payment of both principal and
        interest with a yield to matur­ity in excess of 120% of the yield to
        maturity at par.

       

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

       

      Prepayment
        Charge: Any prepayment premium, penalty or charge payable by a Mortgagor in
        connection with any Principal Prepayment on a Mortgage Loan pursuant to the
        terms of the related Mortgage Note.

       

      Prepayment
        Interest Excess: With respect to any Remittance Date, for each Mortgage Loan
        that was the subject of a Principal Prepayment in full or in part during
        the
        portion of the related Prepayment Period occurring between the first day
        of the
        calendar month in which such Remittance Date occurs and the Determination
        Date
        of the calendar month in which such Remittance Date occurs, an amount equal
        to
        interest (to the extent received) at the applicable Mortgage Loan Remittance
        Rate on the amount of such Principal Prepayment for the number of days
        commencing on the first day of the calendar month in which such Remittance
        Date
        occurs and ending on the last date through which interest is collected from
        the
        related Mortgagor.

       

      Prepayment
        Interest Shortfall: With respect to any Remittance Date, for each such
        Mortgage Loan that was the subject of a Principal Prepayment during the portion
        of the related Prepayment Period occurring between the first day of the related
        Prepayment Period and the last day of the calendar month preceding the month
        in
        which such Remittance Date occurs, an amount equal to interest (to be paid
        by
        the Servicer out of its own funds without reimbursement therefor) at the
        applicable Mortgage Loan Remittance Rate on the amount of such Principal
        Prepayment for the number of days commencing on the date on which the prepayment
        is applied and ending on the last day of the calendar month preceding such
        Remittance Date.

       

      Prepayment
        Period: As to any Remittance Date, (a) in the case of Full Principal
        Prepayments, the period commencing on the 16th day of
        the month
        prior to the month in which the related Remittance Date occurs and ending
        on the
        15th day of
        the
        month in which such Remittance Date occurs, and (b) in the case of Partial
        Principal Prepayments or other recoveries, the preceding calendar
        month.

       

      Primary
        Mortgage Insurance Policy:   Each primary policy of mortgage
        insurance, or any replacement policy therefor obtained by the Servicer pursuant
        to Section 4.08.

       

      Prime
        Rate: The prime rate of U.S. money center banks as published from time to
        time in The Wall Street Journal.

       

      Principal
        Prepayment:  Any payment or other recovery of principal on a
        Mortgage Loan full or partial which is received in advance of its scheduled
        Due
        Date, including any Prepayment Charge and which is not accompanied by an
        amount
        of interest representing scheduled interest due on any date or dates in any
        month or months subsequent to the month of prepayment.  Partial
        Principal Prepayments shall be applied in accordance with the terms of the
        related Mortgage Note.

       

      Qualified
        Appraiser:   An appraiser, duly appointed by the Servicer,
        who had no interest, direct or indirect in the Mortgaged Property or in any
        loan
        made on the security thereof, and whose compensation is not affected by the
        approval or disapproval of the Mortgage Loan, which appraiser and the appraisal
        made by such appraiser both satisfy the requirements of Title XI of FIRREA
        and
        the regulations promulgated thereunder, all as in effect on the date the
        Mortgage Loan was originated.

       

      Qualified
        Depository:   The Custodian or another depository, the
        accounts of which are (i)  an account or accounts maintained with a
        federal or state chartered depository institution or trust company, the
        long-term unsecured debt obligations and short-term unsecured debt obligations
        of which (or, in the case of a depository institution or trust company that
        is
        the principal subsidiary of a holding company, the debt obligations of such
        holding company, so long as Moody’s is not a Rating Agency) are rated by each
        Rating Agency in one of its two highest long-term and its highest short-term
        rating categories, respectively, at the time any amounts are held on deposit
        therein; provided, that following a downgrade, withdrawal, or suspension
        of such
        institution's rating above, each account shall promptly (and in any case
        within
        not more than 30 calendar days) be moved to one or more segregated trust
        accounts in the trust department of such institution, or to an account at
        another institution that complies with the above requirements, or (ii) a
        trust
        account or accounts maintained with the corporate trust department of a federal
        or state chartered depository institution or trust company having capital
        and
        surplus of not less than $50,000,000, acting in its fiduciary capacity or
        (iii)
        any other account acceptable to the Rating Agencies, as evidenced in writing.
        Each such account may bear interest unless otherwise specified
        herein.  This Agreement may be amended to reduce the rating
        requirements in clause (i) above pursuant to Section 11.02, provided that,
        the
        Person requesting such amendment obtains a letter from each Rating Agency
        stating that such amendment would not result in the downgrading or withdrawal
        of
        the respective ratings then assigned to the related securities.

       

      Qualified
        Insurer:   An insurance company duly qualified as such under
        the laws of the states in which the Mortgaged Properties are located, duly
        authorized and licensed in such states to transact the applicable insurance
        business and to write the insurance provided, approved as an insurer by Fannie
        Mae and Freddie Mac.

       

      Rating
        Agency:  Standard & Poor's, a division of The McGraw-Hill
        Companies, Inc., and Fitch Ratings.

       

      Reconstitution
        Agreement:  Any agreement involving any Pass-Through Transfer or
        Whole Loan Transfer.

       

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

       

      Relief
        Act: The Servicemembers
        Civil Relief Act,
        or similar state or local law.

       

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

       

      REMIC
        Provisions:  The provisions of the Federal income tax law relating
        to a REMIC, which appear at Section 860A through 860G of the Code, and related
        provisions, and regulations, rulings or pronouncements promulgated thereunder,
        as the foregoing may be in effect from time to time.

       

      Remittance
        Date:  The Remittance Date shall be the 18th day of any month, or
        if such 18th day is not a Business Day, the first Business Day immediately
        preceding such 18th day.

       

      REO
        Disposition:   The final sale by the Servicer of any REO
        Property.

       

      REO
        Disposition Proceeds:   Amounts received by the Servicer in
        connection with a related REO Disposition.

       

      REO
        Property:   A Mortgaged Property acquired by the Servicer on
        behalf of the Owner as described in Section 4.13.

       

      SAMI
        II: Structured Asset Mortgage Investments II Inc.

       

      Sarbanes
        Certification: A certification required pursuant to The Sarbanes-Oxley Act
        of 2002 and the rules and regulations of the Commission promulgated thereunder
        (including any interpretations or amendments thereof by the Commission’s
        staff).

       

      Securities
        Act:  The Securities Act of 1933, as amended.

       

      Servicer:  EMC
        Mortgage Corporation, or any of its successors in interest or any successor
        under this Agreement appointed as herein provided.

       

      Servicing
        Advances:   All customary, reasonable and necessary "out of
        pocket" costs and expenses (including reasonable attorneys' fees and
        disbursements) incurred in the performance by the Servicer of its servicing
        obligations relating to each Mortgage Loan, including, but not limited to,
        the
        cost of (a) the preservation, restoration and protection of the Mortgaged
        Property, (b) any enforcement, administrative or judicial proceedings, or
        any
        legal work or advice specifically related to servicing the Mortgage Loans,
        including but not limited to, foreclosures, bankruptcies, condemnations,
        drug
        seizures, elections, foreclosures by subordinate or superior lienholders,
        and
        other legal actions incidental to the servicing of the Mortgage Loans (provided
        that such expenses are reasonable and that the Servicer specifies the Mortgage
        Loan(s) to which such expenses relate), (c) the management and liquidation
        of
        the Mortgaged Property if the Mortgaged Property is acquired in full or partial
        satisfaction of the Mortgage, (d) taxes, assessments, water rates, sewer
        rates
        and other charges which are or may become a lien upon the Mortgaged Property,
        and Primary Mortgage Insurance Policy premiums and fire and hazard insurance
        coverage and (e) compliance with the obligations under Section
        4.08.

       

      Servicing
        Criteria:  As of any date of determination, the “servicing
        criteria” set forth in Item 1122(d) of Regulation AB, or any amendments thereto,
        a summary of the requirements of which as of the date hereof is attached
        hereto
        as Exhibit H for convenience of reference only.  In the event of a
        conflict or inconsistency between the terms of Exhibit H and the text of
        Item
        1122(d) of Regulation AB, the text of Item 1122(d) of Regulation AB shall
        control (or those Servicing Criteria otherwise mutually agreed to by the
        Owner,
        the Servicer and any Person that will be responsible for signing any Sarbanes
        Certification with respect to a Pass-Through Transfer in response to evolving
        interpretations of Regulation AB and incorporated into a revised Exhibit
        H).

       

      Servicing
        Fee:  With respect to each Mortgage Loan, the amount of the annual
        servicing fee the Owner shall pay to the Servicer, which shall, for a period
        of
        one full month, be equal to one­-twelfth of the product of (a) the
        applicable Servicing Fee Rate and (b) the outstanding principal balance of
        the
        Mortgage Loan.  Such fee shall be payable monthly, computed on the
        basis of the same principal amount and period respecting which any related
        interest payment on a Mortgage Loan is computed.  The obligation of
        the Owner to pay the Servicing Fee is limited to, and the Servicing Fee is
        payable from the interest portion of such Monthly Payment collected by the
        Servicer or as otherwise provided under Section 4.05.

       

      Servicing
        Fee Rate:  The Servicing Fee Rate shall be a rate per annum equal
        to 0.25%.

       

      Servicing
        File:  The documents, records and other items pertaining to a
        particular Mortgage Loan and any additional documents relating to such Mortgage
        Loan as are in, or as may from time to time come into, the Servicer's
        possession.

       

      Servicing
        Modification: With respect to
        any Mortgage Loan that is in default or imminent default or as otherwise
        set
        forth in Section 4.01, any modification which is effected by the Servicer
        in
        accordance with the terms of this Agreement that results in any change to
        the
        payment terms of the Mortgage Loan.

      

      Servicing
        Officer:   Any officer of the Servicer involved in, or
        responsible for, the administration and servicing of the Mortgage Loans whose
        name appears on a list of servicing officers furnished by the Servicer to
        the
        Owner upon request, as such list may from time to time be amended.

       

      Stated
        Principal Balance:  As to each Mortgage Loan as of any date of
        determination, (i) the sum of (a) the principal balance of such Mortgage
        Loan
        after giving effect to payments of principal due and received or for which
        a
        Monthly Advance has been made and (b) the amount by which the Stated Principal
        Balance of the Mortgage Loan has been increased pursuant to a Servicing
        Modification, minus (ii) all amounts previously distributed to the Owner
        with
        respect to the Mortgage Loan representing Principal Prepayments.

       

      Subcontractor:
        Any vendor, subcontractor or other Person that is not responsible for the
        overall servicing (as “servicing” is commonly understood by participants in the
        mortgage-backed securities market) of Mortgage Loans but performs one or
        more
        discrete functions identified in Item 1122(d) of Regulation AB with respect
        to
        Mortgage Loans under the direction or authority of the Servicer or a
        Subservicer.

       

      Subservicer:
        Any Person that services Mortgage Loans on behalf of the Servicer or any
        Subservicer and is responsible for the performance (whether directly or through
        Subservicers or Subcontractors) of a substantial portion of the material
        servicing functions required to be performed by the Servicer under this
        Agreement or any Reconstitution Agreement that are identified in Item 1122(d)
        of
        Regulation AB.

       

      Trustee:  The
        Person appointed as trustee in connection with any Pass-Through
        Transfer.

       

      Whole
        Loan Transfer:  The sale or transfer of some or all of the
        ownership interest in the Mortgage Loans by the Owner to one or more third
        parties in whole loan or participation format, which third party may be Fannie
        Mae or Freddie Mac.

       

      ARTICLE
        II

       

      SERVICING
        OF MORTGAGE LOANS; POSSESSION OF SERVICING FILES; BOOKS AND RECORDS; DELIVERY
        OF
        MORTGAGE LOAN DOCUMENTS

       

      Section
        2.01. Servicing of Mortgage Loans.

       

      The
        Servicer does hereby agree to service the Mortgage Loans in accordance with
        the
        terms of this Agreement.  The rights of the Owner to receive payments
        with respect to the Mortgage Loans shall be as set forth in this
        Agreement.

       

      Section
        2.02. Maintenance of Servicing Files.

       

      The
        Servicer shall maintain a Servicing File consisting of all documents necessary
        to service the Mortgage Loans.  The possession of each Servicing File
        by the Servicer is for the sole purpose of servicing the Mortgage Loan, and
        such
        retention and possession by the Servicer is in a custodial capacity
        only.  The Servicer acknowledges that the ownership of each Mortgage
        Loan, including the Note, the Mortgage, all other Mortgage Loan Documents
        and
        all rights, benefits, proceeds and obligations arising therefrom or in
        connection therewith, has been vested in the Owner.  All rights
        arising out of the Mortgage Loans including, but not limited to, all funds
        received on or in connection with the Mortgage Loans and all records or
        documents with respect to the Mortgage Loans prepared by or which come into
        the
        possession of the Servicer shall be received and held by the Servicer in
        trust
        for the exclusive benefit of the Owner as the owner of the related Mortgage
        Loans.  Any portion of the related Servicing Files retained by the
        Servicer shall be appropriately identified in the Servicer's computer system
        to
        clearly reflect the ownership of the related Mortgage Loans by the
        Owner.  The Servicer shall release its custody of the contents of the
        related Servicing Files only in accordance with written instructions of the
        Owner, except when such release is required as incidental to the Servicer's
        servicing of the Mortgage Loans, such written instructions shall not be
        required.

       

      Section
        2.03.    Books and Records.

       

      The
        Servicer shall be responsible for maintaining, and shall maintain, a complete
        set of books and records for the Mortgage Loans which shall be appropriately
        identified in the Servicer's computer system to clearly reflect the ownership
        of
        the Mortgage Loan by the Owner.  In particular, the Servicer shall
        maintain in its possession, available for inspection by the Owner, or its
        designee and shall deliver to the Owner upon demand, evidence of compliance
        with
        all federal, state and local laws, rules and regulations, and requirements
        of
        Fannie Mae or Freddie Mac, as applicable, including but not limited to
        documentation as to the method used in determining the applicability of the
        provisions of the Flood Disaster Protection Act of 1973, as amended, to the
        Mortgaged Property, documentation evidencing insurance coverage and eligibility
        of any condominium project for approval by Fannie Mae and periodic inspection
        reports as required by Section 4.13.  To the extent that original
        documents are not required for purposes of realization of Liquidation Proceeds
        or Insurance Proceeds, documents maintained by the Servicer may be in the
        form
        of microfilm or microfiche or such other reliable means of recreating original
        documents, including but not limited to, optical imagery techniques so long
        as
        the Servicer complies with the requirements of the Fannie Mae
        Guide.

       

      The
        Servicer shall maintain with respect to each Mortgage Loan and shall make
        available for inspection by any Owner or its designee the related Servicing File
        (or copies thereof) during the time the Owner retains ownership of a Mortgage
        Loan and thereafter in accordance with applicable laws and
        regulations.

       

      Section
        2.04.    Transfer of Mortgage Loans.

       

      No
        transfer of a Mortgage Loan may be made unless such transfer is in compliance
        with the terms hereof. For the purposes of this Agreement, the Servicer shall
        be
        under no obligation to deal with any person with respect to this Agreement
        or
        any Mortgage Loan unless a notice of the transfer of such Mortgage Loan has
        been
        delivered to the Servicer in accordance with this Section 2.04.  The
        Owner may, subject to the terms of this Agreement, sell and transfer one
        or more
        of the Mortgage Loans in accordance with Sections 10.02 and 11.12,
provided, however, that the transferee will not be deemed to be an Owner
        hereunder binding upon the Servicer unless such transferee shall agree in
        writing to be bound by the terms of this Agreement and an assignment and
        assumption of this Agreement reasonably acceptable to the
        Servicer.  The Owner shall advise the Servicer in writing of the
        transfer.  Upon receipt of notice of the permitted transfer, the
        Servicer shall mark its books and records to reflect the ownership of the
        Mortgage Loans of such assignee, and shall release the previous Owner from
        its
        obligations hereunder with respect to the Mortgage Loans sold or
        transferred.

       

      Section
        2.05.    Delivery of Mortgage Loan Documents.

       

      The
        Servicer shall forward to the Custodian on behalf of the Owner original
        documents evidencing an assumption, modification, consolidation or extension
        of
        any Mortgage Loan entered into in accordance with Section 4.01 or 6.01 within
        4
        week(s) of their execution; provided, however, that the Servicer shall provide
        the Custodian on behalf of the Owner with a certified true copy of any such
        document submitted for recordation within 4 week(s) after its execution,
        and
        shall provide the original of any document submitted for recordation or a
        copy
        of  a recorded document if the original is not
        available.  If delivery is not completed within 180 days solely due to
        delays in making such delivery by reason of the fact that such documents
        shall
        not have been returned by the appropriate recording office, the Servicer
        shall
        continue to use its best efforts to effect delivery as soon as possible
        thereafter.

       

      From
        time
        to time the Servicer may have a need for Mortgage Loan Documents to be released
        by the Custodian.  If the Servicer shall require any of the Mortgage
        Loan Documents, the Servicer shall notify the Custodian in writing of such
        request in the form of the request for release attached hereto as Exhibit
        D.  The Custodian shall deliver to the Servicer within five (5)
        Business Days, any requested Mortgage Loan Document previously delivered
        to the
        Custodian, provided that such documentation is promptly returned to the
        Custodian when the Servicer no longer requires possession of the document,
        and
        provided that during the time that any such documentation is held by the
        Servicer, such possession is in trust for the benefit of the Owner.

       

      ARTICLE
        III

       

      REPRESENTATIONS
        AND WARRANTIES OF THE SERVICER

       

      The
        Servicer represents, warrants and covenants to the Owner that as of the date
        hereof or as of such date specifically provided herein:

       

      (a)  (a)   
        The Servicer is a validly existing corporation in good standing under the
        laws
        of the State of its organization and is qualified to transact business in,
        is in
        good standing under the laws of, and possesses all licenses necessary for
        the
        conduct of its business in, each state in which any Mortgaged Property is
        located or is otherwise exempt or not required under applicable law to effect
        such qualification or license and no demand for such qualification or license
        has been made upon the Servicer by any such state, and in any event the Servicer
        is in compliance with the laws of each such State to the extent necessary
        to
        ensure the enforceability of each Mortgage Loan and the servicing of the
        Mortgage Loans in accordance with the terms of this Agreement;

       

      (b)  (b)   
        The Servicer has full power and authority to execute, deliver and perform,
        and
        to enter into and consummate all transactions contemplated by this Agreement
        and
        to conduct its business as presently conducted, has duly authorized the
        execution, delivery and performance of this Agreement, has duly executed
        and
        delivered this Agreement, and this Agreement constitutes a legal, valid and
        binding obligation of the Servicer, enforceable against it in accordance
        with
        its terms subject to bankruptcy laws and other similar laws of general
        application affecting rights of creditors and subject to the application
        of the
        rules of equity, including those respecting the availability of specific
        performance;

       

      (c)  (c)   
        None of the execution and delivery of this Agreement, the consummation of
        the
        transactions contemplated thereby and hereby, or the fulfillment of or
        compliance with the terms and conditions of this Agreement will conflict
        with
        any of the terms, conditions or provisions of the Servicer's articles of
        incorporation or by-laws or materially conflict with or result in a breach
        of
        any of the terms, conditions or provisions of any legal restriction or any
        agreement or instrument to which the Servicer is now a party or by which
        it is
        bound, or constitute a default or result in an acceleration under any of
        the
        foregoing, or result in the material violation of any law, rule, regulation,
        order, judgment or decree to which the Servicer or its property is
        subject;

       

      (d)  (d)   
        There is no litigation pending or, to the Servicer's knowledge, threatened
        with
        respect to the Servicer which is reasonably likely to have a material adverse
        effect on the execution, delivery or enforceability of this Agreement, or
        which
        is reasonably likely to have a material adverse effect on the financial
        condition of the Servicer;

       

      (e)  (e)   
        No consent, approval, authorization or order of any court or governmental
        agency
        or body is required for the execution, delivery and performance by the Servicer
        of or compliance by the Servicer with this Agreement or the consummation
        of the
        transactions contemplated by this Agreement except for consents, approvals,
        authorizations and orders which have been obtained;

       

      (f)  (f)   
        The Servicer is an approved seller/servicer of residential mortgage loans
        for
        Fannie Mae and Freddie Mac.  The Servicer is in good standing to
        service mortgage loans for Fannie Mae and Freddie Mac and no event has occurred
        which would make the Servicer unable to comply with eligibility requirements
        or
        which would require notification to either Fannie Mae or Freddie
        Mac;

       

      (g)  (g)  As
        of the date of each Pass-Through Transfer, and except as has been otherwise
        disclosed to the Owner, the Master Servicer and any Depositor, or disclosed
        in
        any public filing: (1) no default or servicing related performance trigger
        has
        occurred as to any other Pass-Through Transfer due to any act or failure
        to act
        of the Servicer; (2) no material noncompliance with applicable servicing
        criteria as to any other Pass-Through Transfer has occurred, been disclosed
        or
        reported by the Servicer; (3) the Servicer has not been terminated as servicer
        in a residential mortgage loan Pass-Through Transfer, either due to a servicing
        default or to application of a servicing performance test or trigger; (4)
        no
        material changes to the Servicer’s servicing policies and procedures for similar
        loans have occurred in the preceding three years; (5) there are no aspects
        of
        the Servicer’s financial condition that could have a material adverse impact on
        the performance by the Servicer of its obligations hereunder; (6) there are
        no
        legal proceedings pending, or known to be contemplated by governmental
        authorities, against the Servicer that could be material to investors in
        the
        securities issued in such Pass-Through Transfer; and (7) there are no
        affiliations, relationships or transactions relating to the Servicer of a
        type
        that are described under Item 1119 of Regulation AB;

       

      (h)  (h)  If
        so requested by the Owner, the Master Servicer or any Depositor on any date,
        the
        Servicer shall, within five Business Days following such request, confirm
        in
        writing the accuracy of the representations and warranties set forth in clause
        (g) of this Article or, if any such representation and warranty is not accurate
        as of the date of such request, provide reasonably adequate disclosure of
        the
        pertinent facts, in writing, to the requesting party;

       

      (i)  (i)  Notwithstanding
        anything to the contrary in the Agreement, the Servicer shall (or shall cause
        each Subservicer) (i) immediately notify the Owner, the Master Servicer and
        any
        Depositor in writing of (A) any material litigation or governmental proceedings
        pending against the Servicer or any Subservicer, (B) any affiliations or
        relationships that develop following the closing date of a Pass-Through Transfer
        between the Servicer or any Subservicer and any of the parties specified
        in
        clause (7) of paragraph (g) of this Article (and any other parties identified
        in
        writing by the requesting party) with respect to such Pass-Through Transfer,
        (C)
        any Event of Default under the terms of this Agreement or any Reconstitution
        Agreement, (D) any merger, consolidation  or sale of substantially all
        of the assets of the Servicer, and (E) the Servicer’s entry into an agreement
        with a Subservicer to perform or assist in the performance of any of the
        Servicer’s obligations under this Agreement or any Reconstitution Agreement and
        (ii) provide to the Owner and any Depositor a description of such proceedings,
        affiliations or relationships;

       

      (j)  (j)  As
        a condition to the succession to the Servicer or any Subservicer as servicer
        or
        subservicer under this Agreement or any Reconstitution Agreement by any Person
        (i) into which the Servicer or such Subservicer may be merged or consolidated,
        or (ii) which may be appointed as a successor to the Servicer or any
        Subservicer, the Servicer shall provide to the Owner, the Master Servicer
        and
        any Depositor, at least 15 calendar days prior to the effective date of such
        succession or appointment, (x) written notice to the Owner, the Master Servicer
        and any Depositor of such succession or appointment and (y) in writing and
        in
        form and substance reasonably satisfactory to the Owner, the Master Servicer
        and
        such Depositor, all information reasonably requested by the Owner, the Master
        Servicer or any Depositor in order to comply with its reporting obligation
        under
        Item 6.02 of Form 8-K with respect to any class of asset-backed securities;
        and

       

      (k)  (k)           Servicer
        has delivered to the Owner and the
        Master Servicer financial statements of its parent, for its last two complete
        fiscal years. All such financial information fairly presents the pertinent
        results of operations and financial position for the period identified and
        has
        been prepared in accordance with GAAP consistently applied throughout the
        periods involved, except as set forth in the notes thereto.  There has
        been no change in the servicing policies and procedures, business, operations,
        financial condition, properties or assets of the Servicer since the date
        of the
        Servicer’s financial information that would have a material adverse effect on
        its ability to perform its obligations under this Agreement.

       

      ARTICLE
        IV 

       

      ADMINISTRATION
        AND SERVICING OF MORTGAGE LOANS

       

      Section
        4.01.    Servicer to Act as Servicer.

       

      The
        Servicer, as independent contract servicer, shall service and administer
        the
        Mortgage Loans in accordance with this Agreement and with Accepted Servicing
        Practices (giving due consideration to the Owner's reliance on the Servicer),
        and shall have full power and authority, acting alone, to do or cause to
        be done
        any and all things in connection with such servicing and administration which
        the Servicer may deem necessary or desirable and consistent with the terms
        of
        this Agreement and with Accepted Servicing Practices and shall exercise the
        same
        care that it customarily employs for its own account.  In addition,
        the Servicer shall furnish information regarding the borrower credit files
        related to such Mortgage Loan to credit reporting agencies in compliance
        with
        the provisions of the Fair Credit Reporting Act and the applicable implementing
        regulations. Except as set forth in this Agreement, the Servicer shall service
        the Mortgage Loans in accordance with Accepted Servicing Practices in compliance
        with the servicing provisions of the Fannie Mae Guide, which include, but
        are
        not limited to, provisions regarding the liquidation of Mortgage Loans, the
        collection of Mortgage Loan payments, the payment of taxes, insurance and
        other
        charges, the maintenance of hazard insurance with a Qualified Insurer, the
        maintenance of fidelity bond and errors and omissions insurance, inspections,
        the restoration of Mortgaged Property, the maintenance of Primary Mortgage
        Insurance Policies, insurance claims, and title insurance, management of
        REO
        Property, permitted withdrawals with respect to REO Property, liquidation
        reports, and reports of foreclosures and abandonments of Mortgaged Property,
        the
        transfer of Mortgaged Property, the release of Mortgage Loan Documents, annual
        statements, and examination of records and facilities.  In the event
        of any conflict, inconsistency or discrepancy between any of the servicing
        provisions of this Agreement and any of the servicing provisions of the Fannie
        Mae Guide, the provisions of this Agreement shall control and be binding
        upon
        the Owner and the Servicer.  The Owner may, at its option, deliver
        powers-of-attorney to the Servicer sufficient to allow the Servicer as servicer
        to execute all documentation requiring execution on behalf of Owner with
        respect
        to the servicing of the Mortgage Loans, including satisfactions, partial
        releases, modifications and foreclosure documentation or, in the alternative,
        shall as promptly as reasonably possible, execute and return such documentation
        to the Servicer.

       

      Consistent
        with and in addition to the terms set forth in this Agreement, if a Mortgage
        Loan is in default or such default is reasonably foreseeable, the Servicer
        may
        waive, modify or vary any term of any Mortgage Loan or consent to the
        postponement of strict compliance with any such term or in any manner grant
        indulgence to any Mortgagor, including without limitation, to (1) capitalize
        any
        amounts owing on the Mortgage Loan by adding such amount to the outstanding
        principal balance of the Mortgage Loan, (2) defer such amounts to a later
        date
        or the final payment date of such Mortgage Loan, (3) extend the maturity
        of any
        such Mortgage Loan, (4) amend the related Mortgage Loan to reduce the related
        Mortgage Interest Rate with respect to any Mortgage Loan, (5) convert the
        Mortgage Interest Rate on any Mortgage Loan from a fixed rate to an adjustable
        rate or vice versa, (6) with respect to a Mortgage Loan with an initial fixed
        rate period followed by an adjustable rate period, extend the fixed period
        and
        reduce the adjustable rate period, and/or (7) forgive the amount of any
        interest, principal or servicing advances owed by the related Mortgagor;
        provided that, in the Servicer's reasonable and prudent determination, such
        waiver, modification, postponement or indulgence: (A) is not materially adverse
        to the interests of the Owner on a present value basis using reasonable
        assumptions (including taking into account any estimated realized loss (as
        defined in the related pooling and servicing agreement) that might result
        absent
        such action); and (B) does not amend the related Mortgage Note to extend
        the
        maturity thereof later than the date of the Latest Possible Maturity Date
        (as
        such term is defined in the related pooling and servicing agreement); provided,
        further, with respect to any Mortgage Loan that is not in default or if default
        is not reasonably foreseeable, unless the Servicer has provided to the Owner
        a
        certification addressed to the Owner, based on the advice of counsel or
        certified public accountants that have a national reputation with respect
        to
        taxation of REMICs that a modification of such Mortgage Loan will not result
        in
        the imposition of taxes on or disqualify from REMIC status any of the REMICs
        and
        has obtained the prior written consent of the Owner, the Servicer shall not
        permit any modification with respect to any Mortgage
        Loan.  Notwithstanding the foregoing, for any waiver, modification,
        postponement or indulgence (not including any partial releases, assumptions
        of
        mortgages or modifications of any Mortgage Loan that is done in connection
        with
        compliance with the Relief Act) which the Servicer reasonably anticipates
        may
        result in a realized loss of 20% or more of the outstanding principal balance
        of
        a Mortgage Loan, the Servicer shall present such proposed waiver, modification,
        postponement or indulgence, together with any supporting documentation, to
        the
        Master Servicer for consideration and approval.  The Servicer shall
        submit all waivers, modifications or variances of the terms of any Mortgage
        Loan
        with respect to partial releases, assumptions of mortgages or for modifications
        done in furtherance of compliance with Relief Act, together with any supporting
        documentation, to the Master Servicer for consideration and approval.

       

      In
        connection with any such Servicing Modification, the Servicer may reimburse
        itself from the Trust for any outstanding Monthly Advances and Servicing
        Advances in the same calendar month as the Servicing Modification to the
        extent
        that such Monthly Advances or Servicing Advances are reimbursable to the
        Servicer and to the extent of the related principal portion of funds available
        for the related Distribution Date (as defined in the related pooling and
        servicing agreement). To the extent there are not sufficient principal funds
        available on the related Distribution Date to reimburse the Servicer for
        such
        Monthly Advances and Servicing Advances, the Servicer may reimburse itself
        on a
        first priority basis from related principal funds that are available on future
        Distribution Dates. If any mortgagor’s obligation to repay any outstanding
        amounts due under the terms of the related Mortgage Loan for which a Monthly
        Advance or Servicing Advance has been made by the Servicer is forgiven, any
        such
        Monthly Advance or Servicing Advance will be treated as a realized loss which
        will be incurred on the Distribution Date related to the calendar month during
        which the Servicing Modification occurred.

       

      In
        the
        event of any such waiver, modification, postponement or indulgence which
        has
        been agreed to in writing by the Owner and which permits the deferral of
        interest or principal payments on any Mortgage Loan, the Servicer shall,
        on the
        Business Day immediately preceding the related Remittance Date in any month
        in
        which any such principal or interest payment has been deferred, deposit in
        the
        Custodial Account from its own funds, in accordance with Section 4.04 and
        Section 5.03, the difference between (a) such month's principal and one month's
        interest at the related Mortgage Loan Remittance Rate on the unpaid principal
        balance of such Mortgage Loan and (b) the amount paid by the
        Mortgagor.  The Servicer shall be entitled to reimbursement for
        Monthly Advances and Servicing Advances pursuant to Section 4.05. Without
        limiting the generality of the foregoing, the Servicer shall continue, and
        is
        hereby authorized and empowered, to prepare, execute and deliver, all
        instruments of satisfaction or cancellation, or of partial or full release,
        discharge and all other comparable instruments, with respect to the Mortgage
        Loans and with respect to the Mortgaged Properties.

       

      The
        Servicer shall perform all of its servicing responsibilities hereunder or
        may
        cause a subservicer to perform any such servicing responsibilities on its
        behalf, but the use by the Servicer of a subservicer shall not release the
        Servicer from any of its obligations hereunder and the Servicer shall remain
        responsible hereunder for all acts and omissions of each subservicer as fully
        as
        if such acts and omissions were those of the Servicer.  Any such
        subservicer must be a Fannie Mae approved seller/servicer or a Freddie Mac
        seller/servicer in good standing and no event shall have occurred, including
        but
        not limited to, a change in insurance coverage, which would make it unable
        to
        comply with the eligibility requirements for lenders imposed by Fannie Mae
        or
        for seller/servicers by Freddie Mac, or which would require notification
        to
        Fannie Mae or Freddie Mac.  The Servicer shall pay all fees and
        expenses of each subservicer from its own funds, and a subservicer's fee
        shall
        not exceed the Servicing Fee.

       

      At
        the
        cost and expense of the Servicer, without any right of reimbursement from
        the
        Custodial Account, the Servicer shall be entitled to terminate the rights
        and
        responsibilities of a subservicer and arrange for any servicing responsibilities
        to be performed by a successor subservicer meeting the requirements in the
        preceding paragraph, provided, however, that nothing contained herein shall
        be
        deemed to prevent or prohibit the Servicer, at the Servicer's option, from
        electing to service the related Mortgage Loans itself.  In the event
        that the Servicer's responsibilities and duties under this Agreement are
        terminated pursuant to Section 8.04, 9.01 or 10.01, and if requested to do
        so by
        the Owner, the Servicer shall at its own cost and expense terminate the rights
        and responsibilities of each subservicer effective as of the date of termination
        of the Servicer.  The Servicer shall pay all fees, expenses or
        penalties necessary in order to terminate the rights and responsibilities
        of
        each subservicer from the Servicer's own funds without reimbursement from
        the
        Owner.

       

      Notwithstanding
        any of the provisions of this Agreement relating to agreements or arrangements
        between the Servicer and a subservicer or any reference herein to actions
        taken
        through a subservicer or otherwise, the Servicer shall not be relieved of
        its
        obligations to the Owner and shall be obligated to the same extent and under
        the
        same terms and conditions as if it alone were servicing and administering
        the
        Mortgage Loans.  The Servicer shall be entitled to enter into an
        agreement with a subservicer for indemnification of the Servicer by the
        subservicer and nothing contained in this Agreement shall be deemed to limit
        or
        modify such indemnification.

       

      Any
        subservicing agreement and any other transactions or services relating to
        the
        Mortgage Loans involving a subservicer shall be deemed to be between such
        subservicer and Servicer alone, and the Owner shall have no obligations,
        duties
        or liabilities with respect to such Subservicer including no obligation,
        duty or
        liability of Owner to pay such subservicer's fees and expenses.  For
        purposes of distributions and advances by the Servicer pursuant to this
        Agreement, the Servicer shall be deemed to have received a payment on a Mortgage
        Loan when a subservicer has received such payment.

       

      Section
        4.02.    Collection of Mortgage Loan
        Payments.

       

      Continuously
        from the date hereof until the date each Mortgage Loan ceases to be subject
        to
        this Agreement, the Servicer will proceed with diligence to collect all payments
        due under each Mortgage Loan when the same shall become due and payable and
        shall, to the extent such procedures shall be consistent with this Agreement
        and
        the terms and provisions of related Primary Mortgage Insurance Policy, follow
        such collection procedures as it follows with respect to mortgage loans
        comparable to the Mortgage Loans and held for its own
        account.  Further, the Servicer will take reasonable care in
        ascertaining and estimating annual ground rents, taxes, assessments, water
        rates, fire and hazard insurance premiums, mortgage insurance premiums, and
        all
        other charges that, as provided in the Mortgage, will become due and payable
        to
        the end that the installments payable by the Mortgagors will be sufficient
        to
        pay such charges as and when they become due and payable.

       

      The
        Servicer shall not waive any Prepayment Charge unless: (i) the enforceability
        thereof shall have been limited by bankruptcy, insolvency, moratorium,
        receivership and other similar laws relating to creditors’ rights generally,
        (ii) the enforcement thereof is illegal, or any local, state or federal agency
        has threatened legal action if the prepayment penalty is enforced, (iii)
        the
        mortgage debt has been accelerated in connection with a foreclosure or other
        involuntary payment or (iv) such waiver is standard and customary in servicing
        similar Mortgage Loans and relates to a default or a reasonably foreseeable
        default and would, in the reasonable judgment of the Servicer, maximize recovery
        of total proceeds taking into account the value of such Prepayment Charge
        and
        the related Mortgage Loan.

       

      Section
        4.03.    Realization Upon Defaulted Mortgage
        Loans.

       

      The
        Servicer shall use its reasonable efforts, consistent with the procedures
        that
        the Servicer would use in servicing loans for its own account and the
        requirements of the Fannie Mae Guide, to foreclose upon or otherwise comparably
        convert the ownership of properties securing such of the Mortgage Loans as
        come
        into and continue in default and as to which no satisfactory arrangements
        can be
        made for collection of delinquent payments pursuant to Section 4.01. In
        determining the delinquency status of any Mortgage Loan, the Servicer will
        apply
        the definition of Delinquent as such term is defined under the related pooling
        and servicing agreement.  The Servicer shall use its reasonable
        efforts to realize upon defaulted Mortgage Loans in such manner as will maximize
        the receipt of principal and interest by the Owner, taking into account,
        among
        other things, the timing of foreclosure proceedings.  The foregoing is
        subject to the provisions that, in any case in which Mortgaged Property shall
        have suffered damage, the Servicer shall not be required to expend its own
        funds
        toward the restoration of such property unless it shall determine in its
        discretion (i) that such restoration will increase the proceeds of liquidation
        of the related Mortgage Loan to the Owner after reimbursement to itself for
        such
        expenses, and (ii) that such expenses will be recoverable by the Servicer
        through Insurance Proceeds or Liquidation Proceeds from the related Mortgaged
        Property, as contemplated in Section 4.05.  The Servicer shall be
        responsible for all costs and expenses incurred by it in any such proceedings
        or
        functions as Servicing Advances; provided, however, that it shall be entitled
        to
        reimbursement therefor as provided in Section 4.05.  Notwithstanding
        anything to the contrary contained herein, in connection with a foreclosure
        or
        acceptance of a deed in lieu of foreclosure, in the event the Servicer has
        reasonable cause to believe that a Mortgaged Property is contaminated by
        hazardous or toxic substances or wastes, or if the Owner otherwise requests
        an
        environmental inspection or review of such Mortgaged Property, such an
        inspection or review is to be conducted by a qualified
        inspector.  Upon completion of the inspection, the Servicer shall
        promptly provide the Owner with a written report of the environmental
        inspection.  After reviewing the environmental inspection report, the
        Owner shall determine how the Servicer shall proceed with respect to the
        Mortgaged Property.

       

      Section
        4.04.
                                           Establishment
        of Custodial Accounts; Deposits in Custodial Accounts.

       

      The
        Servicer shall segregate and hold all funds collected and received pursuant
        to
        each Mortgage Loan separate and apart from any of its own funds and general
        assets and shall establish and maintain one or more Custodial
        Accounts.  Each Custodial Account shall be established with a
        Qualified Depository.  To the extent such funds are not deposited in a
        Custodial Account, such funds may be invested in Permitted Investments for
        the
        benefit of the Owner (with any income earned thereon for the benefit of the
        Servicer).  Custodial Accounts will be reconciled within 45 calendar
        days after the bank statement cut-off date.  Funds deposited in the
        Custodial Account may be drawn on by the Servicer in accordance with Section
        4.05. The creation of any Custodial Account shall be evidenced by a letter
        agreement in the form shown in Exhibit B hereto.  The original
        of such letter agreement shall be furnished to the Owner upon request. The
        Servicer acknowledges and agrees that the Servicer shall bear any losses
        incurred with respect to Permitted Investments.  The amount of any
        such losses shall be immediately deposited by the Servicer in the Custodial
        Account, out of the Servicer's own funds, with no right to reimbursement
        therefor.

       

      The
        Servicer shall deposit in a mortgage clearing account on a daily basis, and
        in
        the Custodial Account or Accounts no later than 48 hours after receipt and
        identification of funds and retain therein the following payments and
        collections:

       

        (i)           all
        payments on account of principal, including Principal Prepayments (exclusive
        of
        Prepayment Charges) and penalties, on the Mortgage Loans received after the
        Cut-off Date;

       

        (ii)           all
        payments on account of interest on the Mortgage Loans adjusted to the related
        Mortgage Loan Remittance Rate received after the Cut-off Date;

       

        (iii)           all
        Liquidation Proceeds received after the Cut-off Date;

       

        (iv)           any
        net amounts received by the Servicer after the Cut-off Date in connection
        with
        any REO Property pursuant to Section 4.13;

       

        (v)           all
        Insurance Proceeds received after the Cut-off Date including amounts required
        to
        be deposited pursuant to Sections 4.08 and 4.10, other than proceeds to be
        held
        in the Escrow Account and applied to the restoration or repair of the Mortgaged
        Property or released to the Mortgagor in accordance with the Servicer's normal
        servicing procedures, the loan documents or applicable law;

       

        (vi)           all
        Condemnation Proceeds affecting any Mortgaged Property received after the
        Cut-off Date other than proceeds to be held in the Escrow Account and applied
        to
        the restoration or repair of the Mortgaged Property or released to the Mortgagor
        in accordance with the Servicer's normal servicing procedures, the loan
        documents or applicable law;

       

        (vii)           any
        Monthly Advances as provided in Section 5.03;

       

        (viii)         any
        amounts received after the Cut-off Date and required to be deposited in the
        Custodial Account pursuant to Section 6.02; and

       

        (ix)           with
        respect to each full or partial Principal Prepayment received after the Cut-off
        Date, any Prepayment Interest Shortfalls, to the extent of the Servicer's
        aggregate Servicing Fee received with respect to the related Due
        Period.

       

      The
        foregoing requirements for deposit in the Custodial Account shall be exclusive,
        it being understood and agreed that, without limiting the generality of the
        foregoing, payments in the nature of late payment charges, Prepayment Charges
        and assumption fees, to the extent permitted by Section 6.01, and all Prepayment
        Interest Excess need not be deposited by the Servicer in the Custodial
        Account.

       

      Section
        4.05.    Permitted Withdrawals From the Custodial
        Account.

       

      The
        Servicer may, from time to time, make withdrawals from the Custodial Account
        for
        the following purposes:

       

      (i)           to
        make payments to the Owner in the amounts and in the manner provided for
        in
        Section 5.01;

       

      (ii)           to
        reimburse itself for Monthly Advances, the Servicer's right to reimburse
        itself
        pursuant to this subclause (ii) being limited to (1) amounts received on
        the
        related Mortgage Loan which represent late collections (net of the related
        Servicing Fees) of principal and/or interest respecting which any such advance
        was made and (2) to the extent of
        Amounts Held for Future Distributions; provided, however, any such Amounts
        Held
        For Future Distribution so applied to reimburse the Servicer shall be replaced
        by the
Servicer by deposit in the
        Custodial Account, no later than the close of business on the Remittance
        Date
        immediately preceding the Distribution Date on which such funds are required
        to
        be distributed pursuant to this Agreement and only to the extent there are
        not
        funds otherwise available in the Custodial Account to make a required
        distribution on such Distribution Date;

       

      (iii)           to
        reimburse itself for unreimbursed Servicing Advances and Monthly Advances,
        the
        Servicer's right to reimburse itself pursuant to this subclause (iii) with
        respect to any Mortgage Loan being limited to (1) Liquidation Proceeds,
        Condemnation Proceeds and Insurance Proceeds received after the Cut-off Date
        related to such Mortgage Loan; provided, however, the Servicer must provide
        documentation to the Master Servicer supporting Servicing Advances related
        to
        Liquidation Proceeds prior to withdrawing such amounts from the Custodial
        Account and (2) to the extent of
        Amounts Held for Future Distributions; provided, however, any such Amounts
        Held
        For Future Distribution so applied to reimburse the Servicer shall be replaced
        by the
Servicer by deposit in the
        Custodial Account, no later than the close of business on the Remittance
        Date
        immediately preceding the Distribution Date on which such funds are required
        to
        be distributed pursuant to this Agreement and only to the extent there are
        not
        funds otherwise available in the Custodial Account to make a required
        distribution on such Distribution Date;

       

      (iv)           to
        pay to itself as servicing compensation (a) any interest earned on funds
        in the
        Custodial Account (all such interest to be withdrawn monthly not later than
        each
        Remittance Date) and (b) the Servicing Fee from that portion of any payment
        recovery attributable to interest on a particular Mortgage Loan;

       

      (v)           to
        reimburse itself for any Nonrecoverable Advances;

       

      (vi)           to
        transfer funds to another Qualified Depository in accordance with Section
        4.09
        hereof;

       

      (vii)           to
        reimburse itself as provided in Section 8.03 hereof;

       

      (viii)                      to
        remove funds inadvertently placed in the Custodial Account in error by the
        Servicer;

       

      (ix)
        to
        reimburse itself for any unreimbursed Monthly Advance or Servicing Advance
        made
        with respect to a Mortgage Loan for which a Servicing Modification was made
        and
        any unreimbursed Capitalization Reimbursement Amount, in each case only to
        the
        extent of any principal funds for any loan group related to such Mortgage
        Loans
        that are on deposit in the Custodial Account; and

      

      (x)           to
        clear and terminate the Custodial Account upon the termination of this
        Agreement.

       

      Section
        4.06.    Establishment of Escrow Accounts; Deposits in Escrow
        Accounts.

       

      The
        Servicer shall segregate and hold all funds collected and received pursuant
        to
        each Mortgage Loan which constitute Escrow Payments separate and apart from
        any
        of its own funds and general assets and shall establish and maintain one
        or more
        Escrow Accounts.  Each Escrow Account shall be established with a
        Qualified Depository.  To the extent such funds are not deposited in
        an Escrow Account, such funds may be invested in Permitted
        Investments.  Funds deposited in an Escrow Account may be drawn on by
        the Servicer in accordance with Section 4.07. The creation of any Escrow
        Account
        shall be evidenced by a letter agreement in the form shown in Exhibit C.
        The original of such letter agreement shall be furnished to the Owner upon
        request.  The Servicer acknowledges and agrees that the Servicer shall
        bear any losses incurred with respect to Permitted Investments.  The
        amount of any such losses shall be immediately deposited by the Servicer
        in the
        Escrow Account, as appropriate, out of the Servicer's own funds, with no
        right
        to reimbursement therefor.

       

      The
        Servicer shall deposit in a mortgage clearing account on a daily basis, and
        in
        the Escrow Account or Accounts no later than 48 hours after receipt of funds
        and
        retain therein:

       

      (i)           all
        Escrow Payments collected on account of the Mortgage Loans, for the purpose
        of
        effecting timely payment of any items as are required under the terms of
        this
        Agreement;

       

      (ii)           all
        Insurance Proceeds which are to be applied to the restoration or repair of
        any
        Mortgaged Property; and

       

      (iii)           all
        Servicing Advances for Mortgagors whose Escrow Payments are insufficient
        to
        cover escrow disbursements.

       

      The
        Servicer shall make withdrawals from an Escrow Account only to effect such
        payments as are required under this Agreement, and for such other purposes
        as
        shall be as set forth in and in accordance with Section 4.07.  Except
        as provided in Section 4.07, the Servicer shall be entitled to retain any
        interest paid on funds deposited in an Escrow Account by the Qualified
        Depository.

       

      Section
        4.07.    Permitted Withdrawals From Escrow
        Account.

       

      Withdrawals
        from the Escrow Account may be made by the Servicer only:

       

      (i)           to
        effect timely payments of ground rents, taxes, assessments, water rates,
        fire
        and hazard insurance premiums, Primary Mortgage Insurance Policy premiums, if
        applicable, and comparable items;

       

      (ii)           to
        reimburse Servicer for any Servicing Advance made by Servicer with respect
        to a
        related Mortgage Loan but only from amounts received on the related Mortgage
        Loan which represent late payments or collections of Escrow Payments
        thereunder;

       

      (iii)           to
        refund to the Mortgagor any funds as may be determined to be
        overages;

       

      (iv)           for
        transfer to the Custodial Account in connection with an acquisition of REO
        Property;

       

      (v)           for
        application to restoration or repair of the Mortgaged Property;

       

      (vi)           to
        pay to the Servicer, or to the Mortgagor to the extent required by law, any
        interest paid on the funds deposited in the Escrow Account;

       

      (vii)           to
        pay to the Mortgagors or other parties Insurance Proceeds deposited in
        accordance with Section 4.06;

       

      (viii)                      to
        remove funds inadvertently placed in an Escrow Account in error by the Servicer;
        and

       

      (ix)           to
        clear and terminate the Escrow Account on the termination of this
        Agreement.

       

      As
        part
        of its servicing duties, the Servicer shall pay to the Mortgagors interest
        on
        funds in an Escrow Account, to the extent required by law, and to the extent
        that interest earned on funds in the Escrow Account is insufficient, shall
        pay
        such interest from its own funds, without any reimbursement
        therefor.

       

      Section
        4.08.    Payment of Taxes, Insurance and Other Charges,
        Maintenance of Primary Mortgage Insurance Policies, Collections
        Thereunder.

       

      With
        respect to each Mortgage Loan, the Servicer shall maintain accurate records
        reflecting the status of ground rents, taxes, assessments, water rates and
        other
        charges which are or may become a lien upon the Mortgaged Property and the
        status of Primary Mortgage Insurance Policy premiums and fire and hazard
        insurance coverage and shall obtain, from time to time, all bills for the
        payment of such charges, including renewal premiums and shall effect payment
        thereof prior to the applicable penalty or termination date and at a time
        appropriate for securing maximum discounts allowable, employing for such
        purpose
        deposits of the Mortgagor in the Escrow Account which shall have been estimated
        and accumulated by the Servicer in amounts sufficient for such purposes,
        as
        allowed under the terms of the Mortgage or applicable law.  To the
        extent that the Mortgage does not provide for Escrow Payments, the Servicer
        shall determine that any such payments are made by the Mortgagor when
        due.  The Servicer assumes full responsibility for the timely payment
        of all such bills and shall effect timely payments of all such bills
        irrespective of the Mortgagor's faithful performance in the payment of same
        or
        the making of the Escrow Payments and shall make advances from its own funds
        to
        effect such payments.

       

      The
        Servicer will maintain in full force and effect Primary Mortgage Insurance
        Policies issued by a Qualified Insurer with respect to each Mortgage Loan
        for
        which such coverage is herein required.  Such coverage will be
        maintained until the ratio of the current outstanding principal balance of
        the
        related Mortgage Loan to the appraised value of the related Mortgaged Property,
        based on the most recent appraisal of the Mortgaged Property performed by
        a
        Qualified Appraiser, such appraisal to be included in the Servicing File,
        is
        reduced to an amount for which Fannie Mae no longer requires such insurance
        to
        be maintained.  The Servicer will not cancel or refuse to renew any
        Primary Mortgage Insurance Policy that is required to be kept in force under
        this Agreement unless a replacement Primary Mortgage Insurance Policy for
        such
        canceled or nonrenewed policy is obtained from and maintained with a Qualified
        Insurer.  The Servicer shall not take any action which would result in
        non­coverage under any applicable Primary Mortgage Insurance Policy of any
        loss which, but for the actions of the Servicer would have been covered
        thereunder.  In connection with any assumption or substitution
        agreement entered into or to be entered into pursuant to Section 6.01, the
        Servicer shall promptly notify the insurer under the related Primary Mortgage
        Insurance Policy, if any, of such assumption or substitution of liability
        in
        accordance with the terms of such policy and shall take all actions which
        may be
        required by such insurer as a condition to the continuation of coverage under
        the Primary Mortgage Insurance Policy.  If such Primary Mortgage
        Insurance Policy is terminated as a result of such assumption or substitution
        of
        liability, the Servicer shall obtain a replacement Primary Mortgage Insurance
        Policy as provided above.

       

      In
        connection with its activities as servicer, the Servicer agrees to prepare
        and
        present, on behalf of itself and the Owner, claims to the insurer under any
        Primary Mortgage Insurance Policy in a timely fashion in accordance with
        the
        terms of such Primary Mortgage Insurance Policy and, in this regard, to take
        such action as shall be necessary to permit recovery under any Primary Mortgage
        Insurance Policy respecting a defaulted Mortgage Loan.  Pursuant to
        Section 4.04, any amounts collected by the Servicer under any Primary Mortgage
        Insurance Policy shall be deposited in the Custodial Account, subject to
        withdrawal pursuant to Section 4.05.

       

      Section
        4.09.    Transfer of Accounts.

       

      The
        Servicer may transfer the Custodial Account or the Escrow Account to a different
        Qualified Depository from time to time.  The Servicer shall notify the
        Owner of any such transfer within 15 Business Days of transfer. If any one
        of
        the investment ratings of a Qualified Depository holding funds or Eligible
        Investments in the Custodial Account or Escrow Account is downgraded by the
        issuing rating agency, the Servicer shall, within three (3) Business Days
        of
        receipt of notice of the downgrading, transfer all such accounts, funds and
        Permitted Investments to a different Qualified Depository in accordance with
        this Agreement.

       

      Section
        4.10.    Maintenance of Hazard Insurance.

       

      The
        Servicer shall cause to be maintained for each Mortgage Loan fire and hazard
        insurance with extended coverage as is customary in the area where the Mortgaged
        Property is located in an amount which is equal to the lesser of (i) the
        maximum
        insurable value of the improvements securing such Mortgage Loan or (ii) the
        greater of (a) the outstanding principal balance of the Mortgage Loan, and
        (b)
        the percentage such that the proceeds thereof shall be sufficient to prevent
        the
        Mortgagor and/or the Mortgagee from becoming a co-insurer.  If the
        Mortgaged Property is in an area identified in the Federal Register by the
        Federal Emergency Management Agency as being a special flood hazard area
        that
        has federally-mandated flood insurance requirements, the Servicer will cause
        to
        be maintained a flood insurance policy meeting the requirements of the current
        guidelines of the Federal Insurance Administration with a generally acceptable
        insurance carrier, in an amount representing coverage not less than the least
        of
        (i) the outstanding principal balance of the Mortgage Loan, (ii) the maximum
        insurable value of the improvements securing such Mortgage Loan or (iii)
        the
        maximum amount of insurance which is available under the Flood Disaster
        Protection Act of 1973, as amended.  The Servicer shall also maintain
        on the REO Property, fire and hazard insurance with extended coverage in
        an
        amount which is at least equal to the maximum insurable value of the
        improvements which are a part of such property, liability insurance and,
        to the
        extent required and available under the Flood Disaster Protection Act of
        1973,
        as amended, flood insurance in an amount as provided above.  Any
        amounts collected by the Servicer under any such policies other than amounts
        to
        be deposited in the Escrow Account and applied to the restoration or repair
        of
        the Mortgaged Property or REO Property, or released to the Mortgagor in
        accordance with the Servicer's normal servicing procedures, shall be deposited
        in the Custodial Account, subject to withdrawal pursuant to Section
        4.05.  It is understood and agreed that no other additional insurance
        need be required by the Servicer or the Mortgagor or maintained on property
        acquired in respect of the Mortgage Loans, other than pursuant to the Fannie
        Mae
        Guide or such applicable state or federal laws and regulations as shall at
        any
        time be in force and as shall require such additional insurance.  All
        such policies shall be endorsed with standard mortgagee clauses with loss
        payable to the Servicer and its successors and/or assigns and shall provide
        for
        at least thirty days prior written notice of any cancellation, reduction
        in the
        amount or material change in coverage to the Servicer.  The Servicer
        shall not interfere with the Mortgagor's freedom of choice in selecting either
        his insurance carrier or agent, provided, however, that the Servicer shall
        not
        accept any such insurance policies from insurance companies unless such
        companies currently reflect a General Policy Rating in Best's Key Rating
        Guide
        currently acceptable to Fannie Mae and are licensed to do business in the
        state
        wherein the property subject to the policy is located.

       

      Section
        4.11   Maintenance
        of Mortgage Impairment Insurance Policy.

      

      In
        the
        event that the Servicer shall obtain and maintain a mortgage impairment or
        blanket policy issued by an issuer that has a Best rating of A:VI insuring
        against hazard losses on all of Mortgaged Properties securing the Mortgage
        Loans, then, to the extent such policy provides coverage in an amount equal
        to
        the amount required pursuant to Section 4.10 and otherwise complies with
        all
        other requirements of Section 4.10, the Servicer shall conclusively be deemed
        to
        have satisfied its obligations as set forth in Section 4.10, it being understood
        and agreed that such policy may contain a deductible clause, in which case
        the
        Servicer shall, in the event that there shall not have been maintained on
        the
        related Mortgaged Property or REO Property a policy complying with Section
        4.10,
        and there shall have been one or more losses which would have been covered
        by
        such policy, deposit in the Custodial Account the amount not otherwise payable
        under the blanket policy because of such deductible clause. In connection
        with
        its activities as Servicer of the Mortgage Loans, the Servicer agrees to
        prepare
        and present, on behalf of the Owner, claims under any such blanket policy
        in a
        timely fashion in accordance with the terms of such policy. Upon request
        of the
        Owner, the Servicer shall cause to be delivered to the Owner a certified
        true
        copy of such policy and a statement from the insurer thereunder that such
        policy
        shall in no event be terminated or materially modified without thirty (30)
        days
        prior written notice to the Owner.

      

      Section
        4.12.    Fidelity Bond, Errors and Omissions
        Insurance.

       

      The
        Servicer shall maintain, at its own expense, a blanket fidelity bond and
        an
        errors and omissions insurance policy, with broad coverage with responsible
        companies that would meet the requirements of Fannie Mae or Freddie Mac on
        all
        officers, employees or other persons acting in any capacity with regard to
        the
        Mortgage Loans and who handle funds, money, documents and papers relating
        to the
        Mortgage Loans.  The Fidelity Bond and errors and omissions insurance
        shall be in the form of the Mortgage Banker's Blanket Bond and shall protect
        and
        insure the Servicer against losses, including forgery, theft, embezzlement,
        fraud, errors and omissions and negligent acts of such persons.  Such
        Fidelity Bond and errors and omissions insurance shall also protect and insure
        the Servicer against losses in connection with the failure to maintain any
        insurance policies required pursuant to this Agreement and the release or
        satisfaction of a Mortgage Loan without having obtained payment in full of
        the
        indebtedness secured thereby.  No provision of this Section 4.12
        requiring the Fidelity Bond and errors and omissions insurance shall diminish
        or
        relieve the Servicer from its duties and obligations as set forth in this
        Agreement.  The minimum coverage under any such Fidelity Bond and
        insurance policy shall be at least equal to the corresponding amounts required
        by Fannie Mae in the Fannie Mae Guide or by Freddie Mac in the Freddie Mac
        Guide.  The Servicer shall, upon request of Owner, deliver to the
        Owner a certificate from the surety and the insurer as to the existence of
        the
        Fidelity Bond and errors and omissions insurance policy and shall obtain
        a
        statement from the surety and the insurer that such Fidelity Bond or insurance
        policy shall in no event be terminated or materially modified without thirty
        days prior written notice to the Owner.  The Servicer shall notify the
        Owner within five Business Days of receipt of notice that such Fidelity Bond
        or
        insurance policy will be, or has been, materially modified or
        terminated.  The Owner and its successors or assigns as their
        interests may appear must be named as loss payees on the Fidelity Bond and
        as
        additional insured on the errors and omissions policy.

       

      Section
        4.13.    Title, Management and Disposition of REO
        Property.

       

      In
        the
        event that title to any Mortgaged Property is acquired in foreclosure or
        by deed
        in lieu of foreclosure, the deed or certificate of sale shall be taken in
        the
        name of the Owner or its designee.  Any such Person or Persons holding
        such title other than the Owner shall acknowledge in writing that such title
        is
        being held as nominee for the benefit of the Owner.

       

      The
        Servicer shall assume the responsibility for marketing each REO Property
        in
        accordance with Accepted Servicing Practices. Thereafter, the Servicer shall
        continue to provide certain administrative services to the Owner relating
        to
        such REO Property as set forth in this Section 4.13. The REO Property must
        be
        sold within three years following the end of the calendar year of the date
        of
        acquisition, unless a REMIC election has been made with respect to the
        arrangement under which the Mortgage Loans and REO Property are held and
        (i) the
        Owner shall have been supplied with an Opinion of Counsel (at the Servicer's
        expense) to the effect that the holding by the related trust of such Mortgaged
        Property subsequent to such three-year period (and specifying the period
        beyond
        such three-year period for which the Mortgaged Property may be held) will
        not
        result in the imposition of taxes on "prohibited transactions" of the related
        trust as defined in Section 860F of the Code, or cause the related REMIC
        to fail
        to qualify as a REMIC, in which case the related trust may continue to hold
        such
        Mortgaged Property (subject to any conditions contained in such Opinion of
        Counsel), or (ii) the Owner (at the Servicer's expense) or the Servicer shall
        have applied for, prior to the expiration of such three-year period, an
        extension of such three-year period in the manner contemplated by Section
        856(e)(3) of the Code, in which case the three-year period shall be extended
        by
        the applicable period.  If a period longer than three years is
        permitted under the foregoing sentence and is necessary to sell any REO
        Property, the Servicer shall report monthly to the Owner as to progress being
        made in selling such REO Property.

       

      Notwithstanding
        any other provision of this Agreement, if a REMIC election has been made,
        no
        Mortgaged Property held by a REMIC shall be rented (or allowed to continue
        to be
        rented) or otherwise used for the production of income by or on behalf of
        the
        related trust or sold or managed in such a manner or pursuant to any terms
        that
        would (i) cause such Mortgaged Property to fail to qualify at any time as
        "foreclosure property" within a meaning of Section 860G(a)(8) of the Code,
        (ii)
        subject the related trust to the imposition of any federal or state income
        taxes
        on "net income from foreclosure property" with respect to such Mortgaged
        Property within the meaning of Section 860G(c) of the Code, or (iii) cause
        the
        sale of such Mortgaged Property to result in the receipt by the related trust
        or
        any income from non-permitted assets as described in Section 860F(a) (2)(B)
        of
        the Code, unless the Servicer has agreed to indemnify and hold harmless the
        related trust with respect to the imposition of any such taxes.

       

      The
        Servicer shall deposit or cause to be deposited, on a daily basis in each
        Custodial Account all revenues received with respect to the related REO Property
        and shall withdraw therefrom funds necessary for the proper operation,
        management and maintenance of the REO Property, including the cost of
        maintaining any hazard insurance pursuant to Section 4.10 hereof.  The
        Servicer shall maintain separate records with respect to each REO Property
        identifying all deposits and withdrawals from the Custodial Account for each
        REO
        Property.

       

      The
        Servicer shall furnish to the Owner on each Remittance Date, an operating
        statement for each REO Property covering the operation of each REO Property
        for
        the previous month.  Such operating statement shall be accompanied by
        such other information as the Owner shall reasonably request.

       

      The
        Servicer shall, either itself or through an agent selected by the Servicer,
        and
        in accordance with the Fannie Mae Guide, manage, conserve, protect and operate
        each REO Property in the same manner that it manages, conserves, protects
        and
        operates other foreclosed property for its own account, and in the same manner
        that similar property in the same locality as the REO Property is managed.
        Each
        REO Disposition shall be carried out by the Servicer at such price and upon
        such
        terms and conditions as the Servicer deems to be in the best interest of
        the
        Owner.  The REO Disposition Proceeds from the sale of the REO Property
        shall be promptly deposited in the Custodial Account.  As soon as
        practical thereafter, the expenses of such sale shall be paid and the Servicer
        shall be entitled to reimburse itself for any related unreimbursed Servicing
        Advances, unpaid Servicing Fees or Monthly Advances made.  Such
        reimbursement will be subject to Master Servicer approval of claims submitted
        within 90 days of liquidation (such approval will be rendered within 30 days
        of
        the Master Servicer’s receipt of the complete claim of loss notification
        package), and on the Remittance Date immediately following the Principal
        Prepayment Period in which such sale proceeds are received the proceeds of
        such
        sale deposited in the Custodial Account shall be distributed to the
        Purchaser.

       

      The
        Servicer shall cause each REO Property to be inspected promptly upon the
        acquisition of title thereto and shall cause each REO Property to be inspected
        at least monthly thereafter or more frequently as may be required by the
        circumstances. The Servicer shall make or cause the inspector to make a written
        report of each such inspection.  Such reports shall be retained in the
        Servicing File and copies thereof shall be forwarded by the Servicer to the
        Owner.

       

      Section
        4.14.    Notification of Adjustments.

       

      With
        respect to each Mortgage Loan, the Servicer shall adjust the Mortgage Interest
        Rate on the related Interest Rate Adjustment Date in compliance with
        requirements of applicable law and the related Mortgage and Mortgage
        Note.  The Servicer shall execute and deliver any and all necessary
        notices required under applicable law and the terms of the related Mortgage
        Note
        and Mortgage regarding the Mortgage Interest Rate adjustments.  The
        Servicer shall promptly, upon written request therefor, deliver to the Owner
        such notifications and any additional applicable data regarding such adjustments
        and the methods used to calculate and implement such
        adjustments.  Upon the discovery by the Servicer or the receipt of
        notice from the Owner that the Servicer has failed to adjust a Mortgage Interest
        Rate in accordance with the terms of the related Mortgage Note and Mortgage,
        the
        Servicer shall immediately deposit in the Custodial Account from its own
        funds
        the amount of any interest loss or deferral caused to the Owner
        thereby.

       

      ARTICLE
        V 

       

      PAYMENTS
        TO THE OWNER

       

      Section
        5.01.    Remittances.

       

      On
        each
        Remittance Date, the Servicer shall remit to the Owner (i) all amounts credited
        to the Custodial Account as of the close of business on the last day of the
        calendar month preceding the Determination Date, net of charges against or
        withdrawals from the Custodial Account pursuant to Section 4.05, except (a)
        Full
        Principal Prepayments received on or before the 15th day of the month in
        which a
        Remittance Date occurs shall be remitted to the Owner on the Remittance Date
        of
        such month, and (b) Full Principal Prepayments received after the 15th day
        of
        the month in which a Remittance Date occurs shall be remitted to the Owner
        on
        the next following Remittance Date, plus, to the extent not already deposited
        in
        the Custodial Account, the sum of (ii) all Monthly Advances, if any, which
        the
        Servicer is obligated to distribute pursuant to Section 5.03 and (iii) all
        Prepayment Interest Shortfalls the Servicer is required to make up pursuant
        to
        Section 4.04, minus (iv) any amounts attributable to Monthly Payments collected
        after the Cut-off Date but due on a Due Date or Dates subsequent to the last
        day
        of the related Due Period, which amounts shall be remitted on the related
        Remittance Date next succeeding the Due Period for such amounts.

       

      With
        respect to any remittance received by the Owner after the Business Day on
        which
        such payment was due, the Servicer shall pay to the Owner interest on any
        such
        late payment at an annual rate equal to the Prime Rate, adjusted as of the
        date
        of each change, plus two percentage points, but in no event greater than
        the
        maximum amount permitted by applicable law.  Such interest shall be
        remitted to the Owner by the Servicer on the date such late payment is made
        and
        shall cover the period commencing with the day following such Business Day
        and
        ending with the Business Day on which such payment is made, both
        inclusive.  The payment by the Servicer of any such interest shall not
        be deemed an extension of time for payment or a waiver of any Event of Default
        by the Servicer.

       

      Section
        5.02     Statements to the Owner and the Master
        Servicer.

       

      The
        Servicer shall furnish to the Owner and the Master Servicer an individual
        Mortgage Loan accounting report (a ”Report”), as of the last Business Day of
        each month and the end of the related Prepayment Period, as applicable, in
        the
        Servicer's assigned loan number order to document Mortgage Loan payment activity
        on an individual Mortgage Loan basis.  With respect to each month,
        such Report shall be received by the Owner and the Master Servicer no later
        than
        the fifth Business Day of the month of the related Remittance Date (or, with
        respect to information as to Full Principal Prepayments and prepayment penalties
        no later than one (1) Business Day after the end of each Prepayment Period),
        a
        report in an Excel (or compatible) electronic format, in such format as may
        be
        mutually agreed upon by both the Owner and the Servicer, and which shall
        provide
        the information required to be contained in the monthly statements to
        certificateholders as specified in the related pooling and servicing agreement,
        to the extent applicable to the Servicer.

       

      In
        addition, the Servicer shall provide to the Master Servicer and the Owner
        such
        other information known or available to the Servicer that is necessary in
        order
        to provide the distribution and pool performance information as required
        under
        Regulation AB, as amended from time to time, as determined by the Owner in
        its
        sole discretion.  The Servicer shall also provide a monthly report, in
        the form of Exhibit E and Exhibit F hereto, or such other form as
        is mutually acceptable to the Servicer, the Owner and the Master Servicer,
        Exhibit K and Exhibit L with respect to defaulted mortgage loans,
Exhibit M with respect to realized losses and gains, Exhibit N
        with respect to modified mortgage loans, Exhibit O with respect to claims
        submitted and Exhibit P with respect to loss severity, with each such
        report.

       

      The
        Servicer shall prepare and file any and all information statements or other
        filings required to be delivered to any governmental taxing authority or
        to
        Owner or the Master Servicer pursuant to any applicable law with respect
        to the
        Mortgage Loans and the transactions contemplated hereby.  In addition,
        the Servicer shall provide the Owner and the Master Servicer with such
        information concerning the Mortgage Loans as is necessary for the Owner and
        the
        Master Servicer to prepare its federal income tax return as Owner and the
        Master
        Servicer may reasonably request from time to time.

       

      In
        addition, not more than 60 days after the end of each calendar year, the
        Servicer shall furnish to each Person who was an Owner and the Master Servicer
        at any time during such calendar year an annual statement in accordance with
        the
        requirements of applicable federal income tax law as to the aggregate of
        remittances of principal and interest for the applicable portion of such
        year.

       

      Section
        5.03.    Monthly Advances by the Servicer.

       

      Not
        later
        than the close of business on the Business Day preceding each Remittance
        Date,
        the Servicer shall deposit in the Custodial Account an amount equal to all
        payments not previously advanced by the Servicer, whether or not deferred
        pursuant to Section 4.01, of Monthly Payments, adjusted to the related Mortgage
        Loan Remittance Rate, which are delinquent at the close of business on the
        related Determination Date; provided, however, that the amount of any such
        deposit may be reduced by the Amounts Held for Future Distribution (as defined
        below) then on deposit in the Custodial Account.  Any portion of the
        Amounts Held for Future Distribution used to pay Monthly Advances shall be
        replaced by the Servicer by deposit into the Custodial Account on any future
        Remittance Date to the extent that the funds that are available in the Custodial
        Account for remittance to the Owner on such Remittance Date are less than
        the
        amount of payments required to be made to the Owner on such Remittance
        Date.

       

      The
        Servicer's obligation to make such Monthly Advances as to any Mortgage Loan
        will
        continue through the final disposition or liquidation of the Mortgaged Property,
        unless the Servicer deems such advance to be nonrecoverable from Liquidation
        Proceeds, REO Disposition Proceeds or Insurance Proceeds with respect to
        the
        applicable Mortgage Loan.  In such latter event, the Servicer shall
        deliver to the Owner an Officer's Certificate of the Servicer to the effect
        that
        an officer of the Servicer has reviewed the related Servicing File and has
        obtained a recent appraisal and has made the reasonable determination that
        any
        additional advances are nonrecoverable from Liquidation or Insurance Proceeds
        with respect to the applicable Mortgage Loan.

       

      Section
        5.04.    Liquidation Reports.

       

      Upon
        the
        foreclosure sale of any Mortgaged Property or the acquisition thereof by
        the
        Owner pursuant to a deed-in­-lieu of foreclosure, the Servicer shall submit
        to the Owner a liquidation report with respect to such Mortgaged Property
        in
        such form as the Servicer and the Owner shall agree.  The Servicer
        shall also provide reports on the status of REO Property containing such
        information as Owner may reasonably require.

       

      ARTICLE
        VI 

       

      GENERAL
        SERVICING PROCEDURES

       

      Section
        6.01.    Assumption Agreements.

       

      The
        Servicer will, to the extent it has knowledge of any conveyance or prospective
        conveyance by any Mortgagor of a Mortgaged Property (whether by absolute
        conveyance or by contract of, sale, and whether or not the Mortgagor remains
        or
        is to remain liable under the Mortgage Note and/or the Mortgage), exercise
        its
        rights to accelerate the maturity of such Mortgage Loan under any "due-on-sale"
        clause to the extent permitted by law; provided, however, that the Servicer
        shall not exercise any such rights if prohibited by law or the terms of the
        Mortgage Note from doing so or if the exercise of such rights would impair
        or
        threaten to impair any recovery under the related Primary Mortgage Insurance
        Policy, if any.  If the Servicer reasonably believes it is unable
        under applicable law to enforce such "due-on-sale" clause, the Servicer,
        will
        enter into an assumption agreement with the person to whom the Mortgaged
        Property has been conveyed or is proposed to be conveyed, pursuant to which
        such
        person becomes liable under the Mortgage Note and, to the extent permitted
        by
        applicable state law, the Mortgagor remains liable thereon.  Where an
        assumption is allowed pursuant to this Section 6.01, the Servicer, with the
        prior consent of the primary mortgage insurer, if any, is authorized to enter
        into a substitution of liability agreement with the person to whom the Mortgaged
        Property has been conveyed or is proposed to be conveyed pursuant to which
        the
        original mortgagor is released from liability and such Person is substituted
        as
        mortgagor and becomes liable under the related Mortgage Note.  Any
        such substitution of liability agreement shall be in lieu of an assumption
        agreement.

       

      In
        connection with any such assumption or substitution of liability, the Servicer
        shall follow the underwriting practices and procedures of the Fannie Mae
        Guide.  With respect to an assumption or substitution of liability,
        the Mortgage Interest Rate borne by the related Mortgage Note and the amount
        of
        the Monthly Payment may not be changed.  The Servicer shall notify the
        Owner that any such substitution of liability or assumption agreement has
        been
        completed by forwarding to the Owner the original of any such substitution
        of
        liability or assumption agreement, which document shall be added to the related
        Mortgage Loan Documents and shall, for all purposes, be considered a part
        of
        such related mortgage file to the same extent as all other documents and
        instruments constituting a part thereof.  All fees collected by the
        Servicer for entering into an assumption or substitution of liability agreement
        shall belong to the Servicer.

       

      Notwithstanding
        the foregoing paragraphs of this section or any other provision of this
        Agreement, the Servicer shall not be deemed to be in default, breach or any
        other violation of its obligations hereunder by reason of any assumption
        of a
        Mortgage Loan by operation of law or any assumption which the Servicer may
        be
        restricted by law from preventing, for any reason whatsoever.  For
        purposes of this Section 6.01, the term "assumption" is deemed to also include
        a
        sale of the Mortgaged Property subject to the Mortgage that is not accompanied
        by an assumption or substitution of liability agreement.

       

      Section
        6.02.    Satisfaction of Mortgages and Release of Mortgage
        Loan Documents.

       

      Upon
        the
        payment in full of any Mortgage Loan, the Servicer will immediately notify
        the
        Custodian with a certification and request for release by a Servicing Officer,
        which certification shall include a statement to the effect that all amounts
        received in connection with such payment which are required to be deposited
        in
        the Custodial Account pursuant to Section 4.04 have been so deposited, and
        a
        request for delivery to the Servicer of the portion of the Mortgage Loan
        Documents held by the Custodian.  Upon receipt of such certification
        and request, the Owner shall promptly release or cause the Custodian to promptly
        release the related Mortgage Loan Documents to the Servicer and the Servicer
        shall prepare and deliver for execution by the Owner or at the Owner's option
        execute under the authority of a power of attorney delivered to the Servicer
        by
        the Owner any satisfaction or release.  No expense incurred in
        connection with any instrument of satisfaction or deed of reconveyance shall
        be
        chargeable to the Custodial Account.

       

      In
        the
        event the Servicer satisfies or releases a Mortgage without having obtained
        payment in full of the indebtedness secured by the Mortgage or should it
        otherwise prejudice any right the Owner may have under the mortgage instruments,
        the Servicer, upon written demand, shall remit within one Business Day to
        the
        Owner the then outstanding principal balance of the related Mortgage Loan
        by
        deposit thereof in the Custodial Account.  The Servicer shall maintain
        the Fidelity Bond insuring the Servicer against any loss it may sustain with
        respect to any Mortgage Loan not satisfied in accordance with the procedures
        set
        forth herein.

       

      From
        time
        to time and as appropriate for the servicing or foreclosure of the Mortgage
        Loans, including for the purpose of collection under any Primary Mortgage
        Insurance Policy, upon request of the Servicer and delivery to the Custodian
        of
        a servicing receipt signed by a Servicing Officer, the Custodian shall release
        the portion of the Mortgage Loan Documents held by the Custodian to the
        Servicer. Such servicing receipt shall obligate the Servicer to promptly
        return
        the related Mortgage Loan Documents to the Custodian, when the need therefor
        by
        the Servicer no longer exists, unless the Mortgage Loan has been liquidated
        and
        the Liquidation Proceeds relating to the Mortgage Loan have been deposited
        in
        the Custodial Account or such documents have been delivered to an attorney,
        or
        to a public trustee or other public official as required by law, for purposes
        of
        initiating or pursuing legal action or other proceedings for the foreclosure
        of
        the Mortgaged Property either judicially or non-judicially, and the Servicer
        has
        promptly delivered to the Owner or the Custodian a certificate of a Servicing
        Officer certifying as to the name and address of the Person to which such
        documents were delivered and the purpose or purposes of such
        delivery.  Upon receipt of a certificate of a Servicing Officer
        stating that such Mortgage Loan was liquidated, the servicing receipt shall
        be
        released by the Owner or the Custodian, as applicable, to the
        Servicer.

       

      Section
        6.03.    Servicing Compensation.

       

      As
        compensation for its services hereunder, the Servicer shall be entitled to
        withdraw from the Custodial Account or to retain from interest payments on
        the
        Mortgage Loans the amounts provided for as the Servicer's Servicing
        Fee.  Additional servicing compensation in the form of assumption
        fees, as provided in Section 6.01, late payment charges and other ancillary
        fees
        shall be retained by the Servicer to the extent not required to be deposited
        in
        the Custodial Account.  The Servicer shall be required to pay all
        expenses incurred by it in connection with its servicing activities hereunder
        and shall not be entitled to reimbursement therefor except as specifically
        provided for.

       

      Section
        6.04.     Annual Statement as to Compliance; Annual
        Certification.

       

      (a)           The
        Servicer will deliver to the Owner and the Master Servicer, not later than
        March
        15th of each calendar year beginning in 2008, an Officer’s Certificate (an
“Annual Statement of Compliance”) stating, as to each signatory thereof, that
        (i) a review of the activities of the Servicer during the preceding calendar
        year and of performance under this Agreement or other applicable servicing
        agreement has been made under such officer’s supervision and (ii) to the best of
        such officer’s knowledge, based on such review, the Servicer has fulfilled all
        of its obligations under this Agreement or other applicable servicing agreement
        in all material respects throughout such year, or, if there has been a failure
        to fulfill any such obligation in any material respect, specifying each such
        failure known to such officer and the nature and status of cure provisions
        thereof.  Such Annual Statement of Compliance shall contain no
        restrictions or limitations on its use.  Copies of such statement
        shall be provided by the Servicer to the Owner upon request and by the Owner
        to
        any Person identified as a prospective purchaser of the Mortgage
        Loans.  In the event that the Servicer has delegated any servicing
        responsibilities with respect to the Mortgage Loans to a Subservicer, the
        Servicer shall deliver an Annual Statement of Compliance of the Subservicer
        as
        described above as to each Subservicer as and when required with respect
        to the
        Servicer.

       

      (b)           With
        respect to the Mortgage Loans, by March 15th of each calendar year beginning
        in
        2008, an officer of the Servicer shall execute and deliver an Officer’s
        Certificate (an “Annual Certification”) to the Owner, the Master Servicer, the
        Trustee, and any related Depositor for the benefit of each such entity and
        such
        entity’s affiliates and the officers, directors and agents of any such entity
        and such entity’s affiliates, in the form attached hereto as Exhibit
        G.  In the event that the Servicer has delegated any servicing
        responsibilities with respect to the Mortgage Loans to a Subservicer or a
        Subcontractor, to the extent such Subcontractor is “participating in the
        servicing function” pursuant to Item 1122 of Regulation AB, the Servicer shall
        deliver an Annual Certification as to each such Subservicer and Subcontractor,
        as and when required with respect to the Servicer.

       

      In
        the
        event the Servicer or any Subservicer or Subcontractor engaged by it is
        terminated, assigns its rights and obligations under, or resigns pursuant
        to the
        terms of this Agreement, or any other applicable agreement in the case of
        a
        Subservicer or Subcontractor, as the case may be, such party shall provide
        an
        Annual Statement of Compliance pursuant to this Section 6.04 or to the related
        section of such other applicable agreement, as the case may be, as to the
        performance of its obligations with respect to the period of time it was
        subject
        to this Agreement or any other applicable agreement, as the case may be,
        notwithstanding any such termination, assignment or resignation.

       

      The
        Servicer shall indemnify and hold harmless the Master Servicer and its officers,
        directors, agents and affiliates from and against any losses, damages,
        penalties, fines, forfeitures, reasonable legal fees and related costs,
        judgments and other costs and expenses arising out of or based upon a breach
        by
        the Servicer or any of its officers, directors, agents or affiliates of its
        obligations under this Section 6.04 or Section 6.09 or the negligence, bad
        faith
        or willful misconduct of the Servicer in connection therewith. If the
        indemnification provided for herein is unavailable or insufficient to hold
        harmless the Master Servicer, then the Servicer agrees that it shall contribute
        to the amount paid or payable by the Master Servicer as a result of the losses,
        claims, damages or liabilities of the Master Servicer in such proportion
        as is
        appropriate to reflect the relative fault of the Master Servicer on the one
        hand
        and the Servicer on the other in connection with a breach of the Servicer’s
        obligations under this Section 6.04 or Section 6.09 or the Servicer’s
        negligence, bad faith or willful misconduct in connection
        therewith.

       

      Upon
        request by the Owner or the Master Servicer, the Servicer will deliver to
        such
        requesting party a copy of the audited (if such financial statements are
        available, otherwise unaudited) financial statements of the Servicer for
        the
        most recent fiscal year of the Servicer.

       

      Section
        6.05.    [Reserved]

       

      Section
        6.06.    Owner's Right to Examine Servicer
        Records.

       

      The
        Owner
        shall have the right to examine and audit, at its expense, upon reasonable
        notice to the Servicer, during business hours or at such other times as might
        be
        reasonable under applicable circumstances, any and all of the books, records,
        documentation or other information of the Servicer, or held by another for
        the
        Servicer or on its behalf or otherwise, which relate to the performance or
        observance by the Servicer of the terms, covenants or conditions of this
        Agreement.

       

      The
        Servicer shall provide to the Owner and any supervisory agents or examiners
        representing a state or federal governmental agency having jurisdiction over
        the
        Owner access to any documentation regarding the Mortgage Loans in the possession
        of the Servicer which may be required by any applicable
        regulations.  Such access shall be afforded without charge, upon
        reasonable request, during normal business hours and at the offices of the
        Servicer, and in accordance with the applicable federal or state government
        regulations.

       

      Section
        6.07. Compliance
        with REMIC
        Provisions.

       

      If
        a
        REMIC election has been made with respect to the arrangement under which
        the
        Mortgage Loans and REO Property are held, the Servicer shall not take any
        action, cause the REMIC to take any action or fail to take (or fail to cause
        to
        be taken) any action that, under the REMIC Provisions, if taken or not taken,
        as
        the case may be could (i) endanger the status of the REMIC as a REMIC or
        (ii)
        result in the imposition of a tax upon the REMIC (including but not limited
        to
        the tax on "prohibited transactions" as defined in Section 860F(a)(2) of
        the
        Code and the tax on "contribution" to a REMIC set forth in Section 860G(d)
        of
        the Code unless the Servicer has received an Opinion of Counsel (at the expense
        of the party seeking to take such actions) to the effect that the contemplated
        action will not endanger such REMIC status or result in the imposition of
        any
        such tax.

       

      Section
        6.08. Non-solicitation.

       

      The
        Servicer shall not knowingly conduct any solicitation exclusively targeted
        to
        the Mortgagors for the purpose of inducing or encouraging the early prepayment
        or refinancing of the related Mortgage Loans.  It is understood and
        agreed that promotions undertaken by the Servicer or any agent or affiliate
        of
        the Servicer which are directed to the general public at large, including,
        without limitation, mass mailings based on commercially acquired mailing
        lists,
        newspaper, radio and television advertisements shall not constitute solicitation
        under this section.  Nothing contained herein shall prohibit the
        Servicer from (i) distributing to Mortgagors any general advertising including
        information brochures, coupon books, or other similar documentation which
        indicates services the Servicer offers, including refinances or (ii) providing
        financing of home equity loans to Mortgagors at the Mortgagor's
        request.

       

      Section
        6.09.     Assessment of Compliance with Servicing
        Criteria.

       

      On
        and
        after January 1, 2007, the Servicer shall service and administer, and shall
        cause each subservicer to service or administer, the Mortgage Loans in
        accordance with all applicable requirements of the Servicing
        Criteria.

       

      With
        respect to the Mortgage Loans, the Servicer shall deliver to the Owner or
        its
        designee, the Master Servicer, the Trustee, and any Depositor on or before
        March
        15th of each calendar year beginning in 2008, a report (an “Assessment of
        Compliance”) regarding the Servicer’s assessment of compliance with the
        Servicing Criteria during the preceding calendar year as required by Rules
        13a-18 and 15d-18 of the Exchange Act and Item 1122 of Regulation AB, or
        as
        otherwise required by the Master Servicer, which as of the date hereof, require
        a report by an authorized officer of the Servicer that contains the
        following:

       

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

       

      (b)           A
        statement by such officer that such officer used the Servicing Criteria to
        assess compliance with the Servicing Criteria applicable to the
        Servicer;

       

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

       

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

       

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

       

      Such
        report at a minimum shall address each of the Servicing Criteria specified
        on
Exhibit J hereto.

       

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

       

      The
        Servicer shall cause each Subservicer, and each Subcontractor determined
        by the
        Servicer pursuant to Section 11.15 to be “participating in the servicing
        function” within the meaning of Item 1122 of Regulation AB, to deliver to the
        Owner, the Master Servicer, the Trustee and any Depositor an assessment of
        compliance and accountants’ attestation as and when provided in Section
        6.09.

       

      In
        the event the Servicer or any
        Subservicer or Subcontractor engaged by it is terminated, assigns its rights
        and
        obligations under, or resigns pursuant to, the terms of this Agreement, or
        any
        other applicable agreement in the case of a Subservicer or Subcontractor,
        as the
        case may be, such party shall provide an Assessment of Compliance and cause
        to
        be provided an Attestation Report pursuant to this Section 6.09 or to the
        related section of such other applicable agreement, as the case may be,
        notwithstanding any such termination, assignment or
        resignation.

       

      Section
        6.10.     Intent of the Parties;
        Reasonableness.

       

      The
        Owner
        and the Servicer acknowledge and agree that a purpose of clause (g) of Article
        III, Sections 5.02, 6.04, 6.09 and 10.02 of this Agreement is to facilitate
        compliance by the Owner and any Depositor with the provisions of Regulation
        AB
        and related rules and regulations of the Commission. None of the Owner, the
        Master Servicer or any Depositor shall exercise its right to request delivery
        of
        information or other performance under these provisions other than in good
        faith, or for purposes other than compliance with the Securities Act, the
        Exchange Act and the rules and regulations of the Commission thereunder.
        The
        Servicer acknowledges that interpretations of the requirements of Regulation
        AB
        may change over time, whether due to interpretive guidance provided by the
        Commission or its staff, consensus among participants in the asset-backed
        securities markets, advice of counsel, or otherwise, and agrees to comply
        with
        requests made by the Owner or any Depositor in good faith for delivery of
        information under these provisions on the basis of evolving interpretations
        of
        Regulation AB. In connection with any Pass-Through Transfer, the Servicer
        shall
        cooperate fully with the Owner to deliver to the Owner (including any of
        its
        assignees or designees) and any Depositor, any and all statements, reports,
        certifications, records and any other information necessary in the good faith
        determination of the Owner or any Depositor to permit the Owner or such
        Depositor to comply with the provisions of Regulation AB, together with such
        disclosures relating to the Servicer, any Subservicer and the Mortgage Loans,
        or
        the servicing of the Mortgage Loans, reasonably believed by the Owner or
        any
        Depositor to be necessary in order to effect such compliance.

       

      ARTICLE
        VII 

       

      REPORTS
        TO BE PREPARED BY SERVICER

       

      Section
        7.01.    Servicer Shall Provide Information as Reasonably
        Required.

       

      The
        Servicer shall furnish to the Owner upon request, during the term of this
        Agreement, such periodic, special or other reports or information, whether
        or
        not provided for herein, as shall be necessary, reasonable or appropriate
        with
        respect to the purposes of this Agreement.  The Servicer may negotiate
        with the Owner for a reasonable fee for providing such report or information,
        unless (i) the Servicer is required to supply such report or information
        pursuant to any other section of this Agreement, or (ii) the report or
        information has been requested in connection with Internal Revenue Service
        or
        other regulatory agency requirements.  All such reports or information
        shall be provided by and in accordance with all reasonable instructions and
        directions given by the Owner. The Servicer agrees to execute and deliver
        all
        such instruments and take all such action as the Owner, from time to time,
        may
        reasonably request in order to effectuate the purpose and to carry out the
        terms
        of this Agreement.

       

      ARTICLE
        VIII 

       

      THE
        SERVICER

       

      Section
        8.01.    Indemnification; Third Party Claims.

       

      The
        Servicer agrees to indemnify the Owner, its successors and assigns, any agent
        of
        the Owner, and the Master Servicer, and hold each of such Persons harmless
        from
        and against any and all claims, losses, damages, penalties, fines, forfeitures,
        legal fees and related costs, judgments, and any other costs, fees and expenses
        that such Person may sustain in any way related to the failure of the Servicer
        to perform in any way its duties and service the Mortgage Loans in strict
        compliance with the terms of this Agreement and for breach of any representation
        or warranty of the Servicer contained herein.  The Servicer shall
        immediately notify the Owner or other indemnified Person if a claim is made
        by a
        third party with respect to this Agreement or the Mortgage Loans, assume
        (with
        the consent of the Owner and such other Indemnified Person and with counsel
        reasonably satisfactory to the Owner and such Person) the defense of any
        such
        claim and pay all expenses in connection therewith, including counsel fees,
        and
        promptly pay, discharge and satisfy any judgment or decree which may be entered
        against it or such other indemnified Person in respect of such claim but
        failure
        to so notify the Owner and such other indemnified Person shall not limit
        its
        obligations hereunder.  The Servicer agrees that it will not enter
        into any settlement of any such claim without the consent of the Owner and
        such
        other indemnified Person unless such settlement includes an unconditional
        release of the Owner and such other indemnified Person from all liability
        that
        is the subject matter of such claim.  The provisions of this Section
        8.01 shall survive termination of this Agreement.

       

      Section
        8.02.    Merger or Consolidation of the
        Servicer.

       

      The
        Servicer will keep in full effect its existence, rights and franchises as
        a
        corporation under the laws of the state of its incorporation except as permitted
        herein, and will obtain and preserve its qualification to do business as
        a
        foreign corporation in each jurisdiction in which such qualification is or
        shall
        be necessary to protect the validity and enforceability of this Agreement
        or any
        of the Mortgage Loans and to perform its duties under this
        Agreement.

       

      Any
        Person into which the Servicer may be merged or consolidated, or any corporation
        resulting from any merger, conversion or consolidation to which the Servicer
        shall be a party, or any Person succeeding to the business of the Servicer
        whether or not related to loan servicing, shall be the successor of the Servicer
        hereunder, without the execution or filing of any paper or any further act
        on
        the part of any of the parties hereto, anything herein to the contrary
        notwithstanding; provided, however, that the successor or surviving Person
        shall
        be an institution (i) having a GAAP net worth of not less than $25,000,000,
        (ii)
        the deposits of which are insured by the FDIC, or which is a HUD-approved
        mortgagee whose primary business is in origination and servicing of first
        lien
        mortgage loans, and (iii) which is a Fannie Mae or Freddie Mac approved
        seller/servicer in good standing.

       

      Section
        8.03.    Limitation on Liability of the Servicer and
        Others.

       

      Neither
        the Servicer nor any of the officers, employees or agents of the Servicer
        shall
        be under any liability to the Owner for any action taken or for refraining
        from
        the taking of any action in good faith pursuant to this Agreement, or for
        errors
        in judgment made in good faith; provided, however, that this provision shall
        not
        protect the Servicer or any such person against any breach of warranties
        or
        representations made herein, or failure to perform in any way its obligations
        in
        compliance with any standard of care set forth in this Agreement, or any
        liability which would otherwise be imposed by reason of gross negligence
        or any
        breach of the terms and conditions of this Agreement.  The Servicer
        and any officer, employee or agent of the Servicer may rely in good faith
        on any
        document of any kind prima facie properly executed and submitted by the Owner
        respecting any matters arising hereunder.  The Servicer shall not be
        under any obligation to appear in, prosecute or defend any legal action which
        is
        not incidental to its duties to service the Mortgage Loans in accordance
        with
        this Agreement and which in its opinion may involve it in any expenses or
        liability; provided, however, that the Servicer may, with the consent of
        the
        Owner, which consent shall not be unreasonably withheld, undertake any such
        action which it may deem necessary or desirable with respect to this Agreement
        and the rights and duties of the parties hereto.  In such event, the
        reasonable legal expenses and costs of such action and any liability resulting
        therefrom shall be expenses, costs and liabilities for which the Owner will
        be
        liable, and the Servicer shall be entitled to be reimbursed therefor from
        the
        Custodial Account pursuant to Section 4.05.

       

      Section
        8.04.    Servicer Not to Resign.

       

      The
        Servicer shall not resign from the obligations and duties hereby imposed
        on it
        except by mutual consent of the Servicer and the Owner or upon the determination
        that its duties hereunder are no longer permissible under applicable law
        and
        such incapacity cannot be cured by the Servicer.  Any such
        determination permitting the resignation of the Servicer shall be evidenced
        by
        an Opinion of Counsel to such effect delivered to the Owner which Opinion
        of
        Counsel shall be in form and substance acceptable to the Owner.  No
        such resignation shall become effective until a successor shall have assumed
        the
        Servicer's responsibilities and obligations hereunder in the manner provided
        in
        Section 11.01.

       

      Section
        8.05.    No Transfer of Servicing.

       

      With
        respect to the retention of the Servicer to service the Mortgage Loans
        hereunder, the Servicer acknowledges that the Owner has acted in reliance
        upon
        the Servicer's independent status, the adequacy of its servicing facilities,
        plan, personnel, records and procedures, its integrity, reputation and financial
        standing and the continuance thereof.  Without in any way limiting the
        generality of this section, the Servicer shall not either assign this Agreement
        or the servicing hereunder or delegate its rights or duties hereunder or
        any
        portion thereof, or sell or otherwise dispose of all or substantially all
        of its
        property or assets, without the prior written approval of the Owner, which
        approval shall not be unreasonably withheld; provided that the Servicer may
        assign the Agreement and the servicing hereunder without the consent of Owner
        to
        an affiliate of the Servicer to which all servicing of the Servicer is assigned
        so long as (i) such affiliate is a Fannie Mae and Freddie Mac approved servicer
        and (ii) if it is intended that such affiliate be spun off to the shareholders
        of the Servicer, such affiliate have a GAAP net worth of at least $25,000,000
        and (iii) such affiliate shall deliver to the Owner a certification pursuant
        to
        which such affiliate shall agree to be bound by the terms and conditions
        of this
        Agreement and shall certify that such affiliate is a Fannie Mae and Freddie
        Mac
        approved servicer in good standing.

       

      ARTICLE
        IX 

       

      DEFAULT

       

      Section
        9.01.    Events of Default.

       

      In
        case
        one or more of the following Events of Default by the Servicer shall occur
        and
        be continuing, that is to say:

       

      (i)           any
        failure by the Servicer to remit to the Owner any payment required to be
        made
        under the terms of this Agreement which continues unremedied for one (1)
        Business Day after written notice thereof (it being understood that this
        subparagraph shall not affect Servicer's obligation pursuant to Section 5.01
        to
        pay default interest on any remittance received by the Owner after the Business
        Day on which such payment was due); or

       

      (ii)           any
        failure on the part of the Servicer duly to observe or perform in any material
        respect any other of the covenants or agreements on the part of the Servicer
        set
        forth in this Agreement (other than those described in clause (ix) hereof),
        the
        breach of which has a material adverse effect and which continue unremedied
        for
        a period of thirty days (except that such number of days shall be fifteen
        in the
        case of a failure to pay any premium for any insurance policy required to
        be
        maintained under this Agreement and such failure shall be deemed to have
        a
        material adverse effect) after the date on which written notice of such failure,
        requiring the same to be remedied, shall have been given to the Servicer
        by the
        Owner; or

       

      (iii)           a
        decree or order of a court or agency or supervisory authority having
        jurisdiction for the appointment of a conservator or receiver or liquidator
        in
        any insolvency, bankruptcy, readjustment of debt, marshaling of assets and
        liabilities or similar proceedings, or for the winding-up or liquidation
        of its
        affairs, shall have been entered against the Servicer and such decree or
        order
        shall have remained in force undischarged or unstayed for a period of sixty
        days; or

       

      (iv)           the
        Servicer shall consent to the appointment of a conservator or receiver or
        liquidator in any insolvency, bankruptcy, readjustment of debt, marshaling
        of
        assets and liabilities or similar proceedings of or relating to the Servicer
        or
        of or relating to all or substantially all of its property; or

       

      (v)           the
        Servicer shall admit in writing its inability to pay its debts generally
        as they
        become due, file a petition to take advantage of any applicable insolvency
        or
        reorganization statute, make an assignment for the benefit of its creditors,
        or
        voluntarily suspend payment of its obligations; or

       

      (vi)           the
        Servicer ceases to be approved by either Fannie Mae or Freddie Mac (to the
        extent such entities are then operating in a capacity similar to that in
        which
        they operate on the date hereof) as a mortgage loan servicer for more than
        thirty days to the extent such entities perform similar functions;
        or

       

      (vii)           the
        Servicer attempts to assign its right to servicing compensation hereunder
        or the
        Servicer attempts, without the consent of the Owner, to sell or otherwise
        dispose of all or substantially all of its property or assets or to assign
        this
        Agreement or the servicing responsibilities hereunder or to delegate its
        duties
        hereunder or any portion thereof except as otherwise permitted herein;
        or

       

      (viii)                      the
        Servicer ceases to be qualified to transact business in any jurisdiction
        where
        it is currently so qualified, but only to the extent such non-qualification
        materially and adversely affects the Servicer's ability to perform its
        obligations hereunder; or

       

      (ix)           failure
        by the Servicer to duly perform, within the required time period, its
        obligations under Section 6.04, 6.09 or any of clauses (v) through (viii)
        of
        Section 10.02;

       

      then,
        and
        in each and every such case, so long as an Event of Default shall not have
        been
        remedied, the Owner, by notice in writing to the Servicer may, in addition
        to
        whatever rights the Owner may have under Section 8.01 and at law or equity
        to
        damages, including injunctive relief and specific performance, terminate
        all the
        rights and obligations of the Servicer (and if the Servicer is servicing
        any of
        the Mortgage Loans in a Pass-Through Transfer, appoint a successor servicer
        reasonably acceptable to the Master Servicer for such Pass-Through Transfer)
        under this Agreement and in and to the Mortgage Loans and the proceeds thereof
        without compensating the Servicer for the same.  On or after the
        receipt by the Servicer of such written notice, all authority and power of
        the
        Servicer under this Agreement, whether with respect to the Mortgage Loans
        or
        otherwise, shall pass to and be vested in the successor appointed pursuant
        to
        Section 11.01.  Upon written request from the Owner, the Servicer
        shall prepare, execute and deliver, any and all documents and other instruments,
        place in such successor's possession all Servicing Files, and do or accomplish
        all other acts or things necessary or appropriate to effect the purposes
        of such
        notice of termination, whether to complete the transfer and endorsement or
        assignment of the Mortgage Loans and related documents, or otherwise, at
        the
        Servicer's sole expense.  The Servicer agrees to cooperate with the
        Owner and such successor in effecting the termination of the Servicer's
        responsibilities and rights hereunder, including, without limitation, the
        transfer to such successor for administration by it of all cash amounts which
        shall at the time be credited by the Servicer to the Custodial Account or
        Escrow
        Account or thereafter received with respect to the Mortgage Loans or any
        REO
        Property.

       

      The
        Servicer shall promptly reimburse the Owner (or any designee of the Owner,
        such
        as a master servicer) and any Depositor, as applicable, for all reasonable
        expenses incurred by the Owner (or such designee) or such Depositor, as such
        are
        incurred, in connection with the termination of the Servicer as servicer
        and the
        transfer of servicing of the Mortgage Loans to a successor servicer, if the
        termination and/or transfer of servicing is for cause related to a servicer
        default. The provisions of this paragraph shall not limit whatever rights
        the
        Owner or any Depositor may have under other provisions of this Agreement
        and/or
        any applicable Reconstitution Agreement or otherwise, whether in equity or
        at
        law, such as an action for damages, specific performance or injunctive
        relief.

       

      Section
        9.02.    Waiver of Defaults.

       

      The
        Owner
        may waive only by written notice any default by the Servicer in the performance
        of its obligations hereunder and its consequences.  Upon any such
        waiver of a past default, such default shall cease to exist, and any Event
        of
        Default arising therefrom shall be deemed to have been remedied for every
        purpose of this Agreement.  No such waiver shall extend to any
        subsequent or other default or impair any right consequent thereon except
        to the
        extent expressly so waived in writing.

       

      ARTICLE
        X 

       

      TERMINATION

       

      Section
        10.01.    Termination.

       

      The
        respective obligations and responsibilities of the Servicer shall terminate
        upon: (i) the later of the final payment or other liquidation (or any advance
        with respect thereto) of the last Mortgage Loan or the disposition of all
        REO
        Property and the remittance of all funds due hereunder; or (ii) by mutual
        consent of the Servicer and the Owner in writing; or (iii) termination by
        the
        Owner pursuant to Section 9.01. Simultaneously with any such termination
        and the
        transfer of servicing hereunder, the Servicer shall be entitled to be reimbursed
        for any outstanding Servicing Advances and Monthly Advances.

       

      Section
        10.02.     Cooperation of Servicer with a
        Reconstitution.

       

      The
        Servicer and the Owner agree that with respect to some or all of the Mortgage
        Loans, on or after the related closing date, on one or more dates (each a
        "Reconstitution Date") at the Owner's sole option, the Owner may effect a
        sale
        (each, a "Reconstitution") of some or all of the Mortgage Loans then subject
        to
        this Agreement, without recourse, to:

       

      (a)           one
        or more third party purchasers in one or more in whole loan transfers (each,
        a
        "Whole Loan Transfer"); or

       

      (b)           one
        or more trusts or other entities to be formed as part of one or more
        Pass-Through Transfers.

       

      The
        Servicer agrees to execute in connection with any agreements among the Owner,
        the Servicer, and any servicer in connection with a Whole Loan Transfer,
        an
        assignment, assumption and recognition agreement, or, at Owner’s request, a
        seller's warranties and servicing agreement or a participation and servicing
        agreement or similar agreement in form and substance reasonably acceptable
        to
        the parties, and in connection with a Pass-Through Transfer, a pooling and
        servicing agreement in form and substance reasonably acceptable to the
        parties.  It is understood that any such Reconstitution Agreements
        will not contain any greater obligations on the part of Servicer than are
        contained in this Agreement.

       

      With
        respect to each Whole Loan Transfer and each Pass-Through Transfer entered
        into
        by the Owner, the Servicer agrees (1) to cooperate fully with the Owner and
        any
        prospective purchaser with respect to all reasonable requests and due diligence
        procedures; (2) to execute, deliver and perform all Reconstitution Agreements
        required by the Owner; (3) to restate the representations and warranties
        set
        forth in this Agreement as of the settlement or closing date in connection
        with
        such Reconstitution (each, a "Reconstitution Date").

       

      In
        addition, the Servicer shall provide to such servicer or issuer, as the case
        may
        be, and any other participants in such Reconstitution:

       

      (i)           any
        and all information and appropriate verification of information which may
        be
        reasonably available to the Servicer, whether through letters of its auditors
        and counsel or otherwise, as the Owner or any such other participant shall
        request upon reasonable demand;

       

      (ii)           such
        additional representations, warranties, covenants, opinions of counsel, letters
        from auditors, and certificates of public officials or officers of the Servicer
        as are reasonably agreed upon by the Servicer and the Owner or any such other
        participant;

       

      (iii)           within
        5 Business Days after request by the Owner, the information with respect
        to the
        Servicer (as servicer) as required by Item 1108(b) and (c) of Regulation
        AB, a
        summary of the requirements of which as of the date hereof is attached hereto
        as
Exhibit I for convenience of reference only, as determined by Owner in
        its sole discretion.  In the event that the Servicer has delegated any
        servicing responsibilities with respect to the Mortgage Loans to a Subservicer,
        the Servicer shall provide the information required pursuant to this clause
        with
        respect to the Subservicer;

       

      (iv)           within
        5 Business Days after request by the Owner,

       

      (a)
        information regarding any legal
        proceedings pending (or known to be contemplated) against the Servicer (as
        servicer) and each Subservicer as required by Item 1117 of Regulation AB,
        a
        summary of the requirements of which as of the date hereof is attached hereto
        as
Exhibit I for convenience of reference only, as determined by Owner in
        its sole discretion,

       

      (b)
        information regarding affiliations
        with respect to the Servicer (as servicer) and each Subservicer as required
        by
        Item 1119(a) of Regulation AB, a summary of the requirements of which as
        of the
        date hereof is attached hereto as Exhibit I for convenience of reference
        only, as determined by Owner in its sole discretion, and

       

      

      (c)
        information regarding relationships and transactions with respect to the
        Servicer (as servicer) and each Subservicer as required by Item 1119(b) and
        (c)
        of Regulation AB, a summary of the requirements of which as of the date hereof
        is attached hereto as Exhibit I for convenience of reference only, as
        determined by Owner in its sole discretion;

       

      (v)           for
        the purpose of satisfying the reporting obligation under the Exchange Act
        with
        respect to any class of asset-backed securities, the Servicer shall (or shall
        cause each Subservicer to) (i) provide prompt notice to the Owner, the Master
        Servicer and any Depositor in writing of (A) any material litigation or
        governmental proceedings involving the Servicer or any Subservicer, (B) any
        affiliations or relationships that develop following the closing date of
        a
        Pass-Through Transfer between the Servicer or any Subservicer and any of
        the
        parties specified in clause (D) of paragraph (a) of this Section (and any
        other
        parties identified in writing by the requesting party) with respect to such
        Pass-Through Transfer, (C) any Event of Default under the terms of this
        Agreement or any Reconstitution Agreement, (D) any merger,
        consolidation  or sale of substantially all of the assets of the
        Servicer, and (E) the Servicer’s entry into an agreement with a Subservicer to
        perform or assist in the performance of any of the Servicer’s obligations under
        this Agreement or any Reconstitution Agreement and (ii) provide to the Owner
        and
        any Depositor a description of such proceedings, affiliations or
        relationships;

       

      (vi)           as
        a condition to the succession to the Servicer or any Subservicer as servicer
        or
        subservicer under this Agreement or any Reconstitution Agreement by any Person
        (i) into which the Servicer or such Subservicer may be merged or consolidated,
        or (ii) which may be appointed as a successor to the Servicer or any
        Subservicer, the Servicer shall provide to the Owner, the Master Servicer,
        and
        any Depositor, at least 15 calendar days prior to the effective date of such
        succession or appointment, (x) written notice to the Owner and any Depositor
        of
        such succession or appointment and (y) in writing and in form and substance
        reasonably satisfactory to the Owner and such Depositor, all information
        reasonably requested by the Owner or any Depositor in order to comply with
        its
        reporting obligation under Item 6.02 of Form 8-K with respect to any class
        of
        asset-backed securities;

       

      (vii)           in
        addition to such information as the Servicer, as servicer, is obligated to
        provide pursuant to other provisions of this Agreement, not later than ten
        days
        prior to the deadline for the filing of any distribution report on Form 10-D
        in
        respect of any Pass-Through Transfer that includes any of the Mortgage Loans
        serviced by the Servicer or any Subservicer, the Servicer or such Subservicer,
        as applicable, shall, to the extent the Servicer or such Subservicer has
        knowledge, provide to the party responsible for filing such report (including,
        if applicable, the Master Servicer) notice of the occurrence of any of the
        following events along with all information, data, and materials related
        thereto
        as may be required to be included in the related distribution report on Form
        10-D (as specified in the provisions of Regulation AB referenced
        below):

       

      (A)           any
        material modifications, extensions or waivers of pool asset terms, fees,
        penalties or payments during the distribution period or that have cumulatively
        become material over time (Item 1121(a)(11) of Regulation AB);

       

      (B)           material
        breaches of pool asset representations or warranties or transaction covenants
        (Item 1121(a)(12) of Regulation AB); and

       

      (C)           information
        regarding new asset-backed securities issuances backed by the same pool assets,
        any pool asset changes (such as, additions, substitutions or repurchases),
        and
        any material changes in origination, underwriting or other criteria for
        acquisition or selection of pool assets (Item 1121(a)(14) of Regulation AB);
        and

       

      (viii)                      the
        Servicer shall provide to the Owner, the Master Servicer and any Depositor,
        evidence of the authorization of the person signing any certification or
        statement, copies or other evidence of Fidelity Bond Insurance and Errors
        and
        Omission Insurance policy, financial information and reports, and such other
        information related to the Servicer or any Subservicer or the Servicer or
        such
        Subservicer’s performance hereunder.

       

      In
        the
        event of a conflict or inconsistency between the terms of Exhibit I and
        the text of the applicable Item of Regulation AB as cited above, the text
        of
        Regulation AB, its adopting release and other public statements of the SEC
        shall
        control.

       

      The
        Servicer shall indemnify the Owner, each affiliate of the Owner, and each
        of the
        following parties participating in a Pass-Through Transfer: each issuing
        entity;
        each Person (including, but not limited to, the Master Servicer, if applicable)
        responsible for the preparation, execution or filing of any report required
        to
        be filed with the Commission with respect to such Pass-Through Transfer,
        or for
        execution of a certification pursuant to Rule 13a-14(d) or Rule 15d-14(d)
        under
        the Exchange Act with respect to such Pass-Through Transfer; each broker
        dealer
        acting as underwriter, placement agent or initial purchaser, each Person
        who
        controls any of such parties or the Depositor (within the meaning of Section
        15
        of the Securities Act and Section 20 of the Exchange Act); and the respective
        present and former directors, officers, employees, agents and affiliates
        of each
        of the foregoing and of the Depositor (each, an “Indemnified Party”), and shall
        hold each of them harmless from and against any claims, losses, damages,
        penalties, fines, forfeitures, legal fees and expenses and related costs,
        judgments, and any other costs, fees and expenses that any of them may sustain
        arising out of or based upon:

       

      (i)(A)
        any untrue statement of a material fact contained or alleged to be contained
        in
        any information, report, certification, data, accountants’ letter or other
        material provided under this Section 10.02 by or on behalf of the Servicer,
        or
        provided under this Section 10.02, Sections 6.04 and 6.09 and by or on behalf
        of
        any Subservicer or Subcontractor (collectively, the “Servicer Information”), or
        (B) the omission or alleged omission to state in the Servicer Information
        a
        material fact required to be stated in the Servicer Information or necessary
        in
        order to make the statements therein, in the light of the circumstances under
        which they were made, not misleading; provided, by way of clarification,
        that
        clause (B) of this paragraph shall be construed solely by reference to the
        Servicer Information and not to any other information communicated in connection
        with a sale or purchase of securities, without regard to whether the Servicer
        Information or any portion thereof is presented together with or separately
        from
        such other information;

       

      (ii)
        any
        breach by the Servicer of its obligations under this Section 10.02, including
        particularly any failure by the Servicer, any Subservicer or any Subcontractor
        to deliver any information, report, certification, accountants’ letter or other
        material when and as required under this Section 10.02, including any failure
        by
        the Servicer to identify pursuant to Section 11.15 any Subcontractor
“participating in the servicing function” within the meaning of Item 1122 of
        Regulation AB;

       

      (iii)
        any
        breach by the Servicer of a representation or warranty set forth in Section
        Article III or in a writing furnished pursuant to clause (h) of Article III
        and
        made as of a date prior to the closing date of the related Pass-Through
        Transfer, to the extent that such breach is not cured by such closing date,
        or
        any breach by the Servicer of a representation or warranty in a writing
        furnished pursuant to clause (h) of Article III to the extent made as of
        a date
        subsequent to such closing date; or

       

      (iv)
        the
        negligence bad faith or willful misconduct of the Servicer in connection
        with
        its performance under this Section 10.02.

       

      If
        the
        indemnification provided for herein is unavailable or insufficient to hold
        harmless an Indemnified Party, then the Servicer agrees that it shall contribute
        to the amount paid or payable by such Indemnified Party as a result of any
        claims, losses, damages or liabilities incurred by such Indemnified Party
        in
        such proportion as is appropriate to reflect the relative fault of such
        Indemnified Party on the one hand and the Servicer on the other.

       

      In
        the
        case of any failure of performance described above, the Servicer shall promptly
        reimburse the Owner, any Depositor, as applicable, and each Person responsible
        for the preparation, execution or filing of any report required to be filed
        with
        the Commission with respect to such Pass-Through Transfer, or for execution
        of a
        certification pursuant to Rule 13a-14(d) or Rule 15d-14(d) under the Exchange
        Act with respect to such Pass-Through Transfer, for all costs reasonably
        incurred by each such party in order to obtain the information, report,
        certification, accountants’ letter or other material not delivered pursuant to
        this Section or Section 6.04 or Section 6.09 as required by the Servicer,
        any
        Subservicer or any Subcontractor.

       

      This
        indemnification shall survive the termination of this Agreement or the
        termination of any party to this Agreement.

       

      All
        Mortgage Loans not sold or transferred pursuant to a Whole Loan Transfer
        or Pass
        Through Transfer shall be subject to this Agreement and shall continue to
        be
        serviced in accordance with the terms of this Agreement and with respect
        thereto
        this Agreement shall remain in full force and effect.

       

      Section
        10.03.    Master Servicer.

       

      The
        Servicer, including any successor servicer hereunder, shall be subject to
        the
        supervision of the Master Servicer, which Master Servicer shall be obligated
        to
        ensure that the Servicer services the Mortgage Loans in accordance with the
        provisions of this Agreement.  The Master Servicer, acting on behalf
        of the Owner, shall have the same rights as the Owner to enforce the obligations
        of the Servicer under this Agreement.  The Master Servicer, or the
        entity specified in the related pooling and servicing agreement, shall be
        entitled to terminate the rights and obligations of the Servicer under this
        Agreement upon the failure of the Servicer to perform any of its obligations
        under this Agreement if such failure constitutes an Event of Default as provided
        in Article IX of this Agreement.  Notwithstanding anything to the
        contrary, in no event shall the Master Servicer assume any of the obligations
        of
        the Owner under this Agreement.

       

      ARTICLE
        XI 

       

      MISCELLANEOUS
        PROVISIONS

       

      Section
        11.01.    Successor to the Servicer.

       

      Prior
        to
        termination of the Servicer's responsibilities and duties under this Agreement
        pursuant to Sections 8.04, 9.01 or 10.01(ii), the Owner shall (i) succeed
        to and
        assume all of the Servicer's responsibilities, rights, duties and obligations
        under this Agreement, or (ii) appoint a successor having the characteristics
        set
        forth in Section 8.02 hereof and which shall succeed to all rights and assume
        all of the responsibilities, duties and liabilities of the Servicer under
        this
        Agreement prior to the termination of the Servicer's responsibilities, duties
        and liabilities under this Agreement.  In connection with such
        appointment and assumption, the Owner may make such arrangements for the
        compensation of such successor out of payments on Mortgage Loans as the Owner
        and such successor shall agree.  In the event that the Servicer's
        duties, responsibilities and liabilities under this Agreement should be
        terminated pursuant to the aforementioned sections, the Servicer shall discharge
        such duties and responsibilities during the period from the date it acquires
        knowledge of such termination until the effective date thereof with the same
        degree of diligence and prudence which it is obligated to exercise under
        this
        Agreement, and shall take no action whatsoever that might impair or prejudice
        the rights or financial condition of its successor.  The resignation
        or removal of the Servicer pursuant to the aforementioned sections shall
        not
        become effective until a successor shall be appointed pursuant to this section
        and shall in no event relieve the Servicer of the representations and warranties
        made pursuant to Article III and the remedies available to the Owner under
        Section 8.01, it being understood and agreed that the provisions of such
        Article
        III and Section 8.01 shall be applicable to the Servicer notwithstanding
        any
        such resignation or termination of the Servicer, or the termination of this
        Agreement.

       

      Any
        successor appointed as provided herein shall execute, acknowledge and deliver
        to
        the Servicer and to the Owner an instrument accepting such appointment,
        whereupon such successor shall become fully vested with all the rights, powers,
        duties, responsibilities, obligations and liabilities of the Servicer, with
        like
        effect as if originally named as a party to this Agreement.  Any
        termination or resignation of the Servicer or this Agreement pursuant to
        Section
        8.04, 9.01 or 10.01 shall not affect any claims that the Owner may have against
        the Servicer arising prior to any such termination or resignation.

       

      The
        Servicer shall promptly deliver to the successor the funds in the Custodial
        Account and the Escrow Account and the Servicing Files and related documents
        and
        statements held by it hereunder and the Servicer shall account for all
        funds.  The Servicer shall execute and deliver such instruments and do
        such other things all as may reasonably be required to more fully and definitely
        vest and confirm in the successor all such rights, powers, duties,
        responsibilities, obligations and liabilities of the Servicer.  The
        successor shall make such arrangements as it may deem appropriate to reimburse
        the Servicer for unrecovered Monthly Advances and Servicing Advances which
        the
        successor retains hereunder and which would otherwise have been recovered
        by the
        Servicer pursuant to this Agreement but for the appointment of the successor
        servicer.

       

      Upon
        a
        successor's acceptance of appointment as such, the Servicer shall notify
        the
        Owner of such appointment.

       

      All
        reasonable costs and expenses incurred in connection with replacing the Servicer
        upon its resignation or the termination of the Servicer in accordance with
        the
        terms of this Agreement, including, without limitation, (i) all legal costs
        and
        expenses and all due diligence costs and expenses associated with an evaluation
        of the potential termination of the Servicer as a result of an Event of Default
        and (ii) all costs and expenses associated with the complete transfer of
        servicing, including all servicing files and all servicing data and the
        completion, correction or manipulation of such servicing data as may be required
        by the successor servicer to correct any errors or insufficiencies in the
        servicing data or otherwise to enable the successor service to service the
        Mortgage Loans in accordance with this Agreement, shall be payable on demand
        by
        the resigning or terminated Servicer without any right of reimbursement
        therefor.

       

      Section
        11.02.    Amendment.

       

      This
        Agreement may be amended from time to time by the Servicer and the Owner
        by
        written agreement signed by the Servicer and the Owner.

       

      Section
        11.03.    Recordation of Agreement.

       

      To
        the
        extent permitted by applicable law, this Agreement is subject to recordation
        in
        all appropriate public offices for real property records in all the counties
        or
        other comparable jurisdictions in which any of all the properties subject
        to the
        Mortgages are situated, and in any other appropriate public recording office
        or
        elsewhere, such recordation to be effected by the Servicer at the Owner's
        expense on direction of the Owner accompanied by an opinion of counsel to
        the
        effect that such recordation materially and beneficially affects the interest
        of
        the Owner or is necessary for the administration or servicing the Mortgage
        Loans.

       

      Section
        11.04.    Governing Law.

       

      THIS
        AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL
        LAWS OF THE STATE OF NEW YORK WITHOUT GIVING EFFECT TO PRINCIPLES OF CONFLICTS
        OF LAWS.  THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES
        HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

       

      

      Section
        11.05.    Notices.

       

      Any
        demands, notices or other communications permitted or required hereunder
        shall
        be in writing and shall be deemed conclusively to have been given if personally
        delivered at or mailed by registered mail, postage prepaid, and return receipt
        requested or transmitted by telecopier and confirmed by a similar mailed
        writing, as follows:

       

      (i)           if
        to the Servicer:

      

      EMC
        Mortgage Corporation

      2780
        Lake
        Vista Drive

      Lewisville,
        Texas 75067

      Attention:  General
        Counsel

      Telecopier
        No.:  (469) 759-4714

      

      (ii)           if
        to the Owner:

      

      Bear,
        Stearns & Co.
        Inc.

      383
        Madison Ave.

      New
        York, New York 10179

      Attention:  Global
        Credit
        Administration

      Telecopier
        No.:  (212)
        272-3751

      

      

      (iii)           if
        to the Master Servicer:

      

      EMC
        Mortgage Corporation

      2780
        Lake Vista Drive

      Lewisville,
        Texas 75067

      Attention:  Michelle
        Viner

      Telecopier
        No.:  (214)
        626-4889

      Email:
mviner@bear.com

      

      

      or
        such
        other address as may hereafter be furnished to the other party by like
        notice.  Any such demand, notice, or communication hereunder shall be
        deemed to have been received on the date delivered to or received at the
        premises of the address (as evidenced, in the case of registered or certified
        mail, by the date noted on the return receipt).

       

      

      Section
        11.06.    Severability of Provisions.

       

      Any
        part,
        provision, representation or warranty of this Agreement which is prohibited
        or
        which is held to be void or unenforceable shall be ineffective to the extent
        of
        such prohibition or unenforceability without invalidating the remaining
        provisions hereof.  Any part, provision, representation or warranty of
        this Agreement which is prohibited or unenforceable or is held to be void
        or
        unenforceable in any jurisdiction shall be ineffective, as to such jurisdiction,
        to the extent of such prohibition or unenforceability without invalidating
        the
        remaining provisions hereof, and any such prohibition or unenforceability
        in any
        jurisdiction as to any Mortgage Loan shall not invalidate or render
        unenforceable such provision in any other jurisdiction.  To the extent
        permitted by applicable law, the parties hereto waive any provision of law
        which
        prohibits or renders void or unenforceable any provision hereof.  If
        the invalidity of any part, provision, representation or warranty of this
        Agreement shall deprive any party of the economic benefit intended to be
        conferred by this Agreement, the parties shall negotiate, in good faith,
        to
        develop a structure the economic effect of which is nearly as possible the
        same
        as the economic effect of this Agreement without regard to such
        invalidity.

       

      Section
        11.07.    Exhibits

       

      The
        exhibits to this Agreement are hereby incorporated and made a part hereof
        and
        are an integral part of this Agreement.

       

      Section
        11.08.    General Interpretive Principles.

       

      For
        purposes of this Agreement, except as otherwise expressly provided or unless
        the
        context otherwise requires:

       

      (i)           the
        terms defined in this Agreement have the meanings assigned to them in this
        Agreement and include the plural as well as the singular, and the use of
        any
        gender herein shall be deemed to include the other gender;

       

      (ii)           accounting
        terms not otherwise defined herein have the meanings assigned to them in
        accordance with generally accepted accounting principles;

       

      (iii)           references
        herein to "Articles," "Sections," "Subsections," "Paragraphs," and other
        subdivisions without reference to a document are to designated Articles,
        Sections, Subsections, Paragraphs and other subdivisions of this
        Agreement;

       

      (iv)           a
        reference to a Subsection without further reference to a Section is a reference
        to such Subsection as contained in the same Section in which the reference
        appears, and this rule shall also apply to Paragraphs and other
        subdivisions;

       

      (v)           the
        words "herein," "hereof," "hereunder" and other words of similar import refer
        to
        this Agreement as a whole and not to any particular provision; and

       

      (vi)           the
        term "include" or "including" shall mean without limitation by reason of
        enumeration.

       

      Section
        11.09.    Reproduction of Documents.

       

      This
        Agreement and all documents relating hereto, including, without limitation,
        (i)
        consents, waivers and modifications which may hereafter be executed, (ii)
        documents received by any party at the closing, and (iii) financial statements,
        certificates and other information previously or hereafter furnished, may
        be
        reproduced by any photographic, photostatic, microfilm, micro-card, miniature
        photographic or other similar process.  The parties agree that any
        such reproduction shall be admissible in evidence as the original itself
        in any
        judicial or administrative proceeding, whether or not the original is in
        existence and whether or not such reproduction was made by a party in the
        regular course of business, and that any enlargement, facsimile or further
        reproduction of such reproduction shall likewise be admissible in
        evidence.

       

      Section
        11.10.    Confidentiality of Information.

       

      Each
        party recognizes that, in connection with this Agreement, it may become privy
        to
        non-public information regarding the financial condition, operations and
        prospects of the other party.  Except as required to be disclosed by
        law, each party agrees to keep all non-public information regarding the other
        party strictly confidential, and to use all such information solely in order
        to
        effectuate the purpose of this Agreement.

       

      Section
        11.11.    Assignment by the Owner.

       

      The
        Owner
        shall have the right, without the consent of the Servicer hereof, to assign,
        in
        whole or in part, its interest under this Agreement with respect to some
        or all
        of the Mortgage Loans, and designate any person to exercise any rights of
        the
        Owner hereunder, by executing an assignment and assumption agreement reasonably
        acceptable to the Servicer and the assignee or designee shall accede to the
        rights and obligations hereunder of the Owner with respect to such Mortgage
        Loans.  In no event shall Owner sell a partial interest in any
        Mortgage Loan.  All references to the Owner in this Agreement shall be
        deemed to include its assignees or designees.  It is understood and
        agreed between the Owners and the Servicer that no more than five (5) Persons
        shall have the right of owner under this Agreement at any one time.

       

      Section
        11.12.    No Partnership.

       

      Nothing
        herein contained shall be deemed or construed to create a co-partnership
        or
        joint venture between the parties hereto and the services of the Servicer
        shall
        be rendered as an independent contractor and not as agent for
        Owner.

       

      Section
        11.13.    Execution, Successors and Assigns.

       

      This
        Agreement may be executed in one or more counterparts and by the different
        parties hereto on separate counterparts, each of which, when so executed,
        shall
        be deemed to be an original; such counterparts, together, shall constitute
        one
        and the same agreement.  Subject to Section 8.05, this Agreement shall
        inure to the benefit of and be binding upon the Servicer and the Owner and
        their
        respective successors and assigns.

       

      Section
        11.14.    Entire Agreement.

       

      Each
        of
        the Servicer and the Owner acknowledge that no representations, agreements
        or
        promises were made to it by the other party or any of its employees other
        than
        those representations, agreements or promises specifically contained
        herein.  This Agreement sets forth the entire understanding between
        the parties hereto and shall be binding upon all successors of both
        parties.

       

      Section
        11.15. Use of Subservicers and Subcontractors.

      

      (a)           The
        Servicer shall not hire or otherwise utilize the services of any Subservicer
        to
        fulfill any of the obligations of the Servicer as servicer under this Agreement
        or any Reconstitution Agreement unless the Servicer complies with the provisions
        of paragraph (b) of this Section. The Servicer shall not hire or otherwise
        utilize the services of any Subcontractor, and shall not permit any Subservicer
        to hire or otherwise utilize the servicers of any Subcontractor, to fulfill
        any
        of the obligations of the Servicer as servicer under this Agreement or any
        Reconstitution Agreement unless the Servicer complies with the provisions
        of
        paragraph (d) of this Section.  The Servicer must notify the Owner,
        the Master Servicer and any Depositor in writing of any affiliations or
        relationships that develop following the closing date between the Servicer
        or
        any Subservicer.

      

      (b)           The
        Servicer shall cause any Subservicer used by the Servicer (or by any
        Subservicer) for the benefit of the Owner and any Depositor to comply with
        the
        provisions of this Section and with clauses (g) and (j) of Article III, Sections
        6.04, 6.09 and 10.02 of this Agreement to the same extent as if such Subservicer
        were the Owner, and to provide the information required with respect to such
        Subservicer under Section 3.01(i) of this Agreement. The Servicer shall be
        responsible for obtaining from each Subservicer and delivering to the Owner,
        the
        Master Servicer and any Depositor any Annual Statement of Compliance required
        to
        be delivered by such Subservicer under Section 6.04(a), any Assessment of
        Compliance and Attestation Report required to be delivered by such Subservicer
        under Section 6.09, any Annual Certification required under Section 6.04(b),
        any
        Additional Form 10-D Disclosure and any Form 8-K Disclosure Information,
        as and
        when required to be delivered.

      

      (c)           The
        Servicer shall promptly upon request provide to the Owner, the Master Servicer
        and any Depositor (or any designee of the Depositor, such as an administrator)
        a
        written description (in form and substance satisfactory to the Owner, the
        Master
        Servicer and such Depositor) of the role and function of each Subcontractor
        utilized by the Servicer or any Subservicer, specifying (i) the identity
        of each
        such Subcontractor, (ii) which (if any) of such Subcontractors are
“participating in the servicing function” within the meaning of Item 1122 of
        Regulation AB, and (iii) which elements of the Servicing Criteria will be
        addressed in assessments of compliance provided by each Subcontractor identified
        pursuant to clause (ii) of this paragraph.

      

      (d)           As
        a condition to the utilization of any
        Subcontractor determined to be “participating in the servicing function” within
        the meaning of Item 1122 of Regulation AB, the Servicer shall cause any such
        Subcontractor used by the Servicer (or by any Subservicer) for the benefit
        of
        the Owner and any Depositor to comply with the provisions of Sections 6.07
        and
        10.02 of this Agreement to the same extent as if such Subcontractor were
        the
        Servicer. The Servicer shall be responsible for obtaining from each
        Subcontractor and delivering to the Owner and any Depositor any Assessment
        of
        Compliance and Attestation Report and other certificates required to be
        delivered by such Subservicer and such Subcontractor under Section 6.09 (and
        any
        Annual Certification required under Section 6.09(b)), in each case as and
        when
        required to be delivered.

      

      11.16.    
        Third Party Beneficiary

       

      For
        purposes of this Agreement, each Master Servicer shall be considered a third
        party beneficiary to this Agreement, entitled to all the rights and benefits
        hereof as if it were a direct party to this Agreement.

       

      

      IN
        WITNESS WHEREOF, the Servicer and the Owner have caused their names to be
        signed
        hereto by their respective officers thereunto duly authorized as of the date
        and
        year first above written.

       

      

      
        	
                EMC
                  MORTGAGE CORPORATION,

                as
                  Servicer

                 

              
	 	 
	
                By:

              	 
	
                Name:

              	 
	
                Title:

              	 
	 
	 
	
                STRUCTURED
                  ASSET MORTGAGE INVESTMENTS

                II
                  INC.,

                as
                  Owner

                 

              
	 	 
	
                By:

              	 
	
                Name:

              	 
	
                Title:

              	 

      

      

      

      

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      EXHIBIT
        A

      

      MORTGAGE
        LOAN SCHEDULE

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      EXHIBIT
        B

      

      CUSTODIAL
        ACCOUNT LETTER AGREEMENT

      (date)

      

      

      To:______________________

      _________________________

      _________________________

          (the
        "Depository")

       

      As
        "Servicer" under the Servicing Agreement, dated as of August 1, 2007, (the
        "Agreement"), we hereby authorize and request you to establish an account,
        as a
        Custodial Account pursuant to Section 4.04 of the Agreement, to be designated
        as
        "EMC Custodial Account, in trust for SAMI II, Owner of Whole Loan Mortgages,
        and
        various Mortgagors."  All deposits in the account shall be subject to
        withdrawal therefrom by order signed by the Servicer.  You may refuse
        any deposit which would result in violation of the requirement that the account
        be fully insured as described below.  This letter is submitted to you
        in duplicate.  Please execute and return one original to
        us.

       

                       

      
        	
                By:

              	 
	
                Name:

              	 
	
                Title:

              	 
	 	 

      

      The
        undersigned, as "Depository", hereby certifies that the above described account
        has been established under Account Number __________, at the office of the
        depository indicated above, and agrees to honor withdrawals on such account
        as
        provided above.  The full amount deposited at any time in the account
        will be invested in Permitted Investments as defined in the
        Agreement.

       

      
        	
                [                  ]

                 

                 

                 (name
                  of Depository)

                 

              
	 	 
	
                By:

              	 
	
                Name:

              	 
	
                Title:

              	 

      

      

       

      

      EXHIBIT
        C

      

      ESCROW
        ACCOUNT LETTER AGREEMENT

      

      (date)

      

      To:___________________________

      ______________________________

      ______________________________

             (the
        "Depository")

       

      

      As
        "Servicer" under the Servicing Agreement, dated as of August 1, 2007 (the
        "Agreement"), we hereby authorize and request you to establish an account,
        as an
        Escrow Account pursuant to Section 4.06 of the Agreement, to be designated
        as
        "EMC Escrow Account, in trust for SAMI II, Owner of Whole Loan Mortgages,
        and
        various Mortgagors."  All deposits in the account shall be subject to
        withdrawal therefrom by order signed by the Servicer.  You may refuse
        any deposit which would result in violation of the requirement that the account
        be fully insured as described below.  This letter is submitted to you
        in duplicate.  Please execute and return one original to
        us.

       

                       

      
        	
                By:

              	 
	
                Name:

              	 
	
                Title:

              	 
	 	 

      

      The
        undersigned, as "Depository", hereby certifies that the above described account
        has been established under Account Number __________, at the office of the
        depository indicated above, and agrees to honor withdrawals on such account
        as
        provided above.  The full amount deposited at any time in the account
        will be invested in Permitted Investments as defined in the
        Agreement.

       

      
        	
                [                  ]

                 

                 

                 (name
                  of Depository)

                 

              
	 	 
	
                By:

              	 
	
                Name:

              	 
	
                Title:

              	 

      

       

       

      
 

      EXHIBIT
        D

      

      REQUEST
        FOR RELEASE OF DOCUMENTS

      

      To:           Wells
        Fargo Bank, N.A.

      1015
        10th
        Avenue Southeast, MS 0031

      Minneapolis,
        Minnesota
        55414

      Attn:  ________________

       

      Treasury
        Bank, a Division of Countrywide Bank, FSB

      4100
        East
        Los Angeles Avenue

      Simi
        Valley, California 93063

      Attn:  ________________

       

      

      
        	
                 

              	
                Re:

              	
                Custodial
                  Agreement dated as of August 31, 2007, between EMC Mortgage Corporation
                  and [Wells Fargo Bank, N.A.] [Treasury Bank, a Division of Countrywide
                  Bank, FSB], as Custodian

              

      

      

      In
        connection with the administration of the Mortgage Loans held by you as
        Custodian for the Owner pursuant to the above-captioned Custody Agreement,
        we
        request the release, and hereby acknowledge receipt, of the Custodian's 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.)

                 

              
	
                _______

                 

              	
                5.

                 

              	
                Nonliquidation      [Reason:_______________________________]

                 

                 

              

      

      

       

      Address
        to which Custodian should

       

      Deliver
        the Custodian's Mortgage File:

       

      
        	 
	 

      

      

       

      

      

      

       

      
        	
                By:

              	 
	 	
                (authorized
                  signer)

              
	
                Issuer:

              	 
	
                Address:

              	 
	
                Date:

              	 

      

      

       

      

      

      Custodian

      

      [Wells
        Fargo Bank, N.A.] [Treasury Bank, a Division of Countrywide Bank,
        FSB]

       

      

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

       

      
        	 	 	 
	
                Signature

              	 	 	
                Date

              	 
	 	 	 	 	 
	
                Documents
                  returned to Custodian:

                 

              	 	 	 
	 	 	 	 	 
	
                Custodian:

              	 	 	
                Date:

              	 

      

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

       

      EXHIBIT
        E

      

      EMC
        FORM
– REMITTANCE OVERVIEW REPORT

      

      Remittance
        Overview Report:  Provides loan level detail regarding the
        remittance that will be submitted to EMC Master Servicing and contains the
        following data fields in the order below:

      

      
        	
                  Field

                  

              	
                  Field
                  Description

              
	
                  Deal
                  Name

              	
                  VARCHAR
                  (15)

              
	
                  Master
                  Servicer Loan Number

              	
                  NUMERIC
                  (9,0)

              
	
                  Current
                  Investor Category

              	
                  VARCHAR
                  (5)

              
	
                  Original
                  Investor Category

              	
                  VARCHAR
                  (5)

              
	
                  Servicer
                  Loan Number

              	
                  VARCHAR
                  (15)

              
	
                  Cutoff
                  Date

              	
                  DATE
                  (MM/DD/YYYY)

              
	
                  Loan
                  Next Due Date

              	
                  DATE
                  (MM/DD/YYYY)

              
	
                  Gross
                  Interest Rate

              	
                  NUMERIC
                  (7,7)

              
	
                  Net
                  Interest Rate

              	
                  NUMERIC
                  (7,7)

              
	
                  Pending
                  Interest Rate

              	
                  NUMERIC
                  (7,7)

              
	
                  Servicing
                  Fee Rate

              	
                  NUMERIC
                  (7,7)

              
	
                  MI
                  Rate

              	
                  NUMERIC
                  (7,7)

              
	
                  Scheduled
                  P&I Amount (P & I Constant)

              	
                  NUMERIC
                  (12,2)

              
	
                  ARM
                  Index

              	
                  NUMERIC
                  (7,7)

              
	
                  Pending
                  ARM Index

              	
                  NUMERIC
                  (7,7)

              
	
                  Beginning
                  Scheduled Principal Balance

              	
                  NUMERIC
                  (12,2)

              
	
                  Actual
                  Principal Remitted

              	
                  NUMERIC
                  (12,2)

              
	
                  Actual
                  Principal Curtailment Remitted

              	
                  NUMERIC
                  (12,2)

              
	
                  Curtailment
                  Adjustment Remitted

              	
                  NUMERIC
                  (12,2)

              
	
                  Liquidation
                  Principal Remitted

              	
                  NUMERIC
                  (12,2)

              
	
                  Principal
                  Not Advanced (stop advance loans only)

              	
                  NUMERIC
                  (12,2)

              
	
                  Scheduled
                  Gross Interest

              	
                  NUMERIC
                  (12,2)

              
	
                  Actual
                  Interest Remitted

              	
                  NUMERIC
                  (12,2)

              
	
                  Scheduled
                  Service Fee Amount

              	
                  NUMERIC
                  (12,2)

              
	
                  Soldiers
                  and Sailors Variance

              	
                  NUMERIC
                  (12,2)

              
	
                  Net
                  Interest Not Advanced

              	
                  NUMERIC
                  (12,2)

              
	
                  Prepayment
                  Penalty Remitted

              	
                  NUMERIC
                  (12,2)

              
	
                  PMI
                  Premium Remitted

              	
                  NUMERIC
                  (12,2)

              
	
                  Additional
                  Fees Remitted

              	
                  NUMERIC
                  (12,2)

              
	
                  Ending
                  Scheduled Balance

              	
                  NUMERIC
                  (12,2)

              
	
                  Actual
                  Amount Remitted Total (each loan)

              	
                  NUMERIC
                  (12,2)

              
	
                  Beginning
                  Actual Balance

              	
                  NUMERIC
                  (12,2)

              
	
                  Actual
                  Principal Collected

              	
                  NUMERIC
                  (12,2)

              
	
                  Actual
                  Curtailments Collected

              	
                  NUMERIC
                  (12,2)

              
	
                  Curtailment
                  Adjustment Collected

              	
                  NUMERIC
                  (12,2)

              
	
                  Gross
                  Interest Collected

              	
                  NUMERIC
                  (12,2)

              
	
                  Net
                  Interest Collected

              	
                  NUMERIC
                  (12,2)

              
	
                  Service
                  Fee Collected

              	
                  NUMERIC
                  (12,2)

              
	
                  Actual
                  Ending Principal Balance

              	
                  NUMERIC
                  (12,2)

              
	
                  Liquidation
                  Date

              	
                  DATE
                  (MM/DD/YYYY)

              
	
                  Liquidation
                  Type

              	
                  VARCHAR
                  (1)

              
	
                  Gross
                  Liquidation Proceeds

              	
                  NUMERIC
                  (12,2)

              
	
                  Liquidation
                  Expenses

              	
                  NUMERIC
                  (12,2)

              
	
                  Principal
                  and Interest Advanced Balance

              	
                  NUMERIC
                  (12,2)

              
	
                  Delinquent
                  Service Fee

              	
                  NUMERIC
                  (12,2)

              
	
                  Calculated
                  Loss to Trust

              	
                  NUMERIC
                  (12,2)

              
	
                  Net
                  Interest Remitted

              	
                  NUMERIC
                  (12,2)

              
	
                  Collected
                  Interest Not Remitted

              	
                  NUMERIC
                  (12,2)

              
	
                  Ending
                  Advance Balance

              	
                  NUMERIC
                  (12,2)

              
	
                  Soldiers
                  and Sailors Flag

              	
                  VARCHAR
                  (1)

              
	
                  Soldiers
                  and Sailors Old Rate

              	
                  NUMERIC
                  (7,7)

              
	
                  Soldiers
                  and Sailors Old P & I

              	
                  NUMERIC
                  (12,2)

              
	
                  Modified
                  Date

              	
                  DATE
                  (MM/DD/YYYY)

              
	
                  Stop
                  Advance Flag

              	 
	
                  Stop
                  Advance Date

              	
                  DATE
                  (MM/DD/YYYY)

              
	
                  BPO
                  Value

              	
                  NUMERIC
                  (12,2)

              
	
                  Cash
                  Flow Group

              	
                  VARCHAR
                  (2)

              
	
                  MSP
                  Principal Balance

              	
                  NUMERIC
                  (12,2)

              
	
                  Debt
                  Forgiven / Charged Off

              	
                  NUMERIC
                  (12,2)

              
	
                  Mortgagor
                  PITI Payment

              	
                  NUMERIC
                  (12,2)

              
	
                  Bankruptcy
                  Status

              	
                  VARCHAR
                  (2)

              
	
                  Foreclosure
                  Status

              	
                  VARCHAR
                  (2)

              
	
                  Modification
                  Status

              	 
	
                  Interest
                  Only Loan

              	
                  VARCHAR
                  (2)

              
	
                  Escrowed
                  Loan

              	
                  VARCHAR
                  (2)

              
	
                  Monthly
                  Escrow Deposit

              	
                  NUMERIC
                  (12,2)

              
	
                  Escrow
                  Balance

              	
                  NUMERIC
                  (12,2)

              
	
                  Escrow
                  Advance Balance

              	
                  NUMERIC
                  (12,2)

              
	
                  Restricted
                  Escrow Balance

              	
                  NUMERIC
                  (12,2)

              
	
                  Mortgagor
                  Recoverable Corporate Expense Balance

              	
                  NUMERIC
                  (12,2)

              
	
                  Non-Recoverable
                  Corporate Expense Balance

              	
                  NUMERIC
                  (12,2)

              
	
                  HUD
                  235 Loan Status

              	
                  VARCHAR
                  (2)

              
	
                  HUD
                  235 Balance

              	
                  NUMERIC
                  (12,2)

              
	
                  Late
                  Charge Balance

              	
                  NUMERIC
                  (12,2)

              
	
                  Buydown
                  Loan Status

              	
                  VARCHAR
                  (2)

              
	
                  Monthly
                  Buydown Amount

              	
                  NUMERIC
                  (12,2)

              
	
                  Monthly
                  Buydown Funds Balance

              	
                  NUMERIC
                  (12,2)

              
	
                  Prepayment
                  Penalty Amount Waived

              	
                  NUMERIC
                  (12,2)

              
	
                  Prepayment
                  Penalty Waived Reason Code

              	
                  VARCHAR
                  (3)

              
	
                  Material
                  Breach Status

              	
                  VARCHAR
                  (3)

              
	
                  Material
                  Breach Code

              	
                  VARCHAR
                  (3)

              
	
                  Prefunding
                  Date

              	
                  DATE
                  (MM/DD/YYYY)

              
	
                  3rd
                  Party
                  Recoverable Expenses

              	
                  NUMERIC
                  (12,2)

              

      

      

      

      

       

      EXHIBIT
        F

       

      

      EMC
        FORM
– REMITTANCE SUMMARY REPORT

      

      Remittance
        Summary Report:  Provides summary data at a deal
        (investor/category) level regarding the remittance that will be submitted
        to EMC
        Master Servicing and contains the following data fields in the order
        below:

      

      
        	
                  Field

                  

              	
                  Field
                  Description

              
	
                  Deal

              	
                  VARCHAR
                  (15)

              
	
                  Investor

              	
                  VARCHAR
                  (5)

              
	
                  Category

              	
                  VARCHAR
                  (5)

              
	
                  Principal
                  Remitted

              	
                  NUMERIC
                  (15,2)

              
	
                  Curtailments
                  Remitted

              	
                  NUMERIC
                  (15,2)

              
	
                  Curtailment
                  Adjustments Remitted

              	
                  NUMERIC
                  (15,2)

              
	
                  Liquidation
                  Proceeds Remitted

              	
                  NUMERIC
                  (15,2)

              
	
                  Principal
                  Not Advanced (stop advance loans only)

              	
                  NUMERIC
                  (15,2)

              
	
                  Principal
                  Amounts Called/Collapsed

              	
                  NUMERIC
                  (15,2)

              
	
                  Total
                  Principal Remitted

              	
                  NUMERIC
                  (15,2)

              
	
                  Interest
                  Remitted

              	
                  NUMERIC
                  (15,2)

              
	
                  PMI
                  Premiums Remitted

              	
                  NUMERIC
                  (15,2)

              
	
                  Soldiers
                  and Sailors Difference

              	
                  NUMERIC
                  (15,2)

              
	
                  Net
                  Interest Not Advanced

              	
                  NUMERIC
                  (15,2)

              
	
                  Non
                  Comp Interest Remitted

              	
                  NUMERIC
                  (15,2)

              
	
                  Prepayment
                  Penalties Remitted

              	
                  NUMERIC
                  (15,2)

              
	
                  Total
                  Interest Remitted

              	
                  NUMERIC
                  (15,2)

              
	
                  Arrearage
                  Amount Remitted

              	
                  NUMERIC
                  (15,2)

              
	
                  Aggregate
                  Loss to Trust

                  Total
                  Manual Adjustments

              	
                  NUMERIC
                  (15,2)

              
	
                  Debt
                  Forgiven/ Charged Off

              	
                  NUMERIC
                  (15,2)

              
	
                  Additional
                  Fees Collected

              	
                  NUMERIC
                  (15,2)

              
	
                  Total
                  Remittance

              	
                  NUMERIC
                  (15,2)

              

      

       

       

       

      EXHIBIT
        G

      

      FORM
        OF
        SERVICER CERTIFICATION

      

      Re:           The
        [                      ]
        agreement dated as of
        [                                                      l,
        200[ ] (the “Agreement”), among [IDENTIFY PARTIES]

      

      I,
        ____________________________, the _______________________ of [NAME OF COMPANY]
        (the “Company”), certify to [the Purchaser], [the Depositor], and the [Master
        Servicer] [Trustee], and their officers, with the knowledge and intent that
        they
        will rely upon this certification, that:

       

      I
        have
        reviewed the servicer compliance statement of the Company provided in accordance
        with Item 1123 of Regulation AB (the “Compliance Statement”), the report on
        assessment of the Company’s compliance with the servicing criteria set forth in
        Item 1122(d) of Regulation AB (the “Servicing Criteria”), provided in accordance
        with Rules 13a-18 and 15d-18 under Securities Exchange Act of 1934, as amended
        (the “Exchange Act”) and Item 1122 of Regulation AB (the “Servicing
        Assessment”), the registered public accounting firm’s attestation report
        provided in accordance with Rules 13a-18 and 15d-18 under the Exchange Act
        and
        Section 1122(b) of Regulation AB (the “Attestation Report”), and all servicing
        reports, Officer’s Certificates and other information relating to the servicing
        of the Mortgage Loans by the Company during 200[ ] that were delivered by
        the
        Company to the [Depositor] [Master Servicer] [Trustee] pursuant to the Agreement
        (collectively, the “Company Servicing Information”);

       

      Based
        on
        my knowledge, the Company Servicing Information, taken as a whole, does not
        contain any untrue statement of a material fact or omit to state a material
        fact
        necessary to make the statements made, in the light of the circumstances
        under
        which such statements were made, not misleading with respect to the period
        of
        time covered by the Company Servicing Information;

       

      Based
        on
        my knowledge, all of the Company Servicing Information required to be provided
        by the Company under the Agreement has been provided to the [Depositor] [Master
        Servicer] [Trustee];

       

      I
        am
        responsible for reviewing the activities performed by the Company as servicer
        under the Agreement, and based on my knowledge and the compliance review
        conducted in preparing the Compliance Statement and except as disclosed in
        the
        Compliance Statement, the Servicing Assessment or the Attestation Report,
        the
        Company has fulfilled its obligations under the Agreement in all material
        respects; and

       

      The
        Compliance Statement required to be delivered by the Company pursuant to
        this
        Agreement, and the Servicing Assessment and Attestation Report required to
        be
        provided by the Company and by any Subservicer and Subcontractor pursuant
        to the
        Agreement, have been provided to the [Depositor] [Master
        Servicer].  Any material instances of noncompliance described in such
        reports have been disclosed to the [Depositor] [Master Servicer]. Any material
        instance of noncompliance with the Servicing Criteria has been disclosed
        in such
        reports.

       

      EXHIBIT
        H

      

      SUMMARY
        OF REGULATION AB

      SERVICING
        CRITERIA

      

      NOTE:
        This Exhibit H is provided for convenience of reference only.  In the
        event of a conflict or inconsistency between the terms of this Exhibit H
        and the
        text of Regulation AB, the text of Regulation AB, its adopting release and
        other
        public statements of the SEC shall control.

       

      Item
        1122(d)

       

      
        	
                (i)  

              	
                General
                  servicing considerations.

              

      

       

      (A)  Policies
        and procedures are instituted to monitor any performance or other triggers
        and
        events of default in accordance with the transaction agreements.

       

      (B)  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.

       

      (C)  Any
        requirements in the transaction agreements to maintain a back-up servicer
        for
        the mortgage loans are maintained.

       

      (D)  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.

       

      
        	
                (ii)  

              	
                Cash
                  collection and administration.

              

      

       

      (A)  Payments
        on mortgage loans 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.

       

      (B)  Disbursements
        made via wire transfer on behalf of an obligor or to an
        investor are made only by authorized personnel.

       

      (C)  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.

       

      (D)  The
        related accounts for the transaction, such as cash reserve accounts or accounts
        established as a form of overcollateralization, are separately maintained
        (e.g.,
        with respect to commingling of cash) as set forth in the transaction
        agreements.

       

      (E)  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.

       

      (F)  Unissued
        checks are safeguarded so as to prevent unauthorized access.

       

      (G)  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.

       

      
        	
                (iii)  

              	
                Investor
                  remittances and reporting.

              

      

       

      (A)  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
        mortgage loans serviced by the Servicer.

       

      (B)  Amounts
        due to investors are allocated and remitted in accordance with timeframes,
        distribution priority and other terms set forth in the transaction
        agreements.

       

      (C)  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.

       

      (D)  Amounts
        remitted to investors per the investor reports agree with cancelled checks,
        or
        other form of payment, or custodial bank statements.

       

      
        	
                (iv)  

              	
                Mortgage
                  Loan administration.

              

      

       

      (A)  Collateral
        or security on mortgage loans is maintained as required by the transaction
        agreements or related mortgage loan documents.

       

      (B)  Mortgage
        loan and related documents are safeguarded as required by the transaction
        agreements.

       

      (C)  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.

       

      (D)  Payments
        on mortgage loans, including any payoffs, made in accordance with the related
        mortgage loan 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 mortgage loan
        documents.

       

      (E)  The
        Servicer’s records regarding the mortgage loans agree with the Servicer’s
        records with respect to an obligor’s unpaid principal balance.

       

      (F)  Changes
        with respect to the terms or status of an obligor’s mortgage loans (e.g., loan
        modifications or re-agings) are made, reviewed and approved by authorized
        personnel in accordance with the transaction agreements and related mortgage
        loan documents.

       

      (G)  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.

       

      (H)  Records
        documenting collection efforts are maintained during the period a mortgage
        loan
        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 mortgage loans including, for example, phone calls,
        letters and payment rescheduling plans in cases where delinquency is deemed
        temporary (e.g., illness or unemployment).

       

      (I)  Adjustments
        to interest rates or rates of return for mortgage loans with variable rates
        are
        computed based on the related mortgage loan documents.

       

      (J)  Regarding
        any funds held in trust for an obligor (such as escrow accounts):  (A)
        such funds are analyzed, in accordance with the obligor’s mortgage loan
        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 mortgage loan documents and state
        laws;
        and (C) such funds are returned to the obligor within 30 calendar days of
        full
        repayment of the related mortgage loans, or such other number of days specified
        in the transaction agreements.

       

      (K)  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.

       

      (L)  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.

       

      (M)  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.

       

      (N)  Delinquencies,
        charge-offs and uncollectable accounts are recognized and recorded in accordance
        with the transaction agreements.

       

      (O)  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.

      

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    EXHIBIT
      I-1

     

    FORM
      OF
      COUNTRYWIDE ASSIGNMENT AGREEMENT

     

    ASSIGNMENT,
      ASSUMPTION AND RECOGNITION
      AGREEMENT

     

    This
      Assignment, Assumption and
      Recognition Agreement (the “Agreement”) is made and entered into as
      of August 31, 2007
(the
“Effective
      Date”), among EMC Mortgage Corporation,
      having an address at 2780 Lake Vista Drive, Lewisville, Texas 75067 (the “Assignor”), Wells
      Fargo Bank, N.A., not
      individually but solely as
      Trustee for the holders
      of Bear
      Stearns ARM Trust, Mortgage
      Pass-Through Certificates, Series 2007-5,
      having an address at 9062 Old Annapolis Road,
Columbia,
      Maryland 21045 (the “Assignee”)
      and Countrywide Home
      Loans Servicing LP, having an address at
400
      Countrywide Way, Simi Valley,
      California 93065
      (the “Company”).

     

    WHEREAS,
      the Assignor has acquired
      certain mortgage loans set
      forth on Attachment
      1 (the “Mortgage
      Loans”) from Countrywide
      Home Loans, Inc. (the
“Seller”) pursuant
      to that certain
      (i) Seller’s
      Warranties and Servicing Agreement,
      dated as of September 1,
      2002, as amended by Amendment
      No. 1, dated
      January 1, 2003, Amendment No. 2, dated September 1, 2004 and as amended by
      Amendment Reg AB to the Master Mortgage Loan Purchase and Servicing Agreement,
      dated as of January 1, 2006, by and between the Assignor and Countrywide Home
      Loans, Inc. (the “SWS Agreement”), and those certain (ii) Term Sheets, dated
[_________________]
      between Assignor and Company (the “Term
      Sheets” and together with the SWS Agreement, the
“Agreements”).  Capitalized terms used herein but not defined shall
      have the meanings ascribed to them in the Agreements.

    

    WHEREAS,
      the Seller has assigned its
      rights and obligations under the SWS Agreement to the Company and the Company
      is
      currently servicing the Mortgage Loans for the benefit of the Assignor in
      accordance with the terms and conditions of the SWS
      Agreement.

    

    For
      and in consideration of the
mutual promises and
      agreements contained herein, and other valuable
      consideration,
      the receipt and sufficiency of which
      hereby are acknowledged, and of the mutual covenants herein contained, the
      parties hereto hereby agree as follows:

    

    1.  Defined
      terms used in this Agreement and
      not otherwise defined herein shall have the meaning set forth in the
SWS Agreement.

     

    2.  The
      Company recognizes the Assignor as
      owner of the Mortgage Loans and acknowledges that it is currently servicing
      the
      Mortgage Loans for the benefit of the Assignor.  From and after the
      date hereof, the Company agrees that it will service the Mortgage Loans pursuant
      to the terms of the SWS
      Agreement (as modified
      herein) which terms are incorporated herein by reference.

     

    3.  The
      Assignor hereby grants, transfers
      and assigns to the
Assignee
      all of the right,
      title, interest
and
      obligations
of the
Assignor,
      as purchaser, in, to and under (a) the
      Mortgage Loans and (b)
      the SWS Agreement
      with respect to the Mortgage
      Loans.

     

    4.  The
      Assignor specifically reserves and
      does not assign to the Assignee hereunder any and all right, title and interest
      in, to and under any
and
      all obligations of the
      Assignor with respect to any mortgage loans subject to the SWS Agreement
      which are not Mortgage Loans
      and are not the subject of this
      Agreement.

     

    5.  The
      Assignor warrants and represents to,
      and covenants with, the Assignee that as of the date hereof:

     

    
      	
              (a)  

            	
              Attached
                hereto as Attachment
                2 is a true
                and accurate
                copy of the
                servicing provisions
                of the SWS
                Agreement (Articles
                IV, V, and VI), which is in full force
                and effect as of
                the date hereof and the provisions of which have not been waived,
                amended
                or modified in any material respect,
                nor has any notice of
                termination been given
                thereunder;

            

    

     

    
      	
              (b)  

            	
              The
Assignor
is
                the lawful owner of the Mortgage
                Loans with full right to transfer the Mortgage Loans and any and
                all of
                its interests, rights and obligations under the SWS Agreement
                as they relate to
                the Mortgage Loans,
                free and clear from any and all claims and encumbrances; and upon
                the
                transfer of the Mortgage Loans to the Assignee
                as contemplated herein,
                the Assignee
                shall have good title to
                each and every Mortgage Loan, as well as any
                and all of the
                Assignor’s interests,
                rights and obligations under the SWS Agreement,
                except as otherwise set forth
                herein, as
                they
                relate to the Mortgage Loans,
                free and clear of any and all liens, claims and
                encumbrances;

            

    

     

    
      	
              (c)  

            	
              There
                are no known offsets,
                counterclaims or other
                defenses available to the Company
                with respect to the
                Mortgage Loans or the SWS Agreement;

            

    

     

    
      	
              (d)  

            	
              The
Assignor
                has no knowledge of, and
                has not received notice of, any waivers under, or any modification
                of, any
                Mortgage Loan;

            

    

     

    
      	
              (e)  

            	
              The
Assignor
                is duly organized,
                validly existing and in good standing under the laws of the jurisdiction
                of its incorporation, and has all requisite power and authority to
                acquire, own and sell the Mortgage
                Loans;

            

    

     

    
      	
              (f)  

            	
              The
Assignor
                has full corporate power
                and authority to execute, deliver and perform its obligations under
                this
                Agreement, and to consummate the transactions set forth herein. The
                consummation of the transactions contemplated by this Agreement is
                in the
                ordinary course of the Assignor’s
                business and will not
                conflict with, or result in a breach of, any of the terms, conditions
                or
                provisions of the
                Assignor’s charter or
                by-laws or any legal restriction, or any material agreement or instrument
                to which the
                Assignor is
                now a
                party or by which it is bound, or result in the violation of any
                law,
                rule, regulation, order, judgment or decree to which the Assignor
                or its property is
                subject. The execution, delivery and performance by the Assignor
                of this Agreement and the
                consummation by it of the transactions contemplated hereby, have
                been duly
                authorized by all necessary corporate action on the part
                of the Assignor.
                This Agreement has been
                duly executed and delivered by the Assignor
                and, upon the due
                authorization, execution and delivery by the Assignee
                and the Company,
                will constitute the valid
                and legally binding obligation of the Assignor
                enforceable against
                the Assignor
                in accordance with its
                terms except as enforceability may be limited by bankruptcy,
                reorganization, insolvency, moratorium or other similar laws now
                or
                hereafter in effect relating to creditors’ rights generally, and by
                general principles of equity regardless of whether enforceability
                is
                considered in a proceeding in equity or at
                law;

            

    

     

    
      	
              (g)  

            	
              No
                consent, approval, order or
                authorization of, or declaration, filing or registration with, any
                governmental entity is required to be obtained or made by the Assignor
                in connection with the
                execution, delivery or performance by the Assignor
                of this Agreement, or the
                consummation by it of the transactions contemplated hereby. Neither
                the Assignor
                nor anyone acting on its
                behalf has offered, transferred, pledged, sold or otherwise disposed
                of
                the Mortgage Loans or any interest in the Mortgage Loans, or solicited
                any
                offer to buy or accept a transfer, pledge or other disposition of
                the
                Mortgage Loans, or any interest in the Mortgage Loans or otherwise
                approached or negotiated with respect to the Mortgage Loans, or any
                interest in the Mortgage Loans with any Person in any manner, or
                made any
                general solicitation by means of general advertising or in any other
                manner, or taken any other action which would constitute a distribution
                of
                the Mortgage Loans under the Securities Act of 1933, as amended (the
“1933
                Act”)
                or which would render the
                disposition of the Mortgage Loans a violation of Section 5 of the
                1933 Act
                or require registration pursuant thereto;
                and

            

    

     

    
      	
              (h)  

            	
              The
Assignor
                has received from
                the Company,
                and has delivered to
                the Assignee,
                all documents required
                to be delivered to the Assignor
                by the Company
                prior to the date hereof
                pursuant to the SWS
                Agreement with
                respect to the Mortgage Loans and has not received, and has not requested
                from the Company,
                any additional
                documents.

            

    

     

    6.  The
Assignee
      warrants and represents to, and
      covenants with, the
Assignor
      and the Company
      as of the date
      hereof:

     

    
      	
              (a)  

            	
              The
Assignee
                is duly organized,
                validly existing and in good standing under the laws of the jurisdiction
                of its organization and has all requisite power and authority to
                hold
                the Mortgage Loans as trustee
                on behalf of the
                holders of Bear
                Stearns ARM Trust, Mortgage Pass-Through Certificates, Series 2007-5;

            

    

     

    
      	
              (b)  

            	
              The
Assignee
                has full corporate power
                and authority to execute and
                deliver this Agreement, and to
                consummate the transactions set forth herein. The consummation of
                the
                transactions contemplated by this Agreement is in the ordinary course
                of
                the Assignee’s
                business and will not
                conflict with, or result in a breach of, any of the terms, conditions
                or
                provisions of the
                Assignee’s charter or
                by-laws or any legal restriction, or any material agreement or instrument
                to which
                the Assignee is
                now a
                party or by which it is bound, or result in the violation of any
                law,
                rule, regulation, order, judgment or decree to which the
                Assignee or its property is
                subject. The execution, delivery and performance by the Assignee
                of this Agreement and the
                consummation by it of the transactions contemplated hereby, have
                been duly
                authorized by all necessary corporate action on the part
                of the Assignee.
                This Agreement has been
                duly executed and delivered by the Assignee
                and, upon the due
                authorization, execution and delivery by the Assignor
                and the Company,
                will constitute the valid
                and legally binding obligation of the Assignee
                enforceable against
                the Assignee
                in accordance with its
                terms except as enforceability may be limited by bankruptcy,
                reorganization, insolvency, moratorium or other similar laws now
                or
                hereafter in effect relating to creditors’ rights generally, and by
                general principles of equity regardless of whether enforceability
                is
                considered in a proceeding in equity or at
                law;

            

    

     

    
      	
              (c)  

            	
              No
                consent, approval, order or
                authorization of, or declaration, filing or registration with, any
                governmental entity is required to be obtained or made by the
                Assignee in connection with the
                execution, delivery or performance by the Assignee
                of this Agreement, or the
                consummation by it of the transactions contemplated hereby; and

            

    

     

    
      	
              (d)  

            	
              The
Assignee
                assumes for the benefit
                of each of the
                Assignor and
                the Company
                all of the Assignor’s rights and
                obligations as “Purchaser” thereunder
                but solely
                with respect to
                such
                Mortgage Loans; provided however, that the Assignee is assuming such
                obligations solely in
                its capacity as trustee for Bear Stearns
                ARM Trust, Mortgage
                Pass-Through Certificates, Series 2007-5 and
                not individually,
                and any recourse against
                the Assignee in respect of such
                obligations shall be limited
                solely to the assets it may hold as trustee of Bear Stearns
                ARM Trust, Mortgage
                Pass-Through Certificates, Series 2007-5.

            

    

     

    7.  The
      Company warrants and represents
      to, and covenants
      with, the Assignor
      and the Assignee
      as of the date
      hereof:

     

    
      	
              (a)  

            	
              The
SWS
                Agreement is in
                full force and effect as of the
                date hereof and the provisions of which have not been waived, amended
                or
                modified in any material respect,
except
                as contemplated herein,
                nor has any
                notice of
                termination been given
                thereunder;

            

    

     

    
      	
              (b)  

            	
              The
Company
                is duly organized, validly
                existing and in good standing under the laws of the jurisdiction
                of its
                formation,
                and has all requisite power and
                authority to service the Mortgage Loans and otherwise to perform
                its
                obligations under the SWS Agreement;

            

    

     

    
      	
              (c)  

            	
              The
Company
                has full power and
                authority to execute, deliver and perform its obligations under this
                Agreement, and to consummate the transactions set forth herein. The
                consummation of the transactions contemplated by this Agreement is
                in the
                ordinary course of the Company’s
                business and will not
                conflict with, or result in a breach of, any of the terms, conditions
                or
                provisions of the
                Company’s
                formation
                documents or any
                legal restriction, or any material agreement or instrument to which
                the Company
                is now a party or by which
                it is bound, or result in the violation of any law, rule, regulation,
                order, judgment or decree to which the Company
                or its property is
                subject. The execution, delivery and performance by the Company
                of this Agreement and the
                consummation by it of the transactions contemplated hereby, have
                been duly
                authorized by all necessary action on the part
                of the Company.
                This Agreement has been
                duly executed and delivered by the Company,
                and, upon the due
                authorization, execution and delivery by the Assignor
                and the Assignee,
                will constitute the
                valid and legally binding obligation of the Company,
                enforceable against
                the Company
                in accordance with its
                terms except as enforceability may be limited by bankruptcy,
                reorganization, insolvency, moratorium or other similar laws now
                or
                hereafter in effect relating to creditors’ rights generally, and by
                general principles of equity regardless of whether enforceability
                is
                considered in a proceeding in equity or at
                law;

            

    

     

    
      	
              (d)  

            	
              No
                consent, approval, order or
                authorization of, or declaration, filing or registration with, any
                governmental entity is required to be obtained or made by the Company
                in connection with the
                execution, delivery or performance by the Company
                of this Agreement, or the
                consummation by it of the transactions
                contemplated
                hereby;

            

    

     

    
      	
              (e)  

            	
              The
Company
                shall establish a
                Custodial Account and an Escrow Account under the SWS Agreement
                in favor of the Assignee
                with respect to the
                Mortgage Loans separate from the Custodial Account and Escrow Account
                previously established in favor of
                the Assignor;
                and

            

    

     

    8.  The
      Company hereby restates the
      representations and warranties set forth in Section 2(b) of the Amendment Reg
      AB
      as of the date hereof.

     

    Each
      such notice/update required to be
      sent to the Depositor as set forth in the Amendment Reg AB shall be sent to
      the
      Assignor by e-mail to regABnotifications@bear.com.  Additionally, all
      such notifications should be sent to:

     

    EMC
      Mortgage
      Corporation

    2780
      Lake Vista
      Drive

    Lewisville,
      Texas
      75067-3884

    Attention:  Michelle
      Viner

    Facsimile:  (214)
      626-4889

    Email:
      mviner@bear.com

     

    With
      copies to:

     

    Bear,
      Stearns & Co.
      Inc.

    383
      Madison Avenue, 3rd
      Floor

    New,
      York, New York
      10179

    Attention:  Global
      Credit
      Administration

    Facsimile:  (212)
      272-6564

     

    EMC
      Mortgage
      Corporation

    2780
      Lake Vista
      Drive

    Lewisville,
      Texas
      75067-3884

    Attention:  General
      Counsel

    Facsimile:  (214)
      626-4714

     

    9.  The
      Assignor hereby agrees to indemnify
      and hold the Assignee (and its successors and assigns) harmless against any
      and
      all claims, losses, penalties, fines, forfeitures, legal fees and related costs,
      judgments, and any other costs, fees and expenses that the Assignee (and its
      successors and assigns) may sustain in any way related to any breach of the
      representations or warranties of the Assignor set forth in this Agreement or
      the
      breach of any covenant or condition contained herein.

     

    Recognition
      of the Assignee

     

    10.  From
      and after the date hereof, the
      Company shall recognize the Assignee as owner of the Mortgage Loans, and
      acknowledges that the Mortgage Loans will be part of a REMIC, and will service
      the Mortgage Loans in accordance with the SWS Agreement.  It
      is the intention of the
      Assignor, the Company and the Assignee that this Agreement shall be binding
      upon
      and for the benefit of the respective permitted successors
      and assigns of the parties
      hereto.  Neither the Company nor the Assignor shall amend or agree to
      amend, modify, waive, or otherwise alter any of the terms or provisions of
      the
SWS Agreement
      which amendment, modification, waiver
      or other alteration would in any way affect the Mortgage Loans without the
      prior
      written consent of the Assignee, which shall not be
      unreasonably
      withheld.

     

    11.  Notwithstanding
      any term hereof to the
      contrary, the execution and delivery of this Agreement by the Assignee is solely
      in its capacity as trustee for Bear Stearns ARM Trust,
      Mortgage
      Pass-Through Certificates, Series 2007-5 and
      not individually,
      and any recourse against the
      Assignee in respect of any obligations it may have under or pursuant to the
      terms of this Agreement shall be limited solely to the assets it may hold as
      trustee of Bear Stearns ARM
      Trust, Mortgage Pass-Through Certificates, Series 2007-5.

     

    Modification
      of the SWS Agreement:

     

    12.  The
      Company and the Assignor hereby
      amend the SWS
      Agreement as
      follows:

     

    (a)  Section
      6.04, 6.05 and 6.07 and clause
      (x) of Section 10.01, all as added by Amendment No. 2 to the Servicing Agreement
      are deleted in their entirety.

     

    (b)  The
      definition of Remittance Date is
      deleted in its entirety and replaced with the following:

     

    Remittance
      Date: The 18th day (or
      if such 18th day is
      not a Business Day, the first Business Day immediately preceding) of any month,
      beginning with the First Remittance Date. 

     

    (c)  The
definition
      of Master Servicer is deleted
      in its entirety and replaced with the following:

     

    Master
      Servicer: EMC Mortgage Corporation, or its successors in
      interest.

     

    (d)  The
      definition of Principal Prepayment
      is deleted in its entirety and replaced with the following:

     

    Principal
      Prepayment: Any payment or other recovery of principal on a Mortgage Loan in
      full or partial which is received in advance of its scheduled Due Date and
      which
      is not accompanied by an amount of interest representing scheduled interest
      due
      on any date or dates in any month or months subsequent to the month of
      prepayment. Partial principal Prepayments shall be applied in accordance with
      the terms of the related Mortgage Note.

    

    (e)  The
      definition of Qualified Depository
      is deleted in its entirety and replaced with the following:

     

    Qualified
      Depository:  The Custodian or
      another
      depository, the accounts of which are (i)  an account or accounts
      maintained with a federal or state chartered depository institution or trust
      company, the long-term unsecured debt obligations and short-term unsecured
      debt
      obligations of which (or, in the case of a depository institution or trust
      company that is the principal subsidiary of a holding company, the debt
      obligations of such holding company, so long as Moody’s is not a Rating Agency)
      are rated by each Rating Agency in one of its two highest long-term and its
      highest short-term rating categories, respectively, at the time any amounts
      are
      held on deposit therein; provided, that following a downgrade, withdrawal,
      or
      suspension of such institution's rating above, each account shall promptly
      (and
      in any case within not more than 30 calendar days) be moved to one or more
      segregated trust accounts in the trust department of such institution, or to
      an
      account at another institution that complies with the above requirements, or
      (ii) a trust account or accounts maintained with the corporate trust department
      of a federal or state chartered depository institution or trust company having
      capital and surplus of not less than $50,000,000, acting in its fiduciary
      capacity or (iii) any other account acceptable to the Rating Agencies, as
      evidenced in writing. Each such account may bear interest unless otherwise
      specified herein.  This Agreement may be amended to reduce the rating
      requirements in clause (i) above pursuant to Section 12.02, provided that,
      the
      Person requesting such amendment obtains a letter from each Rating Agency
      stating that such amendment would not result in the downgrading or withdrawal
      of
      the respective ratings then assigned to the related
      securities.

     

    (f)  The
      second paragraph of Section 4.01 of
      the SWS
      Agreement shall be deleted
      in its entirety and replaced with the following:

     

    Consistent
      with and in addition to the terms set forth in this Agreement, if a Mortgage
      Loan is in default or such default is reasonably foreseeable, the Company may
      waive, modify or vary any term of any Mortgage Loan or consent to the
      postponement of strict compliance with any such term or in any manner grant
      indulgence to any mortgagor, including without limitation, to (1) capitalize
      any
      amounts owing on the Mortgage Loan by adding such amount to the outstanding
      principal balance of the Mortgage Loan, (2) defer such amounts to a later date
      or the final payment date of such Mortgage Loan, (3) extend the maturity of
      any
      such Mortgage Loan, (4) amend the related Mortgage Note to reduce the related
      Mortgage Rate with respect to any Mortgage Loan, (5) convert the Mortgage Rate
      on any Mortgage Loan from a fixed rate to an adjustable rate or vice versa,
      (6)
      with respect to a mortgage loan with an initial fixed rate period followed
      by an
      adjustable rate period, extend the fixed period and reduce the adjustable rate
      period, and/or (7) forgive the amount of any interest, principal or servicing
      advances owed by the related Mortgagor; provided that, in the Company’s
      reasonable and prudent determination, such waiver, modification, postponement
      or
      indulgence: (A) is not materially adverse to the interests of the Owner on
      a
      present value basis using reasonable assumptions (including taking into account
      any estimated Realized Loss that might result absent such action); and (B)
      does
      not amend the related Mortgage Note to extend the maturity thereof later than
      the date of the Latest Possible Maturity Date (as such term is defined in the
      related pooling and servicing agreement); provided, further, with respect to
      any
      Mortgage Loan that is not in default or if default is not reasonably
      foreseeable, unless the Company has provided to the Owner a certification
      addressed to the Owner, based on the advice of counsel or certified public
      accountants that have a national reputation with respect to taxation of REMICs
      that a modification of such Mortgage Loan will not result in the imposition
      of
      taxes on or disqualify from REMIC status any of the REMICs and has obtained
      the
      prior written consent of the Owner, the Company shall not permit any
      modification with respect to any Mortgage Loan.  Notwithstanding the
      foregoing, for any waiver, modification, postponement or indulgence (not
      including any partial releases, assumptions of mortgages or modifications of
      any
      Mortgage Loan that is done in connection with compliance with the Relief Act)
      which the Company reasonably anticipates may result in a realized loss of 20%
      or
      more of the outstanding principal balance of a Mortgage Loan, the Company shall
      present such proposed waiver, modification, postponement or indulgence, together
      with any supporting documentation, to the Master Servicer for consideration
      and
      approval.  The Company shall submit all waivers, modifications or
      variances of the terms of any Mortgage Loan with respect to partial releases,
      assumptions of mortgages or for modifications done in furtherance of compliance
      with the Relief Act, together with any supporting documentation, to the Master
      Servicer for consideration and approval.

    

    (g)  Section
      4.02 of the SWS Agreement
      is hereby amended by adding the
      following paragraph to the end of the section:

     

    The
      Master Servicer shall fully
      reimburse the Company for Servicing Advances and Monthly Advances related to
      Liquidation Proceeds on the Remittance Date after such Servicing Advances and
      Monthly Advances are approved; provided, however, the Company must provide
      documentation in the form of Exhibit P hereto to the Master Servicer seeking
      approval within 90 days of final liquidation of a Mortgage
      Loan.   The Master Servicer shall provide such approval or denial
      to the Company no later than thirty (30) days after receipt of such claim;
      provided, however, such claim must be complete with all supporting
      documentation.  The Company’s obligation to make such Servicing
      Advances and Monthly Advances as to any Mortgage Loan shall continue through
      the
      final liquidation of the Mortgaged Property, unless the Company deems such
      advance non-recoverable and submits an officer’s certificate in accordance with
      Section 5.03.

     

    (h)  The
      following is added as Section
      4.05(ix) of the SWS
      Agreement:

     

    to
      reimburse itself for Advances it
      deems non-recoverable pursuant to Section 5.03, to the extent not reimbursed
      pursuant to clause (ii) or clause (iii), upon prior approval from the Master
      Servicer.  The Master Servicer shall provide such approval or denial
      to the Company no later than thirty (30) days after receipt of such claim;
      provided, however, such claim must be complete with all supporting
      documentation.

     

    (i)  The
      following is added as the last
      paragraph of Section 4.05:

     

    Notwithstanding
      the foregoing, the
      Company’s right to reimbursement pursuant to clauses (ii), (iii) and (ix) above
      shall be subject to the prior approval of the Master Servicer.  The
      Master Servicer shall provide such approval or denial to the Company no later
      than thirty (30) days after receipt of such claim; provided, however, the
      Company must submit such claim with all supporting documentation in order for
      the Master Servicer to approve or deny such claim within such time
      period.  Pending such approval, such funds shall be remitted by the
      Company to the Master Servicer to the extent such funds, in addition to any
      Servicing Advances and Advances, constitute an amount equal to the outstanding
      Stated Principal Balance of the related Mortgage Loan plus any accrued interest
      due and owing on such Mortgage Loan

     

    (j)  The
      first sentence of Section 5.02 of
      the SWS
      Agreement is hereby deleted
      and replaced with the following:

     

    Not
      later than the 5th
      business day of each calendar month,
      the Company shall provide a monthly report substantially in the form of
Exhibit
      I and Exhibit
      J, with respect to
      remittances,
Exhibit
      K, with respect to
      realized losses and gains, Exhibit L,
      with respect to defaulted mortgage
      loans, Exhibit
      M, with respect to
      modified mortgage loans, Exhibit N,
      with respect to claims submitted and
Exhibit
      O, with respect to
      loss
      severity, with each such report.

     

    (k)  Exhibit
      F to the SWS Agreement
      is hereby deleted in its entirety and
      replaced with the reporting exhibits attached hereto as Attachment 3
      in formats mutually agreeable to the
      Company and the Master Servicer.  Notwithstanding the
      foregoing, the Company is not required to report data relating to prepayment
      charges or penalties.

     

    (l)  The
SWS
      Agreement is hereby amended as
      of the date hereof
      by inserting a new Exhibit I, a copy of which is annexed hereto as Attachment 4.

     

    (m)  The
      Agreements is hereby amended as of
      the date hereof by inserting a new Exhibit J, a copy of which is annexed hereto
      as Attachment
      5.

     

    (n)  The
SWS
      Agreement is hereby amended as
      of the date hereof
      by inserting a new Exhibit K, a copy of which is annexed hereto as Attachment 6.

     

    (o)  The
SWS
      Agreement is hereby amended as
      of the date hereof
      by inserting a new Exhibit L, a copy of which is annexed hereto as Attachment 7.

     

    (p)  The
SWS
      Agreement is hereby amended as
      of the date hereof
      by inserting a new Exhibit M, a copy of which is annexed hereto as Attachment 8.

     

    (q)  The
SWS
      Agreement is hereby amended as
      of the date hereof
      by inserting a new Exhibit N, a copy of which is annexed hereto as Attachment 9.

     

    (r)  The
SWS
      Agreement is hereby amended as
      of the date hereof
      by inserting a new Exhibit O, a copy of which is annexed hereto as Attachment
      10.

     

    (s)  The
SWS
      Agreement is hereby amended as
      of the date hereof
      by inserting a new Exhibit P, a copy of which is annexed hereto as Attachment 11.

     

    13.  The
      Company hereby acknowledges that
EMC Mortgage
      Corporation (the “Master
      Servicer”) has been
      appointed as the master servicer of the Mortgage Loans pursuant
      to the
      pooling and
      servicing agreement for the Bear
      Stearns ARM Trust, Mortgage
      Pass-Through Certificates, Series 2007-5,
and
      therefore has the right to enforce
on behalf of the Assignee
      all obligations of the
      Company under the SWS
      Agreement. 
Such
      right will include,
      without limitation, the right to terminate the Servicer under the SWS Agreement
      upon the occurrence of an event of
      default thereunder, the right to receive all remittances required to be made
      by
      the Company under the SWS
      Agreement, the right to
      receive all monthly reports and other data required to be delivered by the
      Company under the SWS
      Agreement, the right to
      examine the books and records of the Company and the right to exercise certain
      rights of consent and approval relating to actions taken by the
      Company; provided, however,
      all parties hereto agree that such enforcement of a right shall only be
      exercised by one party.  Notwithstanding the
      foregoing, it is understood that the Company shall not be obligated to defend
      and indemnify and hold harmless the Master Servicer, the Assignor and the
      Assignee against any losses, damages, penalties, fines, forfeiture, judgments
      and any related costs including, without limitation, reasonable and necessary
      legal fees, resulting from (i) actions or inactions of the Company which were
      taken or omitted upon the instruction or direction of the Master Servicer or
      Assignee, as applicable, or (ii) the failure of the Assignee or the Assignee’s
      designee, as applicable, to perform the obligations of “Purchaser” under the
SWS Agreement,
      as modified by the
      Agreement.

     

    The
      Company shall make all distributions
      under the SWS
      Agreement to the
      Master Servicer by wire
      transfer of immediately available funds to:

     

    EMC
      Master Servicing
      Remittances

    Bank: 
Chase
      Bank of Texas

    Branch: 
Irving,
Texas

    Account
      Name:  EMC Mortgage
      Corporation

    ABA
      # 113000609

    ACCOUNT
      #
000000709377717

    Reference:
      M/S Remittance August 1, 2007 Remit for Countrywide Home Loans Servicing
      LP.

    Attention: 
LSBO
      Group-MS

    

    and
      the Company shall deliver all
      reports required to be delivered under the SWS Agreement
      to the Master Servicer
      at:

     

    EMC
      Mortgage
      Corporation

    2780
      Lake Vista
      Drive

    Lewisville,
      Texas  75067

    Attention:
      Michelle Viner

    Facsimile:
      (214) 626-4889

    Email:
      mviner@bear.com

     

    14.  Notices:

     

    The
      Assignor’s address for purposes of
      all notices and correspondence related to the Mortgage Loans and this Agreement
      is:

     

    EMC
      Mortgage
      Corporation

    2780
      Lake Vista
      Drive

    Lewisville,
      Texas  75067

    Attention:
      Michelle Viner

    Facsimile:
      (214) 626-4889

    Email:
      mviner@bear.com

    

     

    The
      Assignee’s address for purposes of
      all notices and correspondence related to the Mortgage Loans and this Agreement
      is:

     

    Wells
      Fargo Bank,
      N.A.,

    as
      Trustee

    9062
      Old Annapolis
      Road

    Columbia,
      MD 21045

    Attention:
      Client Manager – BSARM
      2007-5

    Telecopier
      No.: (410)
      715-2380

    

    The
      Company’s address for purposes of
      all notices and correspondence related to the Mortgage Loans and this Agreement
      is:

     

    Countrywide
      Home Loans Servicing
      LP

    400
      Countrywide Way

    Simi
      Valley, California 93065

    Attention:
John
      Lindberg, Rachel Meza, Eric Varnen
      and Yuan Li

     

    Miscellaneous:

     

    15.  Each
      party will pay any commissions it
      has incurred and the Assignor shall pay the fees of its attorneys and the
      reasonable fees of the attorneys of the Assignee and the Company in connection
      with the negotiations for, documenting of and closing of the transactions
      contemplated by this Agreement.

     

    16.  This
      Agreement shall be construed in
      accordance with the laws of the State of New York, without regard to conflicts
      of law principles (other
      than Section 5-1401 of the New York
      Obligations Law), and the obligations,
      rights and
      remedies of the parties hereunder shall be determined in accordance with such
      laws.

     

    17.  No
      term or provision of this Agreement
      may be waived or modified unless such waiver or modification is in writing
      and
      signed by the party against whom such waiver or modification is sought to be
      enforced.

     

    18.  This
      Agreement shall inure to the
      benefit of the permitted
successors
      and assigns of
      the parties hereto. Any entity into which the Assignor,
      the
      Assignee, or
      the Company may be merged
      or consolidated
      shall, without the requirement for any further writing, be deemed the Assignor,
      the Assignee,
      or the Company,
      respectively,
      hereunder.

     

    19.  This
      Agreement shall survive the
      conveyance of the Mortgage Loans, the assignment of the SWS
      Agreement to the extent of the
      Mortgage Loans
      by the
      Assignor to the Assignee
      and the termination of the
SWS
      Agreement.

     

    20.  This
      Agreement may be executed
      simultaneously in any number of counterparts. Each counterpart shall be deemed
      to be an original and all such counterparts shall constitute one and the same
      instrument.

     

    21.  In
      the event that any provision of this
      Agreement conflicts with any provision of the SWS Agreement
      with respect to the Mortgage Loans, the
      terms of this Agreement shall control.

     

    IN
      WITNESS WHEREOF, the parties have
      caused this Agreement to be executed by their duly authorized officers as of
      the
      date first above written.

     

    
      
        	 	
                EMC
                  MORTGAGE
                  CORPORATION

              
	 	
                Assignor

              
	 	 
	 	
                By:___________________________________                                                                

              
	 	
                Name:

              
	 	
                Title

                 

              
	 	
                WELLS
                  FARGO
                  BANK,
                  N.A.,
                  not
                  individually but solely as trustee for the holders of Bear Stearns
                  ARM Trust, Mortgage
                  Pass-Through Certificates, Series 2007-5

                 

              
	 	
                By:___________________________________                                                                

              
	 	
                Name:

              
	 	
                Title:

              
	 	 
	 	
                COUNTRYWIDE
                  HOME LOANS SERVICING
                  LP

                By:
                  Countrywide GP, Inc., its
                  General Partner

                 

              
	 	
                By:___________________________________                                                                

              
	 	
                Name:

              
	 	
                Title:

              

      

       

      Title:

    

    

    Acknowledged
      and Agreed:

    

    EMC
      MORTGAGE
      CORPORATION

    Master
      Servicer

    

    By:____________________________________________                                                               

    Name:

    Title:

     

    
 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Attachment
      1

     

    Mortgage
      Loans

     

    [Provided
      Upon
      Request]

     

    Attachment
      2

     

    Articles
      IV, V, and VI of the SWS
      Agreement.

     

    [Provided
      Upon
      Request]

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Attachment
      3

     

    EXHIBIT
      F to the SWS
      Agreement

     

    
      	 	 	 	 
	
              Standard  File
                Layout - Master Servicing

            	 	 	 
	
              Column
                Name

            	
              Description

            	
              Decimal

            	
              Format
                Comment

            	
              Max
                Size

            
	
              SER_INVESTOR_NBR

            	
              A
                value assigned by the Servicer to define a group of loans.

            	
               

            	
              Text
                up to 10
                digits

            	
              20

            
	
              LOAN_NBR

            	
              A
                unique identifier assigned to each loan by the investor.

            	
               

            	
              Text
                up to 10 digits

            	
              10

            
	
              SERVICER_LOAN_NBR

            	
              A
                unique number assigned to a loan by the Servicer.  This may be
                different than the LOAN_NBR.

            	
               

            	
              Text
                up to 10 digits

            	
              10

            
	
              BORROWER_NAME

            	
              The
                borrower name as received in the file.  It is not separated by
                first and last name.

            	
               

            	
              Maximum
                length of 30 (Last, First)

            	
              30

            
	
              SCHED_PAY_AMT

            	
              Scheduled
                monthly principal and scheduled interest payment that a borrower
                is
                expected to pay, P&I constant.

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            	
              11

            
	
              NOTE_INT_RATE

            	
              The
                loan interest rate as reported by the Servicer.

            	
              4

            	
              Max
                length of 6

            	
              6

            
	
              NET_INT_RATE

            	
              The
                loan gross interest rate less the service fee rate as reported by
                the
                Servicer.

            	
              4

            	
              Max
                length of 6

            	
              6

            
	
              SERV_FEE_RATE

            	
              The
                servicer's fee rate for a loan as reported by the
                Servicer.

            	
              4

            	
              Max
                length of 6

            	
              6

            
	
              SERV_FEE_AMT

            	
              The
                servicer's fee amount for a loan as reported by the
                Servicer.

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            	
              11

            
	
              NEW_PAY_AMT

            	
              The
                new loan payment amount as reported by the Servicer.

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            	
              11

            
	
              NEW_LOAN_RATE

            	
              The
                new loan rate as reported by the Servicer.

            	
              4

            	
              Max
                length of 6

            	
              6

            
	
              ARM_INDEX_RATE

            	
              The
                index the Servicer is using to calculate a forecasted
                rate.

            	
              4

            	
              Max
                length of 6

            	
              6

            
	
              ACTL_BEG_PRIN_BAL

            	
              The
                borrower's actual principal balance at the beginning of the processing
                cycle.

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            	
              11

            
	
              ACTL_END_PRIN_BAL

            	
              The
                borrower's actual principal balance at the end of the processing
                cycle.

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            	
              11

            
	
              BORR_NEXT_PAY_DUE_DATE

            	
              The
                date at the end of processing cycle that the borrower's next payment
                is
                due to the Servicer, as reported by Servicer.

            	
               

            	
              MM/DD/YYYY

            	
              10

            
	
              SERV_CURT_AMT_1

            	
              The
                first curtailment amount to be applied.

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            	
              11

            
	
              SERV_CURT_DATE_1

            	
              The
                curtailment date associated with the first curtailment
                amount.

            	
               

            	
              MM/DD/YYYY

            	
              10

            
	
              CURT_ADJ_
                AMT_1

            	
              The
                curtailment interest on the first curtailment amount, if
                applicable.

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            	
              11

            
	
              SERV_CURT_AMT_2

            	
              The
                second curtailment amount to be applied.

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            	
              11

            
	
              SERV_CURT_DATE_2

            	
              The
                curtailment date associated with the second curtailment
                amount.

            	
               

            	
              MM/DD/YYYY

            	
              10

            
	
              CURT_ADJ_
                AMT_2

            	
              The
                curtailment interest on the second curtailment amount, if
                applicable.

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            	
              11

            
	
              SERV_CURT_AMT_3

            	
              The
                third curtailment amount to be applied.

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            	
              11

            
	
              SERV_CURT_DATE_3

            	
              The
                curtailment date associated with the third curtailment
                amount.

            	
               

            	
              MM/DD/YYYY

            	
              10

            
	
              CURT_ADJ_AMT_3

            	
              The
                curtailment interest on the third curtailment amount, if
                applicable.

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            	
              11

            
	
              PIF_AMT

            	
              The
                loan "paid in full" amount as reported by the Servicer.

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            	
              11

            
	
              PIF_DATE

            	
              The
                paid in full date as reported by the Servicer.

            	
               

            	
              MM/DD/YYYY

            	
              10

            
	
               

            	
               

            	
               

            	
              Action
                Code Key: 15=Bankruptcy, 30=Foreclosure, , 60=PIF, 63=Substitution,
                65=Repurchase,70=REO

            	
              2

            
	
              ACTION_CODE

            	
              The
                standard FNMA numeric code used to indicate the default/delinquent
                status
                of a particular loan.

            
	
              INT_ADJ_AMT

            	
              The
                amount of the interest adjustment as reported by the
                Servicer.

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            	
              11

            
	
              SOLDIER_SAILOR_ADJ_AMT

            	
              The
                Soldier and Sailor Adjustment amount, if applicable.

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            	
              11

            
	
              NON_ADV_LOAN_AMT

            	
              The
                Non Recoverable Loan Amount, if applicable.

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            	
              11

            
	
              LOAN_LOSS_AMT

            	
              The
                amount the Servicer is passing as a loss, if applicable.

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            	
              11

            
	
              SCHED_BEG_PRIN_BAL

            	
              The
                scheduled outstanding principal amount due at the beginning of the
                cycle
                date to be passed through to investors.

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            	
              11

            
	
              SCHED_END_PRIN_BAL

            	
              The
                scheduled principal balance due to investors at the end of a processing
                cycle.

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            	
              11

            
	
              SCHED_PRIN_AMT

            	
              The
                scheduled principal amount as reported by the Servicer for the current
                cycle -- only applicable for Scheduled/Scheduled Loans.

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            	
              11

            
	
              SCHED_NET_INT

            	
              The
                scheduled gross interest amount less the service fee amount for the
                current cycle as reported by the Servicer -- only applicable for
                Scheduled/Scheduled Loans.

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            	
              11

            
	
              ACTL_PRIN_AMT

            	
              The
                actual principal amount collected by the Servicer for the current
                reporting cycle -- only applicable for Actual/Actual
                Loans.

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            	
              11

            
	
              ACTL_NET_INT

            	
              The
                actual gross interest amount less the service fee amount for the
                current
                reporting cycle as reported by the Servicer -- only applicable for
                Actual/Actual Loans.

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            	
              11

            
	
              PREPAY_PENALTY_
                AMT

            	
              The
                penalty amount received when a borrower prepays on his loan as reported
                by
                the Servicer.

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            	
              11

            
	
              PREPAY_PENALTY_
                WAIVED

            	
              The
                prepayment penalty amount for the loan waived by the
                servicer.

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            	
              11

            
	
               

            	
               

            	
               

            	
               

            	
               

            
	
              MOD_DATE

            	
              The
                Effective Payment Date of the Modification for the loan.

            	
               

            	
              MM/DD/YYYY

            	
              10

            
	
              MOD_TYPE

            	
              The
                Modification Type.

            	
               

            	
              Varchar
                - value can be alpha or numeric

            	
              30

            
	
              DELINQ_P&I_ADVANCE_AMT

            	
              The
                current outstanding principal and interest advances made by
                Servicer.

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            	
              11

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    Attachment
      4

    

    EXHIBIT
      I to the SWS
      Agreement

    

    The
      Company shall provide the Master
      Servicer with this Exhibit in the format below or such other format as mutually
      agreed upon between the Company and the Master Servicer.

    

    Remittance
      Overview
      Report:  Provides loan level
      detail
      regarding the remittance that will be submitted to EMC Master Servicing and
      contains the following data fields in the order below:

     

     

    
      	
              Field

               

               

            	
              Field
                Description

               

            
	
              Deal
                Name

               

            	
              VARCHAR
                (15)

               

            
	
              Master
                Servicer Loan
                Number

               

            	
              NUMERIC
                (9,0)

               

            
	
              Current
                Investor
                Category

               

            	
              VARCHAR
                (5)

               

            
	
              Original
                Investor
                Category

               

            	
              VARCHAR
                (5)

               

            
	
              Servicer
                Loan
                Number

               

            	
              VARCHAR
                (15)

               

            
	
              Cutoff
                Date

               

            	
              DATE
                (MM/DD/YYYY)

               

            
	
              Loan
                Next Due
                Date

               

            	
              DATE
                (MM/DD/YYYY)

               

            
	
              Gross
                Interest
                Rate

               

            	
              NUMERIC
                (7,7)

               

            
	
              Net
                Interest
                Rate

               

            	
              NUMERIC
                (7,7)

               

            
	
              Pending
                Interest
                Rate

               

            	
              NUMERIC
                (7,7)

               

            
	
              Servicing
                Fee
                Rate

               

            	
              NUMERIC
                (7,7)

               

            
	
              MI
                Rate

               

            	
              NUMERIC
                (7,7)

               

            
	
              Scheduled
                P&I Amount (P &
                I Constant)

               

            	
              NUMERIC
                (12,2)

               

            
	
              ARM
                Index

               

            	
              NUMERIC
                (7,7)

               

            
	
              Pending
                ARM
                Index

               

            	
              NUMERIC
                (7,7)

               

            
	
              Beginning
                Scheduled Principal
                Balance

               

            	
              NUMERIC
                (12,2)

               

            
	
              Actual
                Principal
                Remitted

               

            	
              NUMERIC
                (12,2)

               

            
	
              Actual
                Principal Curtailment
                Remitted

               

            	
              NUMERIC
                (12,2)

               

            
	
              Curtailment
                Adjustment
                Remitted

               

            	
              NUMERIC
                (12,2)

               

            
	
              Liquidation
                Principal
                Remitted

               

            	
              NUMERIC
                (12,2)

               

            
	
              Principal
                Not Advanced (stop
                advance loans only)

               

            	
              NUMERIC
                (12,2)

               

            
	
              Scheduled
                Gross
                Interest

               

            	
              NUMERIC
                (12,2)

               

            
	
              Actual
                Interest
                Remitted

               

            	
              NUMERIC
                (12,2)

               

            
	
              Scheduled
                Service Fee
                Amount

               

            	
              NUMERIC
                (12,2)

               

            
	
              Soldiers
                and Sailors
                Variance

               

            	
              NUMERIC
                (12,2)

               

            
	
              Net
                Interest Not
                Advanced

               

            	
              NUMERIC
                (12,2)

               

            
	
              Prepayment
                Penalty
                Remitted

               

            	
              NUMERIC
                (12,2)

               

            
	
              PMI
                Premium
                Remitted

               

            	
              NUMERIC
                (12,2)

               

            
	
              Additional
                Fees
                Remitted

               

            	
              NUMERIC
                (12,2)

               

            
	
              Ending
                Scheduled
                Balance

               

            	
              NUMERIC
                (12,2)

               

            
	
              Actual
                Amount Remitted Total (each
                loan)

               

            	
              NUMERIC
                (12,2)

               

            
	
              Beginning
                Actual
                Balance

               

            	
              NUMERIC
                (12,2)

               

            
	
              Actual
                Principal
                Collected

               

            	
              NUMERIC
                (12,2)

               

            
	
              Actual
                Curtailments
                Collected

               

            	
              NUMERIC
                (12,2)

               

            
	
              Curtailment
                Adjustment
                Collected

               

            	
              NUMERIC
                (12,2)

               

            
	
              Gross
                Interest
                Collected

               

            	
              NUMERIC
                (12,2)

               

            
	
              Net
                Interest
                Collected

               

            	
              NUMERIC
                (12,2)

               

            
	
              Service
                Fee
                Collected

               

            	
              NUMERIC
                (12,2)

               

            
	
              Actual
                Ending Principal
                Balance

               

            	
              NUMERIC
                (12,2)

               

            
	
              Liquidation
                Date

               

            	
              DATE
                (MM/DD/YYYY)

               

            
	
              Liquidation
                Type

               

            	
              VARCHAR
                (1)

               

            
	
              Gross
                Liquidation
                Proceeds

               

            	
              NUMERIC
                (12,2)

               

            
	
              Liquidation
                Expenses

               

            	
              NUMERIC
                (12,2)

               

            
	
              Principal
                and Interest Advanced
                Balance

               

            	
              NUMERIC
                (12,2)

               

            
	
              Delinquent
                Service
                Fee

               

            	
              NUMERIC
                (12,2)

               

            
	
              Calculated
                Loss to
                Trust

               

            	
              NUMERIC
                (12,2)

               

            
	
              Net
                Interest
                Remitted

               

            	
              NUMERIC
                (12,2)

               

            
	
              Collected
                Interest Not
                Remitted

               

            	
              NUMERIC
                (12,2)

               

            
	
              Ending
                Advance
                Balance

               

            	
              NUMERIC
                (12,2)

               

            
	
              Soldiers
                and Sailors
                Flag

               

            	
              VARCHAR
                (1)

               

            
	
              Soldiers
                and Sailors Old
                Rate

               

            	
              NUMERIC
                (7,7)

               

            
	
              Soldiers
                and Sailors Old P &
                I

               

            	
              NUMERIC
                (12,2)

               

            
	
              Modified
                Date

               

            	
              DATE
                (MM/DD/YYYY)

               

            
	
              Stop
                Advance
                Flag

               

            	 
	
              Stop
                Advance
                Date

               

            	
              DATE
                (MM/DD/YYYY)

               

            
	
              BPO
                Value

               

            	
              NUMERIC
                (12,2)

               

            
	
              Cash
                Flow
                Group

               

            	
              VARCHAR
                (2)

               

            
	
              MSP
                Principal
                Balance

               

            	
              NUMERIC
                (12,2)

               

            
	
              Debt
                Forgiven / Charged
                Off

               

            	
              NUMERIC
                (12,2)

               

            
	
              Mortgagor
                PITI
                Payment

               

            	
              NUMERIC
                (12,2)

               

            
	
              Bankruptcy
                Status

               

            	
              VARCHAR
                (2)

               

            
	
              Foreclosure
                Status

               

            	
              VARCHAR
                (2)

               

            
	
              Modification
                Status

               

            	 
	
              Interest
                Only
                Loan

               

            	
              VARCHAR
                (2)

               

            
	
              Escrowed
                Loan

               

            	
              VARCHAR
                (2)

               

            
	
              Monthly
                Escrow
                Deposit

               

            	
              NUMERIC
                (12,2)

               

            
	
              Escrow
                Balance

               

            	
              NUMERIC
                (12,2)

               

            
	
              Escrow
                Advance
                Balance

               

            	
              NUMERIC
                (12,2)

               

            
	
              Restricted
                Escrow
                Balance

               

            	
              NUMERIC
                (12,2)

               

            
	
              Mortgagor
                Recoverable Corporate
                Expense Balance

               

            	
              NUMERIC
                (12,2)

               

            
	
              Non-Recoverable
                Corporate Expense
                Balance

               

            	
              NUMERIC
                (12,2)

               

            
	
              HUD
                235 Loan
                Status

               

            	
              VARCHAR
                (2)

               

            
	
              HUD
                235
                Balance

               

            	
              NUMERIC
                (12,2)

               

            
	
              Late
                Charge
                Balance

               

            	
              NUMERIC
                (12,2)

               

            
	
              Buydown
                Loan
                Status

               

            	
              VARCHAR
                (2)

               

            
	
              Monthly
                Buydown
                Amount

               

            	
              NUMERIC
                (12,2)

               

            
	
              Monthly
                Buydown Funds
                Balance

               

            	
              NUMERIC
                (12,2)

               

            
	
              Prepayment
                Penalty Amount
                Waived

               

            	
              NUMERIC
                (12,2)

               

            
	
              Prepayment
                Penalty Waived Reason
                Code

               

            	
              VARCHAR
                (3)

               

            
	
              Material
                Breach
                Status

               

            	
              VARCHAR
                (3)

               

            
	
              Material
                Breach
                Code

               

            	
              VARCHAR
                (3)

               

            
	
              Prefunding
                Date

               

            	
              DATE
                (MM/DD/YYYY)

               

            
	
              3rd
                Party Recoverable
                Expenses

               

            	
              NUMERIC
                (12,2)

               

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Attachment
      5

     

    

    EXHIBIT
      J to the SWS
      Agreement

    

    The
      Company shall provide the Master
      Servicer with this Exhibit in the format below or such other format as mutually
      agreed upon between the Company and the Master Servicer.

    

    Remittance
      Summary
      Report:  Provides summary
      data at a
      deal (investor/category) level regarding the remittance that will be submitted
      to EMC Master Servicing and contains the following data fields in the order
      below:

     

    

     

    
      	
              Field

               

               

            	
              Field
                Description

               

            
	
              Deal

               

            	
              VARCHAR
                (15)

               

            
	
              Investor

               

            	
              VARCHAR
                (5)

               

            
	
              Category

               

            	
              VARCHAR
                (5)

               

            
	
              Principal
                Remitted

               

            	
              NUMERIC
                (15,2)

               

            
	
              Curtailments
                Remitted

               

            	
              NUMERIC
                (15,2)

               

            
	
              Curtailment
                Adjustments
                Remitted

               

            	
              NUMERIC
                (15,2)

               

            
	
              Liquidation
                Proceeds
                Remitted

               

            	
              NUMERIC
                (15,2)

               

            
	
              Principal
                Not Advanced (stop
                advance loans only)

               

            	
              NUMERIC
                (15,2)

               

            
	
              Principal
                Amounts
                Called/Collapsed

               

            	
              NUMERIC
                (15,2)

               

            
	
              Total
                Principal
                Remitted

               

            	
              NUMERIC
                (15,2)

               

            
	
              Interest
                Remitted

               

            	
              NUMERIC
                (15,2)

               

            
	
              PMI
                Premiums
                Remitted

               

            	
              NUMERIC
                (15,2)

               

            
	
              Soldiers
                and Sailors
                Difference

               

            	
              NUMERIC
                (15,2)

               

            
	
              Net
                Interest Not
                Advanced

               

            	
              NUMERIC
                (15,2)

               

            
	
              Non
                Comp Interest
                Remitted

               

            	
              NUMERIC
                (15,2)

               

            
	
              Prepayment
                Penalties
                Remitted

               

            	
              NUMERIC
                (15,2)

               

            
	
              Total
                Interest
                Remitted

               

            	
              NUMERIC
                (15,2)

               

            
	
              Arrearage
                Amount
                Remitted

               

            	
              NUMERIC
                (15,2)

               

            
	
              Aggregate
                Loss to
                Trust

              Total
                Manual
                Adjustments

               

            	
              NUMERIC
                (15,2)

               

            
	
              Debt
                Forgiven/ Charged
                Off

               

            	
              NUMERIC
                (15,2)

               

            
	
              Additional
                Fees
                Collected

               

            	
              NUMERIC
                (15,2)

               

            
	
              Total
                Remittance

               

            	
              NUMERIC
                (15,2)

               

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    Attachment
      6

    

    EXHIBIT
      K to the SWS
      Agreement

    

     

    EMC
      Master Servicing Calculation of
      Gain/Loss on Delinquent Loan Worksheet

     

    Date:  _______________________

     

    
      	
              Prepared
                By

               

            	
              Phone
                Number

               

            	
              Email
                Address

               

            
	 	 	 

    

     

    
      	
              Servicer
                Loan
                Number

               

            	
              Servicer
                Address

               

            	
              EMC
                Loan
                Number

               

            
	 	 	 

    

     

    
      	
              Borrower
                Name

               

            	
              Property
                Address

               

            
	 	 

    

     

    
      	
              Liquidation
                Type

               

            	
              REO

               

            	
              Third
                Party

               

            	
              Short
                Sale

               

            	
              Charge
                off

               

            	
              Deed
                In Lieu

               

            
	 	 	 	 	 	 

    

     

    Has
      this loan been previously
      modified?                                                                                                            Yes                                No

     

    Has
      this loan been crammed down in a bankruptcy?                                                                                                    Yes                            
      No

     

    If
“Yes”,
      provide amount
      _______________________________

     

    
      	
                 Liquidation
                and
                Acquisition
                Expenses:

            

    

     

     Amounts
      requiring Amortization
      Schedule for backup:

     

    
      	
              Actual
                Unpaid Principal Balance of
                Mortgage Loan

            	 
	
              Interest
                Accrued at Net Rate Less
                Servicing Fees

            	 
	
              Accrued
                Servicing
                Fees

            	 

    

     

    Amounts
      requiring Additional
      backup:

     

    
      	
              Attorney’s
                Fees

               

            	
              Corporate
                advance history defining
                amounts paid, reimbursed, payee and reason codes

               

            	 
	
              Attorney’s
                Costs

               

            	
              Corporate
                advance history defining
                amounts paid, reimbursed, payee and reason codes

               

            	 
	
              Taxes

               

            	
              Payment
                history showing
                disbursements

               

            	 
	
              Property
                Maintenance

               

            	
              Corporate
                advance history defining
                amounts paid, reimbursed, payee and reason codes

               

            	 
	
              Property
                Inspection

               

            	
              Corporate
                advance history defining
                amounts paid, reimbursed, payee and reason codes

               

            	 
	
              PMI/Hazard
                Insurance
                Premiums

               

            	
              Payment
                history showing
                disbursements

               

            	 
	
              Utility
                Expenses

               

            	
              Payment
                history showing
                disbursements

               

            	 
	
              Appraisal/BPO
                Expenses

               

            	
              Corporate
                advance history defining
                amounts paid, reimbursed, payee and reason codes

               

            	 
	
              HOA
                Dues

               

            	
              Payment
                history showing
                disbursements

               

            	 
	
              Cash
                For Keys

               

            	
              Corporate
                advance history defining
                amounts paid, reimbursed, payee and reason codes

               

            	 
	
              Miscellaneous
                (itemized)

               

            	
              Requires
                Itemization and
                supporting detail

               

            	 
	
              Total
                Expenses

               

            	
              ------------------------------------------------

               

            	 

    

     

    
      	
               

            	
              Credits
                to Loan:

            

    

     

    
      	
              Escrow
                Balance/Advance

               

            	
              Payment
                history showing
                disbursements and ending balance

               

            	 
	
              Rental
                Receipts

               

            	
              Payment
                history showing
                application of funds to loan

               

            	 
	
              Hazard
                Claim
                Proceeds

               

            	
              Payment
                history showing credit to
                account

               

            	 
	
              PMI
                Funds

               

            	
              EOB
                document

               

            	 
	
              Government
                Insurance Funds (Part A
                Funds)

               

            	
              EOB
                document

               

            	 
	
              REO
                Proceeds

               

            	
              HUD
                1 Settlement
                Statement

               

            	 
	
              Government
                Insurance Funds (Part B
                Funds)

               

            	
              EOB
                document

               

            	 
	
              Pool
                Insurance
                Proceeds

               

            	
              Payment
                history showing credit to
                account

               

            	 
	
              Other
                Credits
                (itemized)

               

            	
              Payment
                history showing credit to
                account

               

            	 
	
              Total
                Credits

               

            	
              ------------------------------------------------

               

            	 

    

     

    
      	
              Total
                Realized Loss (or
                Amount of Gain)

            	
              $________________

            

    

     

    NOTE:  Do
      not combine or net remit
      items.  All
      expenses and credits should be
      documented
individually.   Claim
      packages are due by the fifth business
      day of the month
      following receipt of liquidation proceeds.  Late
      claims may result in delayed
      claim
      payment.  The
      Servicer is responsible to remit all funds pending loss approval and /or
      resolution of any disputed items.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Attachment
      7

    

    EXHIBIT
      L to the SWS Agreement

    

    The
      Company shall provide the Master
      Servicer with this Exhibit in the format below or such other format as mutually
      agreed upon between the Company and the Master Servicer.

     

    Default
      Overview
      Report:  Provides loan level
      detail
      regarding the defaulted loans that are being serviced and reported to EMC Master
      Servicing.  The report contains the following data fields in the order
      below:

     

    
      	
              Field

               

            	
              Field
                Description

            
	
              Servicer
                loan
                number

               

            	
              VARCHAR
                (15)

               

            
	
              SBO
                loan
                number

               

            	
              VARCHAR
                (9)

               

            
	
              Zip
                Code

               

            	
              VARCHAR
                (5)

               

            
	
              Original
                loan
                amount

               

            	
              NUMERIC
                (12,2)

               

            
	
              Original
                value
                amount

               

            	
              NUMERIC
                (12,2)

               

            
	
              Origination
                date

               

            	
              DATE
                (MM/DD/YYYY)

               

            
	
              Loan
                type

               

            	
              VARCHAR
                (2)

               

            
	
              Actual
                due
                date

               

            	
              DATE
                (MM/DD/YYYY)

               

            
	
              Current
                loan
                amount

               

            	
              NUMERIC
                (12,2)

               

            
	
              Corporate
                expense
                balance

               

            	
              NUMERIC
                (12,2)

               

            
	
              Escrow
                balance/advance
                balance

               

            	
              NUMERIC
                (12,2)

               

            
	
              Suspense
                balance

               

            	
              NUMERIC
                (12,2)

               

            
	
              Restricted
                escrow
                balance

               

            	
              NUMERIC
                (12,2)

               

            
	
              Current
                Value
                date

               

            	
              DATE
                (MM/DD/YYYY)

               

            
	
              Current
                value
                amount

               

            	
              NUMERIC
                (12,2)

               

            
	
              Current
                value
                source

               

            	
              VARCHAR
                (15)

               

            
	
              VA
                LGC/ FHA Case
                number

               

            	
              VARCHAR
                (15)

               

            
	
              %
                of MI
                coverage

               

            	
              NUMERIC
                (7,7)

               

            
	
              MI
                certificate
                number

               

            	
              VARCHAR
                (15)

               

            
	
              LPMI
                Cost

               

            	
              NUMERIC
                (7,7)

               

            
	
              Occupancy
                status

               

            	
              VARCHAR
                (1)

               

            
	
              First
                vacancy
                date

               

            	
              DATE
                (MM/DD/YYYY)

               

            
	
              Property
                condition

               

            	
              VARCHAR
                (2)

               

            
	
              Property
                type

               

            	
              VARCHAR
                (2)

               

            
	
              Delinquency
                flag

               

            	
              VARCHAR
                (2)

               

            
	
              Reason
                for
                default

               

            	
              VARCHAR
                (2)

               

            
	
              FNMA
                action
                code

               

            	
              VARCHAR
                (3)

               

            
	
              FNMA
                delinquency reason
                code

               

            	
              VARCHAR
                (3)

               

            
	
              Loss
                mit flag

               

            	
              VARCHAR
                (2)

               

            
	
              Loss
                mit type

               

            	
              VARCHAR
                (2)

               

            
	
              Loss
                mit approval
                date

               

            	
              DATE
                (MM/DD/YYYY)

               

            
	
              Loss
                mit removal
                date

               

            	
              DATE
                (MM/DD/YYYY)

               

            
	
              Repay
                first due
                date

               

            	
              DATE
                (MM/DD/YYYY)

               

            
	
              Repay
                next due
                date

               

            	
              DATE
                (MM/DD/YYYY)

               

            
	
              Repay
                plan
                broken/reinstated/closed date

               

            	
              DATE
                (MM/DD/YYYY)

               

            
	
              Repay
                plan created
                date

               

            	
              DATE
                (MM/DD/YYYY)

               

            
	
              Foreclosure
                flag

               

            	
              VARCHAR
                (2)

               

            
	
              Foreclosure
                attorney referral
                date

               

            	
              DATE
                (MM/DD/YYYY)

               

            
	
              Actual
                first legal
                date

               

            	
              DATE
                (MM/DD/YYYY)

               

            
	
              Date
                FC sale
                scheduled

               

            	
              DATE
                (MM/DD/YYYY)

               

            
	
              Foreclosure
                actual sale
                date

               

            	
              DATE
                (MM/DD/YYYY)

               

            
	
              Actual
                redemption end
                date

               

            	
              DATE
                (MM/DD/YYYY)

               

            
	
              Actual
                eviction complete
                date

               

            	
              DATE
                (MM/DD/YYYY)

               

            
	
              Actual
                eviction start
                date

               

            	
              DATE
                (MM/DD/YYYY)

               

            
	
              Bankruptcy
                flag

               

            	
              VARCHAR
                (2)

               

            
	
              Actual
                bankruptcy start
                date

               

            	
              DATE
                (MM/DD/YYYY)

               

            
	
              Bankruptcy
                chapter

               

            	
              VARCHAR
                (2)

               

            
	
              Bankruptcy
                Case
                Number

               

            	
              VARCHAR
                (15)

               

            
	
              Post
                petition due
                date

               

            	
              DATE
                (MM/DD/YYYY)

               

            
	
              Actual
                discharge
                date

               

            	
              DATE
                (MM/DD/YYYY)

               

            
	
              Date
                relief/dismissal
                granted

               

            	
              DATE
                (MM/DD/YYYY)

               

            
	
              Actual
                MI claim filed
                date

               

            	
              DATE
                (MM/DD/YYYY)

               

            
	
              Actual
                MI claim amount
                filed

               

            	
              NUMERIC
                (12,2)

               

            
	
              MI
                claim amount
                paid

               

            	
              NUMERIC
                (12,2)

               

            
	
              MI
                claim funds received
                date

               

            	
              DATE
                (MM/DD/YYYY)

               

            
	
              Title
                approval letter received
                date

               

            	
              DATE
                (MM/DD/YYYY)

               

            
	
              Title
                package HUD/VA
                date

               

            	
              DATE
                (MM/DD/YYYY)

               

            
	
              FHA
                27011A transmitted
                date

               

            	
              DATE
                (MM/DD/YYYY)

               

            
	
              FHA
                Part A funds received
                date

               

            	
              DATE
                (MM/DD/YYYY)

               

            
	
              FHA
                27011 B transmitted
                date

               

            	
              DATE
                (MM/DD/YYYY)

               

            
	
              FHA
                Part B funds received
                date

               

            	
              DATE
                (MM/DD/YYYY)

               

            
	
              VA
                NOE submitted
                date

               

            	
              DATE
                (MM/DD/YYYY)

               

            
	
              VA
                first funds received
                amount

               

            	
              NUMERIC
                (12,2)

               

            
	
              VA
                first funds received
                date

               

            	
              DATE
                (MM/DD/YYYY)

               

            
	
              VA
                claim funds received
                date

               

            	
              DATE
                (MM/DD/YYYY)

               

            
	
              VA
                claim submitted
                date

               

            	
              DATE
                (MM/DD/YYYY)

               

            
	
              VA
                claims funds received
                amount

               

            	
              NUMERIC
                (12,2)

               

            
	
              REO
                flag

               

            	
              VARCHAR
                (2)

               

            
	
              REO
                repaired
                value

               

            	
              NUMERIC
                (12,2)

               

            
	
              REO
                value (as
                is)

               

            	
              NUMERIC
                (12,2)

               

            
	
              REO
                value date

               

            	
              DATE
                (MM/DD/YYYY)

               

            
	
              REO
                value
                source

               

            	
              VARCHAR
                (15)

               

            
	
              REO
                original list
                date

               

            	
              DATE
                (MM/DD/YYYY)

               

            
	
              REO
                original list
                price

               

            	
              NUMERIC
                (12,2)

               

            
	
              REO
                list price adjustment
                amount

               

            	
              NUMERIC
                (12,2)

               

            
	
              REO
                list price adjustment
                date

               

            	
              DATE
                (MM/DD/YYYY)

               

            
	
              Date
                REO offer
                received

               

            	
              DATE
                (MM/DD/YYYY)

               

            
	
              Date
                REO offer
                accepted

               

            	
              DATE
                (MM/DD/YYYY)

               

            
	
              REO
                scheduled close
                date

               

            	
              DATE
                (MM/DD/YYYY)

               

            
	
              REO
                actual closing
                date

               

            	
              DATE
                (MM/DD/YYYY)

               

            
	
              REO
                sales
                price

               

            	
              NUMERIC
                (12,2)

               

            
	
              REO
                net sales
                proceeds

               

            	
              NUMERIC
                (12,2)

               

            
	
              Estimated
                loss

               

            	
              NUMERIC
                (12,2)

               

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Attachment
      8

    

    EXHIBIT
      M to the SWS
      Agreement

    

    Modified
      Loans Report:
  Provides
      loan level data regarding all loans that the Servicer has modified with the
      first modified payment due within thirty days following the end of the reporting
      cycle.  The report contains the following data fields in the order
      below:

     

     

    
      	
              Field
                Description

               

            	
              Field
                Description

               

            
	
              Loan

               

            	
              VARCHAR
                (15)

               

            
	
              Investor

               

            	
              VARCHAR
                (5)

               

            
	
              Original
                Category

               

            	
              VARCHAR
                (5)

               

            
	
              Current
                Category

               

            	
              VARCHAR
                (5)

               

            
	
              Stop
                Adv Flag

               

            	
              VARCHAR
                (3)

               

            
	
              Modified
                Due
                Date

               

            	
              DATE
                (MM/DD/YYYY)

               

            
	
              Mod
                Loan
                Curtailment

               

            	
              NUMERIC
                (15,2)

               

            
	
              Mod
                Loan Curt
                Adjustment

               

            	
              NUMERIC
                (15,2) 

               

            
	
              Principal
                Advanced
                Capped

               

            	
              NUMERIC
                (15,2) 

               

            
	
              Net
                Interest Advanced
                Capped

               

            	
              NUMERIC
                (15,2)

               

            
	
              Service
                Fee Advanced
                Capped

               

            	
              NUMERIC
                (15,2)

               

            
	
              Third
                Party Bal
                Capped

               

            	
              NUMERIC
                (15,2)

               

            
	
              Amount
                of Other
                Capped

               

            	
              NUMERIC
                (15,2)

               

            
	
              Borrower
                Interest
                Contribution

               

            	
              NUMERIC
                (15,2)

               

            
	
              Borrower
                Fee Code Arrearage
                Contribution

               

            	
              NUMERIC
                (15,2)

               

            
	
              Borrower
                Principal
                Contribution

               

            	
              NUMERIC
                (15,2)

               

            
	
              Amt
                Forgiven

               

            	
              NUMERIC
                (15,2)

               

            
	
              Beg
                Delq Prin
                Bal

               

            	
              NUMERIC
                (15,2)

               

            
	
              Beg
                Delq Int
                Bal

               

            	
              NUMERIC
                (15,2)

               

            
	
              Beg
                Pre Prin
                Bal

               

            	
              NUMERIC
                (15,2)

               

            
	
              Beg
                Pre Int
                Bal

               

            	
              NUMERIC
                (15,2)

               

            
	
              Excess
                Int
                Adjust

               

            	
              NUMERIC
                (15,2)

               

            
	
              Excess
                Interest on
                Mod

               

            	
              NUMERIC
                (15,2)

               

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    Attachment
      9

    

    EXHIBIT
      N to the SWS Agreement

    

    Claims
      Submitted
      Report:  Provides loan level
      detail
      regarding claims submitted by the servicer’s investor number that will be
      submitted to EMC Master Servicing and contains the following data fields in
      the
      order below:

     

    
      	
              Field

               

            	
              Field
                Description

               

            
	
              Servicer
                Investor
                Number

            	
              VARCHAR
                (5)

               

            
	
              Servicer
                Investor
                Category

               

            	
              VARCHAR
                (5)

               

            
	
              Loan
                Number

               

            	
              VARCHAR
                (15)

               

            
	
              Mortgage
                Group

               

            	
              VARCHAR
                (1)

               

            
	
              Liquidation
                Type

               

            	
              VARCHAR
                (1)

               

            
	
              Escrow
                Balance or Advance
                Balance

               

            	
              NUMERIC
                (12,2)

               

            
	
              Corporate
                Expense
                Balance

               

            	
              NUMERIC
                (12,2)

               

            
	
              Restricted
                Escrow
                Balance

            	
              NUMERIC
                (12,2)

               

            
	
              Replacement
                Reserve
                Balance

               

            	
              NUMERIC
                (12,2)

               

            
	
              Suspense
                Balance

               

            	
              NUMERIC
                (12,2)

               

            
	
              Third
                Party Expense
                Balance

               

            	
              NUMERIC
                (12,2)

               

            
	
              Charge
                Off
                Amount

               

            	
              NUMERIC
                (12,2)

               

            
	
              Side
                Note
                Collections

               

            	
              NUMERIC
                (12,2)

               

            
	
              Claim
                Amount
                Submitted

               

            	
              NUMERIC
                (12,2)

               

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    Attachment
      10

    

    EXHIBIT
      O to the SWS Agreement

    

    Loss
      Severity Summary
      Report:  Provides summary
      data at
      the deal level regarding loss severity that will be submitted to EMC Master
      Servicing and contains the following data fields in the order
      below:

     

    

     

    
      	
              Field

            	
              Field
                Description

               

            
	
              Month
                End

               

            	
              DATE
                (MM/DD/YYYY)

               

            
	
              Deal
                Name

               

            	
              VARCHAR
                (15)

               

            
	
              Servicer
                Investor
                Number

               

            	
              VARCHAR
                (5)

               

            
	
              Servicer
                Investor
                Category

               

            	
              VARCHAR
                (5)

               

            
	
              Mortgage
                Group

               

            	
              VARCHAR
                (1)

               

            
	
              Loan
                Number

               

            	
              VARCHAR
                (15)

               

            
	
              Liquidation
                Type

               

            	
              VARCHAR
                (1)

               

            
	
              Loan
                Due Date

               

            	
              DATE
                (MM/DD/YYYY)

               

            
	
              PIF
                Date

               

            	
              DATE
                (MM/DD/YYYY)

               

            
	
              Gross
                Interest
                Rate

               

            	
              NUMERIC
                (7,7)

               

            
	
              Net
                Interest
                Rate

               

            	
              NUMERIC
                (7,7)

               

            
	
              Service
                Fee
                Rate

               

            	
              NUMERIC
                (7,7)

               

            
	
              P
&
I
                Constant

               

            	
              NUMERIC
                (12,2)

               

            
	
              Scheduled
                Beginning
                Balance

               

            	
              NUMERIC
                (12,2)

               

            
	
              Arrearage
                Balance

               

            	
              NUMERIC
                (12,2)

               

            
	
              Total
                Legal and Other
                Expenses

               

            	
              NUMERIC
                (12,2)

               

            
	
              Scheduled
                Advanced
                Interest

               

            	
              NUMERIC
                (12,2)

               

            
	
              Scheduled
                Liquidated
                Amount

               

            	
              NUMERIC
                (12,2)

               

            
	
              Gross
                Liquidation
                Proceeds

               

            	
              NUMERIC
                (12,2)

               

            
	
              P
&
I
                Advance
                Balance

               

            	
              NUMERIC
                (12,2)

               

            
	
              Delinquent
                Service
                Fee

               

            	
              NUMERIC
                (12,2)

               

            
	
              Net
                Liquidation
                Proceeds

               

            	
              NUMERIC
                (12,2)

               

            
	
              Scheduled
                Net
                Interest

               

            	
              NUMERIC
                (12,2)

               

            
	
              Net
                Liquidated Funds
                Remitted

               

            	
              NUMERIC
                (12,2)

               

            
	
              Total
                Loss (Gain)
                Amount

               

            	
              NUMERIC
                (12,2)

               

            
	
              Total
                Loss (Gain) to
                Trust

               

            	
              NUMERIC
                (12,2)

               

            
	
              Total
                Loss (Gain) to
                Servicer

               

            	
              NUMERIC
                (12,2)

               

            
	
              Total
                Loss Severity
                %

               

            	
              NUMERIC
                (7,7)

               

            
	
              Total
                Loss Severity % to
                Trust

               

            	
              NUMERIC
                (7,7)

               

            
	
              Total
                Liquidated
                Remitted

               

            	
              NUMERIC
                (12,2)

               

            
	
              Claim
                on Trust
                Loss

               

            	
              NUMERIC
                (12,2)

               

            
	
              Claim
                on Servicer
                Loss

               

            	
              NUMERIC
                (12,2)

               

            
	
              Total
                Claim
                Amount

               

            	
              NUMERIC
                (12,2)

               

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    Attachment
      11

    

    EXHIBIT
      P to the Purchase
      Agreement

     

    EMC
      FORM - CLAIMS SUBMITTED
      REPORT

     

    Claims
      Submitted
      Report:  Provides loan level
      detail
      regarding claims submitted by the servicer’s investor number that will be
      submitted to EMC Master Servicing and contains the following data fields in
      the
      order below:

     

    
      	
              Field

               

            	
              Field
                Description

               

            
	
              Servicer
                Investor
                Number

            	
              VARCHAR
                (5)

               

            
	
              Servicer
                Investor
                Category

               

            	
              VARCHAR
                (5)

               

            
	
              Loan
                Number

               

            	
              VARCHAR
                (15)

               

            
	
              Mortgage
                Group

               

            	
              VARCHAR
                (1)

               

            
	
              Liquidation
                Type

               

            	
              VARCHAR
                (1)

               

            
	
              Escrow
                Balance or Advance
                Balance

            	
              NUMERIC
                (12,2)

               

            
	
              Corporate
                Expense
                Balance

               

            	
              NUMERIC
                (12,2)

               

            
	
              Restricted
                Escrow
                Balance

               

            	
              NUMERIC
                (12,2)

               

            
	
              Replacement
                Reserve
                Balance

               

            	
              NUMERIC
                (12,2)

               

            
	
              Suspense
                Balance

               

            	
              NUMERIC
                (12,2)

               

            
	
              Third
                Party Expense
                Balance

               

            	
              NUMERIC
                (12,2)

               

            
	
              Charge
                Off
                Amount

               

            	
              NUMERIC
                (12,2)

               

            
	
              Side
                Note
                Collections

               

            	
              NUMERIC
                (12,2)

               

            
	
              Claim
                Amount
                Submitted

               

            	
              NUMERIC
                (12,2)

               

            

    

    

     

    

     

     

     

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    EXHIBIT
      I-2

     

    FORM
      OF
      EMC ASSIGNMENT AGREEMENT

     

     

    ASSIGNMENT,
      ASSUMPTION AND RECOGNITION AGREEMENT

     

    This
      Assignment, Assumption and
      Recognition Agreement (the “AAR Agreement”) is made and entered into as of
      August 31, 2007 (the “Closing Date”), among Structured Asset Mortgage
      Investments II Inc. (the “Assignor”), Wells Fargo Bank, National
      Association, not
      individually but solely as trustee for the holders of Bear Stearns ARM Trust,
      Mortgage Pass-Through Certificates, Series 2007-5 (the “Assignee”) and EMC Mortgage
      Corporation (the “Company”).

    

    Whereas,
      the Assignor and the Company
      entered into that certain Servicing Agreement, dated as of August 1, 2007 (the
      “Servicing Agreement”), pursuant to which the Company agreed to service certain
      mortgage loans (the “Mortgage Loans”) on behalf of the
      Assignor.

    

    In
      consideration of the mutual promises
      and agreements contained herein, and for other good and valuable consideration,
      the receipt and sufficiency of which are hereby acknowledged, the parties hereto
      agree that the Mortgage Loans listed on Attachment 1
      annexed hereto (the “Assigned Loans”)
      shall be subject to the terms of this AAR Agreement.  Any capitalized
      term used and not otherwise defined herein shall have the meaning assigned
      to
      such term in the Servicing Agreement.

    

    Assignment
      and Assumption

     

    1.  Except
      as
      expressly provided for herein, the Assignor hereby grants, transfers and assigns
      to the Assignee all of its right, title and interest as in, to and under the
      Assigned Loans, and as they relate to the Assigned Loans, the Servicing
      Agreement.  Notwithstanding anything to the contrary contained herein,
      the Assignor is not assigning to the Assignee any of its right, title and
      interest in, to and under the Servicing Agreement with respect to any other
      mortgage loan other than the Assigned Loans.  Except as is otherwise
      expressly provided herein, the Assignor makes no representations, warranties
      or
      covenants to the Assignee and the Assignee acknowledges that the Assignor has
      no
      obligations to the Assignee under the terms of the Servicing Agreement or
      otherwise relating to the transaction contemplated herein (including, but not
      limited to, any obligation to indemnify the Assignee).

     

    The
      Assignor acknowledges and agrees
      that upon execution of this AAR Agreement, with respect to the Assigned Loans,
      the Assignee shall become the “Owner” under the Servicing Agreement, and all
      representations, warranties and covenants by the “Servicer” to the “Owner” under
      the Servicing Agreement including, but not limited to, the rights to receive
      indemnification, shall accrue to the Assignee by virtue of this AAR
      Agreement.

     

    Representations,
      Warranties and Covenants

     

    2.  The
      Assignor warrants and represents to, and covenants with, the Assignee and the
      Company as of the date hereof that:

     

    
      	
              a.  

            	
              Attached
                hereto as Attachment 2 is a true and correct copy of the Servicing
                Agreement, which Servicing Agreement is in full force and effect
                as of the
                date hereof and the provisions of which have not been waived, amended
                or
                modified in any respect, nor has any notice of termination been given
                thereunder;

            

    

     

    
      	
              b.  

            	
              The
                Assignor was the lawful owner of the Assigned Loans with full right
                to
                transfer the Assigned Loans and any and all of its interests, rights
                and
                obligations under the Servicing Agreement they relate to the Assigned
                Loans, free and clear from any and all claims and encumbrances; and
                upon
                the transfer of the Assigned Loans to the Assignee as contemplated
                herein,
                the Assignee shall have good title to each and every Assigned Loan,
                as
                well as any and all of the Assignee’s interests, rights and obligations
                under the Servicing Agreement as they relate to the Assigned Loans,
                free
                and clear of any and all liens, claims and
                encumbrances;

            

    

     

    
      	
              c.  

            	
              There
                are no offsets, counterclaims or other defenses available to the
                Company
                with respect to the Servicing
                Agreement;

            

    

     

    
      	
              d.  

            	
              The
                Assignor has no knowledge of, and has not received notice of, any
                waivers
                under, or any modification of, any Assigned
                Loan;

            

    

     

    
      	
              e.  

            	
              The
                Assignor is duly organized, validly existing and in good standing
                under
                the laws of the jurisdiction of its incorporation, and has all requisite
                power and authority to acquire, own and sell the Assigned
                Loans;

            

    

     

    
      	
              f.  

            	
              The
                Assignor has full corporate power and authority to execute, deliver
                and
                perform its obligations under this AAR Agreement, and to consummate
                the
                transactions set forth herein. The consummation of the transactions
                contemplated by this AAR Agreement is in the ordinary course of the
                Assignor’s business and will not conflict with, or result in a breach of,
                any of the terms, conditions or provisions of the Assignor’s charter or
                by-laws or any legal restriction, or any material agreement or instrument
                to which the Assignor is now a party or by which it is bound, or
                result in
                the violation of any law, rule, regulation, order, judgment or decree
                to
                which the Assignor or its property is subject. The execution, delivery
                and
                performance by the Assignor of this AAR Agreement and the consummation
                by
                it of the transactions contemplated hereby, have been duly authorized
                by
                all necessary corporate action on part of the Assignor. This AAR
                Agreement
                has been duly executed and delivered by the Assignor and, upon the
                due
                authorization, execution and delivery by the Assignee and the parties
                hereto, will constitute the valid and legally binding obligation
                of the
                Assignor enforceable against the Assignor in accordance with its
                terms
                except as enforceability may be limited by bankruptcy, reorganization,
                insolvency, moratorium or other similar laws now or hereafter in
                effect
                relating to creditors’ rights generally, and by general principles of
                equity regardless of whether enforceability is considered in a proceeding
                in equity or at law;

            

    

     

    
      	
              g.  

            	
              No
                consent, approval, order or authorization of, or declaration, filing
                or
                registration with, any governmental entity is required to be obtained
                or
                made by the Assignor in connection with the execution, delivery or
                performance by the Assignor of this AAR Agreement, or the consummation
                by
                it of the transactions contemplated hereby. Neither the Assignor
                nor
                anyone acting on its behalf has offered, transferred, pledged, sold
                or
                otherwise disposed of the Assigned Loans or any interest in the Assigned
                Loans, or solicited any offer to buy or accept a transfer, pledge
                or other
                disposition of the Assigned Loans, or any interest in the Assigned
                Loans
                or otherwise approached or negotiated with respect to the Assigned
                Loans,
                or any interest in the Assigned Loans with any Person in any manner,
                or
                made any general solicitation by means of general advertising or
                in any
                other manner, or taken any other action which would constitute a
                distribution of the Assigned Loans under the Securities Act of 1933,
                as
                amended (the “1933 Act”) or which would render the disposition of the
                Assigned Loans a violation of Section 5 of the 1933 Act or require
                registration pursuant thereto; and

            

    

     

    
      	
               

            	
              h.  
                

            	
              There
                is no action, suit, proceeding, investigation or litigation pending
                or, to
                the Assignor's knowledge, threatened, which either in any instance
                or in
                the aggregate, if determined adversely to the Assignor, would adversely
                affect the Assignor's execution or delivery of, or the enforceability
                of,
                this AAR Agreement, or the Assignor's ability to perform its obligations
                under this AAR Agreement.

            

    

     

    3.  The
      Assignee warrants and represents to, and covenants with, the Assignor and the
      Company as of the date hereof that:

     

    
      	
              a.  

            	
              The
                Assignee is duly organized, validly existing and in good standing
                under
                the laws of the jurisdiction of its organization and has all requisite
                power and authority to hold the Assigned Loans as trustee on behalf
                of the
                holders of Bear Stearns ARM Trust, Mortgage Pass-Through Certificates,
                Series 2007-5;

            

    

     

    
      	
              b.  

            	
              The
                Assignee has full corporate power and authority to execute, deliver
                and
                perform its obligations under this AAR Agreement, and to consummate
                the
                transactions set forth herein. The consummation of the transactions
                contemplated by this AAR Agreement is in the ordinary course of the
                Assignee’s business and will not conflict with, or result in a breach of,
                any of the terms, conditions or provisions of the Assignee’s charter or
                by-laws or any legal restriction, or any material agreement or instrument
                to which the Assignee is now a party or by which it is bound, or
                result in
                the violation of any law, rule, regulation, order, judgment or decree
                to
                which the Assignee or its property is subject. The execution, delivery
                and
                performance by the Assignee of this AAR Agreement and the consummation
                by
                it of the transactions contemplated hereby, have been duly authorized
                by
                all necessary corporate action on part of the Assignee. This AAR
                Agreement
                has been duly executed and delivered by the Assignee and, upon the
                due
                authorization, execution and delivery by the Assignor and the parties
                hereto, will constitute the valid and legally binding obligation
                of the
                Assignee enforceable against the Assignee in accordance with its
                terms
                except as enforceability may be limited by bankruptcy, reorganization,
                insolvency, moratorium or other similar laws now or hereafter in
                effect
                relating to creditors’ rights generally, and by general principles of
                equity regardless of whether enforceability is considered in a proceeding
                in equity or at law;

            

    

     

    
      	
              c.  

            	
              No
                consent, approval, order or authorization of, or declaration, filing
                or
                registration with, any governmental entity is required to be obtained
                or
                made by the Assignee in connection with the execution, delivery or
                performance by the Assignee of this AAR Agreement, or the consummation
                by
                it of the transactions contemplated
                hereby;

            

    

     

    
      	
               

            	
              d.
                  

            	
              There
                is no action, suit, proceeding, investigation or litigation pending
                or, to
                the Assignee's knowledge, threatened, which either in any instance
                or in
                the aggregate, if determined adversely to the Assignee, would adversely
                affect the Assignee's execution or delivery of, or the enforceability
                of,
                this AAR Agreement, or the Assignee's ability to perform its obligations
                under this AAR Agreement; and

            

    

     

    
      	
               

            	
              e.
                  

            	
              The
                Assignee assumes for the benefit of each of Assignor and Company
                all of
                the Assignor’s rights as “Owner” under the Servicing Agreement but solely
                with respect to the Assigned Loans.

            

    

     

    4.  Company
      warrants and represents to, and covenants with, the Assignee and the Assignor,
      as of the date hereof, that:

     

    
      	
              a.  

            	
              Attached
                hereto as Attachment 2 is a true and accurate copy of the Servicing
                Agreement, which agreement is in full force and effect as of the
                date
                hereof and the provisions of which have not been waived, amended
                or
                modified in any respect, nor has any notice of termination been given
                thereunder;

            

    

     

    
      	
              b.  

            	
              The
                Company is duly organized, validly existing and in good standing
                under the
                laws of the jurisdiction of its incorporation, and has all requisite
                power
                and authority to service the Assigned Loans and otherwise to perform
                its
                obligations under the Servicing
                Agreement;

            

    

     

    
      	
              c.  

            	
              The
                Company has full corporate power and authority to execute, deliver
                and
                perform its obligations under this AAR Agreement, and to consummate
                the
                transactions set forth herein. The consummation of the transactions
                contemplated by this AAR Agreement is in the ordinary course of the
                Company’s business and will not conflict with, or result in a breach of,
                any of the terms, conditions or provisions of the Company’s charter or
                by-laws or any legal restriction, or any material agreement or instrument
                to which the Company is now a party or by which it is bound, or result
                in
                the violation of any law, rule, regulation, order, judgment or decree
                to
                which the Company or its property is subject. The execution, delivery
                and
                performance by the Company of this AAR Agreement and the consummation
                by
                it of the transactions contemplated hereby, have been duly authorized
                by
                all necessary corporate action on part of the Company. This AAR Agreement
                has been duly executed and delivered by the Company, and, upon the
                due
                authorization, execution and delivery by the Assignor and the Assignee,
                will constitute the valid and legally binding obligation of the Company,
                enforceable against the Company in accordance with its terms except
                as
                enforceability may be limited by bankruptcy, reorganization, insolvency,
                moratorium or other similar laws now or hereafter in effect relating
                to
                creditors’ rights generally, and by general principles of equity
                regardless of whether enforceability is considered in a proceeding
                in
                equity or at law;

            

    

     

    
      	
              d.  

            	
              No
                consent, approval, order or authorization of, or declaration, filing
                or
                registration with, any governmental entity is required to be obtained
                or
                made by the Company in connection with the execution, delivery or
                performance by the Company of this AAR Agreement, or the consummation
                by
                it of the transactions contemplated
                hereby;

            

    

     

    
      	
              e.  

            	
              The
                Company shall establish a Custodial Account and an Escrow Account
                under
                the Servicing Agreement in favor of the Assignee with respect to
                the
                Assigned Loans separate from the Custodial Account and Escrow Account
                previously established under the Servicing Agreement in favor of
                the
                Assignor;

            

    

     

    
      	
              f.  

            	
              Pursuant
                to Section 10.02 of the Servicing Agreement, the Company hereby restates
                the representations and warranties set forth in Article III of the
                Servicing Agreement with respect to the Company and/or the Assigned
                Loans;
                and

            

    

     

    
      	
               

            	
              g.  
                

            	
              Neither
                this AAR Agreement nor any certification, statement, report or other
                agreement, document or instrument furnished or to be furnished by
                the
                Company pursuant to this AAR Agreement contains or will contain any
                materially untrue statement of fact or omits or will omit to state
                a fact
                necessary to make the statements contained therein not
                misleading.

            

    

     

    5.  The
      Company warrants and represents to, and covenants with the Assignor as of the
      date hereof:

     

    (a)  The
      Company is not aware and has not received notice that any default, early
      amortization or other performance triggering event has occurred as to any other
      securitization due to any act or failure to act of the Company;

     

    (b)  No
      material noncompliance with the applicable servicing criteria with respect
      to
      other securitizations of residential mortgage loans involving the Company as
      servicer has been disclosed or reported by the Company;

     

    (c)  The
      Company has not been terminated as servicer in a residential mortgage loan
      securitization, either due to a servicing default or to application of a
      servicing performance test or trigger;

     

    (d)  No
      material changes to the Company’s policies or procedures with respect to the
      servicing function it will perform under the Servicing Agreement and this AAR
      Agreement for mortgage loans of a type similar to the Assigned Loans have
      occurred during the three-year period immediately preceding the date
      hereof;

     

    (e)  There
      are
      no aspects of the Company’s financial condition that could have a material
      adverse effect on the performance by the Company of its servicing obligations
      under the Servicing Agreement and this AAR Agreement;

     

    (f)  There
      are
      no material legal or governmental proceedings pending (or known to be
      contemplated) against the Company, any Subservicer or any third-party
      originator; and

     

    (g)  There
      are
      no affiliations, relationships or transactions relating to the Company or any
      Subservicer with respect to this Securitization Transaction and any party
      thereto of a type described in Item 1119 of Regulation AB.

     

    Notwithstanding
      anything to the
      contrary in the Agreement, the Company shall (or shall cause any Third-Party
      Originator to) (i) immediately notify the Assignor and SAMI II in writing of
      (A)
      legal proceedings pending against the Company, or proceedings known to be
      contemplated by governmental authorities against the Company which in the
      judgment of the Company would be, in each case, material to purchasers of
      securities backed by the Assigned Loans, (B) any affiliations or relationships
      of the type described in Item 1119(b) of Regulation AB that develop following
      the date hereof between the Company and any of the above listed parties or
      other
      parties identified in writing by the Assignor or SAMI II with respect to the
      Securitization Transaction and (ii) provide to the Assignor and SAMI II a
      description of such proceedings, affiliations or relationships

     

    6.  The
      Assignor hereby agrees to indemnify and hold the Assignee (and its successors
      and assigns) harmless against any and all claims, losses, penalties, fines,
      forfeitures, legal fees and related costs, judgments, and any other costs,
      fees
      and expenses that the Assignee (and its successors and assigns) may sustain
      in
      any way related to any breach of the representations or warranties of the
      Assignor set forth in this AAR Agreement or the breach of any covenant or
      condition contained herein.

     

    Recognition
      of Assignee

     

    7.  From
      and after the date hereof, the
      Company shall recognize the Assignee as owner of the Assigned Loans, and
      acknowledges that the Assigned Loans will be part of a REMIC, and will service
      the Assigned Loans in accordance with the Servicing Agreement but in no event
      in
      a manner that would (i) cause any REMIC to fail to qualify as a REMIC or (ii)
      result in the imposition of a tax upon any REMIC (including but not limited
      to
      the tax on prohibited transactions as defined in Section 860F(a)(2) of the
      Code
      and the tax on contributions to a REMIC set forth in Section 860G(d) of the
      Code). It is the intention of the Assignor, the Company and the Assignee that
      this AAR Agreement shall be binding upon and for the benefit of the respective
      successors and assigns of the parties hereto. Neither the Company nor the
      Assignor shall amend or agree to amend, modify, waiver, or otherwise alter
      any
      of the terms or provisions of the Servicing Agreement which amendment,
      modification, waiver or other alteration would in any way affect the Assigned
      Loans without the prior written consent of the Assignee.

     

    8.  The
      Company shall prepare for and
      deliver to the Assignee and EMC Mortgage Corporation, as master servicer (in
      such capacity, the “Master Servicer”) a statement with respect to each mortgaged
      property acquired through foreclosure or deed-in-lieu of foreclosure in
      connection with a defaulted Assigned Loan (“REO Property”) that has been rented
      showing the aggregate rental income received and all expenses incurred in
      connection with the management and maintenance of such REO Property at such
      times as is necessary to enable the Assignee to comply with the reporting
      requirements of the REMIC provisions of the Code.  The net monthly
      rental income, if any, from such REO Property shall be deposited in the related
      collection account no later than the close of business on each determination
      date.  The Company shall perform, or cause to be performed, the tax
      reporting and withholding related to foreclosures, abandonments and cancellation
      of indebtedness income as specified by Sections 1445, 6050J and 6050P of the
      Code by preparing and filing such tax and information returns, as may be
      required.  In the event that Bear Stearns ARM Trust,
      Mortgage
      Pass-Through Certificates, Series 2007-5 acquires any REO Property
      as aforesaid
      or otherwise in connection with a default or default becoming reasonably
      foreseeable on an Assigned Loan, the Company shall cause such REO Property
      to be
      disposed prior to three years after its acquisition by Bear Stearns ARM Trust,
      Mortgage
      Pass-Through Certificates, Series 2007-5 or, at the expense of
Bear
      Stearns ARM Trust, Mortgage
      Pass-Through Certificates, Series 2007-5, request more than 60
      days prior to the
      day on which such three-year period would otherwise expire, an extension of
      the
      three-year grace period unless the Assignee shall have been supplied with an
      opinion of counsel addressed to the Assignee rendered by nationally recognized
      tax counsel specializing in such matters (such opinion not to be an expense
      of
      the Assignee) to the effect that the holding by Bear Stearns ARM Trust,
      Mortgage
      Pass-Through Certificates, Series 2007-5 of such REO Property
      subsequent to such
      three-year period will not result in the imposition of taxes on “prohibited
      transactions” of any REMIC as defined in Section 860F of the Code or cause any
      REMIC to fail to qualify as a REMIC, in which case Bear Stearns ARM Trust,
      Mortgage
      Pass-Through Certificates, Series 2007-5 may continue to hold
      such REO Property
      (subject to any conditions contained in such opinion of counsel).
      Notwithstanding any other provision of the Servicing Agreement, no REO Property
      acquired by Bear Stearns
      ARM Trust, Mortgage Pass-Through Certificates, Series 2007-5 shall be rented (or
      allowed to continue
      to be rented) or otherwise used for the production of income by or on behalf
      of
Bear Stearns ARM Trust,
      Mortgage Pass-Through Certificates, Series 2007-5 in such a manner or
      pursuant to any
      terms that would (i) cause such REO Property to fail to qualify as “foreclosure
      property” within the meaning of Section 860G(a)(8) of the Code or (ii) subject
      any REMIC to the imposition of any federal, state or local income taxes on
      the
      income earned from such REO Property under Section 860G(c) of the Code or
      otherwise, unless the Company has agreed to indemnify and hold harmless
Bear Stearns ARM Trust,
      Mortgage Pass-Through Certificates, Series 2007-5 with respect to the
      imposition of any
      such taxes.

     

    9.  Notwithstanding
      any term hereof to the contrary, the execution and delivery of this AAR
      Agreement by the Assignee is solely in its capacity as trustee for Bear Stearns
      ARM Trust, Mortgage Pass-Through Certificates, Series 2007-5 and not
      individually, and any recourse against the Assignee in respect of any
      obligations it may have under or pursuant to the terms of this AAR Agreement
      shall be limited solely to the assets it may hold as trustee of Bear Stearns
      ARM
      Trust, Mortgage Pass-Through Certificates, Series 2007-5.

     

    Miscellaneous

     

    10.  All
      demands, notices and communications related to the Assigned Loans, the Servicing
      Agreement and this AAR Agreement shall be in writing and shall be deemed to
      have
      been duly given if personally delivered at or mailed by registered mail, postage
      prepaid, as follows:

     

    
      	
              a.  

            	
              In
                the case of the Company,

            

    

    EMC
      Mortgage Corporation

    2780
      Lake Vista Drive

    Lewisville,
      TX  75067-3884

    Attention:
      Michelle
      Viner

    Facsimile:
      (214) 626-4889

    Email:
      mviner@bear.com

    

    
      	
              b.  

            	
              In
                the case of the Assignor,

            

    

    Structured
      Asset Mortgage Investments
      II Inc.

    383
      Madison Avenue,

    New
      York, New York 10179

    Attention:  Deirdre
      Burke

    Telecopier
      No.: (212)
      272-7646

    

    
      	
              c.  

            	
              In
                the case of the Assignee,

            

    

    
      	
            	
               

            	
              Wells
                Fargo Bank, National Association, as
                Trustee

            

    

    
      	
            	
               

            	
              9062
                Old Annapolis Road

            

    

    Columbia,
      Maryland 21045

    Attention:
      Client Manager - BSARM 2007-5

    Telecopier
      No.: (410) 715-2380

     

    11.  The
      Company hereby acknowledges that EMC Mortgage Corporation has been appointed
      as
      the master servicer of the Assigned Loans pursuant to the Pooling and Servicing
      Agreement, dated as of August 1, 2007, among the Assignor, the Assignee, Wells
      Fargo Bank, N.A., as trustee and the Company, as seller and master servicer,
      and
      therefor has the right to enforce all obligations of the Company, as they relate
      to the Assigned Loans, under the Servicing Agreement.  Such right will
      include, without limitation, the right to terminate the Company under the
      Servicing Agreement upon the occurrence of an event of default thereunder,
      the
      right to receive all remittances required to be made by the Company under the
      Servicing Agreement, the right to receive all monthly reports and other data
      required to be delivered by the Company under the Servicing Agreement, the
      right
      to examine the books and records of the Company, indemnification rights, and
      the
      right to exercise certain rights of consent and approval relating to actions
      taken by the Company.  The Company shall make all distributions under
      the Servicing Agreement, as they relate to the Assigned Loans, to the Master
      Servicer by wire transfer of immediately available funds to:

    

    EMC
      Master Servicing Remittances

    Bank:  Chase
      Bank of Texas

    Branch:  Irving,
      Texas

    Account
      Name:  EMC Mortgage Corporation

    ABA
      #
      113000609

    ACCOUNT
      #
      000000709377717

    Reference:
      M/S Remittance August 1, 2007 Remit for EMC Mortgage Corporation

    Attention:  LSBO
      Group-MS

    

    and
      the
      Company shall deliver all reports required to be delivered under the Servicing
      Agreement, as they relate to the Assigned Loans, to the Assignee at the address
      set forth in Section 10 herein and to the Master Servicer at:

     

    EMC
      Mortgage Corporation

    2780
      Lake
      Vista Drive

    Lewisville,
      TX  75067-3884

    Attention:
      Michelle Viner

    Facsimile:
      (214) 626-4889

    Email:
      mviner@bear.com

     

    12.  THIS
      AAR
      AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW
      YORK, WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES, AND THE OBLIGATIONS, RIGHTS
      AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH
      SUCH LAWS.

     

    13.  No
      term
      or provision of this AAR Agreement may be waived or modified unless such waiver
      or modification is in writing and signed by the party against whom such waiver
      or modification is sought to be enforced.

     

    14.  This
      AAR
      Agreement shall inure to the benefit of the successors and assigns of the
      parties hereto. Any entity into which the Assignor, the Assignee or the Company
      may be merged or consolidated shall, without the requirement for any further
      writing, be deemed the Assignor, the Assignee or the Company, respectively,
      hereunder.

     

    15.  This
      AAR
      Agreement shall survive the conveyance of the Assigned Loans, the assignments
      of
      the Servicing Agreement to the extent of the Assigned Loans by the Assignor
      to
      the Assignee and the termination of the Servicing Agreement.

     

    16.  This
      AAR
      Agreement may be executed simultaneously in any number of counterparts. Each
      counterpart shall be deemed to be an original and all such counterparts shall
      constitute one and the same instrument.

     

    17.  In
      the
      event that any provision of this AAR Agreement conflicts with any provision
      of
      the Servicing Agreement with respect to the Assigned Loans, the terms of this
      AAR Agreement shall control.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the parties hereto have executed this AAR Agreement on the
      date
      first above written.

     

    
      
        	
                STRUCTURED
                  ASSET MORTGAGE INVESTMENTS
                  II INC.,

                the
                  Assignor

              	 	
                WELLS
                  FARGO BANK, NATIONAL ASSOCIATION, not individually but solely as
                  trustee
                  for the holders of Bear Stearns ARM Trust, Mortgage Pass-Through
                  Certificates, Series 2007-5,

                the
                  Assignee

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
                By:

              	 	 	
                By:

              	
                
                   

                

              
	
                Name:

              	 	 	
                Name:

              	 
	
                Title:

              	 	 	
                Title:

              	 

      

    

     

    
      
        
          	
                  
                    EMC
                      MORTGAGE CORPORATION,

                    the
                      Company and Master Servicer

                  

                	 	
                   

                
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
                  By:

                	 	 	
                   

                	
                  
                     

                  

                
	
                  Name:

                	 	 	 	 
	
                  Title:

                	 	 	 	 

        

      

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Attachment
      I

    

    Assigned
      Loans

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Attachment
      II

    

    Servicing
      Agreement

     

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    EXHIBIT
      J

     

    FORM
      OF MORTGAGE LOAN PURCHASE AGREEMENT

    

     

    MORTGAGE
      LOAN PURCHASE AGREEMENT, dated as of August 31, 2007, as amended and
      supplemented by any and all amendments hereto (collectively, the
“Agreement”), by and between EMC MORTGAGE CORPORATION, a Delaware
      corporation (“EMC” or the “Seller”) and STRUCTURED ASSET MORTGAGE
      INVESTMENTS II INC., a Delaware corporation (the
“Purchaser”).

     

    Upon
      the
      terms and subject to the conditions of this Agreement, the Seller agrees to
      sell, and the Purchaser agrees to purchase, certain conventional, first lien
      mortgage loans secured primarily by one- to four-family residential properties
      and individual condominium units (collectively, the “Mortgage Loans”) as
      described herein. The Purchaser intends to deposit the Mortgage Loans into
      a
      trust fund (the “Trust Fund”) and create Bear Stearns ARM Trust 2007-5, Mortgage
      Pass-Through Certificates, Series 2007-5 (the “Certificates”), under a pooling
      and servicing agreement, to be dated as of  August 1, 2007 (the
“Pooling and Servicing Agreement”), among the Purchaser, as depositor, EMC, as
      seller and as master servicer (in such capacity, the “Master Servicer”) and
      Wells Fargo Bank, N.A., as trustee (the “Trustee”).

     

    The
      Purchaser has filed with the Securities and Exchange Commission (the
“Commission”) a registration statement on Form S-3 (Number 333-140247) relating
      to its Mortgage Pass-Through Certificates and the offering of certain series
      thereof (including certain classes of the Certificates) from time to time in
      accordance with Rule 415 under the Securities Act of 1933, as amended, and
      the
      rules and regulations of the Commission promulgated thereunder (the “Securities
      Act”). Such registration statement, when it became effective under the
      Securities Act, and the prospectus relating to the public offering of certain
      classes of the Certificates by the Purchaser (the “Public Offering”), as each
      may be amended or supplemented from time to time pursuant to the Securities
      Act
      or otherwise, are referred to herein as the “Registration Statement” and the
“Prospectus,” respectively. The “Prospectus Supplement” shall mean that
      supplement, dated August 30, 2007, to the Prospectus, dated June 28, 2007,
      relating to certain classes of the Certificates. With respect to the Public
      Offering of certain classes of the Certificates, the Purchaser and Bear, Stearns
      & Co. Inc. (“Bear Stearns”) have entered into a terms agreement dated as of
      August 30, 2007 to an underwriting agreement dated February 26, 2007, between
      the Purchaser and Bear Stearns (together, the “Underwriting
      Agreement”).

     

    Now,
      therefore, in consideration of the premises and the mutual agreements set forth
      herein, the parties hereto agree as follows:

     

    Section
      1.  Definitions.  Certain
      terms are defined herein. Capitalized terms used herein but not defined herein
      shall have the meanings specified in the Pooling and Servicing Agreement. The
      following other terms are defined as follows:

     

    Acquisition
      Price:  With respect to EMC and the sale of the EMC Mortgage
      Loans, cash in an amount equal to $______ (plus $______ in accrued
      interest)1.

     

    Bear
      Stearns:  Bear, Stearns & Co. Inc.

     

    Closing
      Date:  August 31, 2007.

     

    Cut-off
      Date:  August 1, 2007

     

    Cut-off
      Date Balance:  $401,865,806.

     

    Deleted
      Mortgage Loan:  A Mortgage Loan replaced or to be replaced by a
      Substitute Mortgage Loan.

     

    Due
      Date:  With respect to each Mortgage Loan, the date in each month
      on which its scheduled payment is due if such due date is the first day of
      a
      month and otherwise is deemed to be the first day of the following month or
      such
      other date specified in the related Servicing Agreement.

     

    EMC:  EMC
      Mortgage Corporation.

     

    EMC
      Mortgage Loans:  The Mortgage Loans identified as such on the
      Mortgage Loan Schedule for which EMC is the applicable Seller.

     

    Fitch:  Fitch,
      Inc., or its successors in interest.

     

    Master
      Servicer:  EMC Mortgage Corporation

     

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

     

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

     

    Mortgage:  The
      mortgage, deed of trust or other instrument creating a first lien on an interest
      in real property securing a Mortgage Note.

     

    Mortgage
      File:  The items referred to in Exhibit 1 pertaining to a
      particular Mortgage Loan and any additional documents required to be added
      to
      such documents pursuant to this Agreement or the Pooling and Servicing
      Agreement.

     

    Mortgage
      Interest Rate:  The annual rate of interest borne by a Mortgage
      Note as stated therein.

     

    Mortgagor:  The
      obligor(s) on a Mortgage Note.

     

    Net
      Rate:  For each Mortgage Loan, the Mortgage Interest Rate for such
      Mortgage Loan less the sum of (i) the Servicing Fee Rate, (ii) the Trustee
      Fee
      Rate and (iii) the rate at which the Lender-Paid PMI Rate is calculated (if
      applicable).

     

    Opinion
      of Counsel:  A written opinion of counsel, who may be counsel for
      the Seller or the Purchaser, reasonably acceptable to the Trustee.

     

    Person:  Any
      legal person, including any individual, corporation, partnership, joint venture,
      association, joint stock company, trust, unincorporated organization or
      government or any agency or political subdivision thereof.

     

    Purchase
      Price:  With respect to any Mortgage Loan (or any property
      acquired with respect thereto) required to be repurchased by the Seller pursuant
      to this Agreement or Article II of the Pooling and Servicing Agreement, an
      amount equal to the sum of (i)(a) 100% of the Outstanding Principal Balance
      of
      such Mortgage Loan as of the date of repurchase (or if the related Mortgaged
      Property was acquired with respect thereto, 100% of the Outstanding Principal
      Balance at the date of the acquisition), plus (b) accrued but unpaid interest
      on
      the Outstanding Principal Balance at the related Mortgage Interest Rate, through
      and including the last day of the month of repurchase, plus (c) any unreimbursed
      Monthly Advances and servicing advances payable to the related Servicer of
      the
      Mortgage Loan and (ii) any costs and damages (if any) incurred by the Trust
      in
      connection with any violation of such Mortgage Loan of any anti-predatory
      lending laws.

     

    Rating
      Agencies:  Standard & Poor’s and Fitch, each a “Rating
      Agency.”

     

    Securities
      Act:  The Securities Act of 1933, as amended.

     

    Security
      Instrument:  A written instrument creating a valid first lien on a
      Mortgaged Property securing a Mortgage Note, which may be any applicable form
      of
      mortgage, deed of  trust, deed to secure debt or security deed,
      including any riders or addenda thereto.

     

    Servicing
      Agreements:  Shall have the meaning assigned to such term in the
      Pooling and Servicing Agreement.

     

    Standard
      & Poor’s:  Standard & Poor’s, a division of The
      McGraw-Hill Companies, Inc. or its successors in interest.

     

    Substitute
      Mortgage Loan:  A mortgage loan substituted for a Deleted Mortgage
      Loan which must meet, on the date of such substitution, the requirements stated
      herein and in the Pooling and Servicing Agreement with respect to such
      substitution; upon such substitution, such mortgage loan shall be a “Mortgage
      Loan” hereunder.

     

    Value:  The
      value of the Mortgaged Property at the time of origination of the related
      Mortgage Loan, such value being the lesser of (i) the value of such property
      set
      forth in an appraisal accepted by the applicable originator of the Mortgage
      Loan
      or (ii) the sales price of such property at the time of
      origination.

     

    Section
      2.  Purchase
      and Sale of the Mortgage Loans and Related Rights.  

     

    (a)  Upon
      satisfaction of the conditions set forth in Section 11 hereof, the Seller agrees
      to sell, and the Purchaser agrees to purchase Mortgage Loans sold by the Seller
      having an aggregate outstanding principal balance as of the Cut-off Date equal
      to the Cut-off Date Balance.

     

    (b)  The
      closing for the purchase and sale of the Mortgage Loans and the closing for
      the
      issuance of the Certificates will take place on the Closing Date at the office
      of the Purchaser’s counsel in New York, New York or such other place as the
      parties shall agree.

     

    (c)  Upon
      the
      satisfaction of the conditions set forth in Section 11 hereof, on the Closing
      Date, the Purchaser shall pay to the Seller the related Acquisition Price for
      the Mortgage Loans sold by the Seller in immediately available funds by wire
      transfer to such account or accounts as shall be designated by the
      Seller.

     

    (d)  In
      addition to the foregoing, on the Closing Date the Seller assigns to the
      Purchaser all of its right, title and interest in the Servicing Agreements
      (other than its right to enforce the representations and warranties set forth
      therein).

     

    Section
      3.  Mortgage
      Loan Schedule.  The Seller agrees to provide to the Purchaser as
      of the date hereof a listing of the Mortgage Loans (the “Mortgage Loan
      Schedule”) setting forth the information listed on Exhibit 2 to this
      Agreement with respect to each of the Mortgage Loans being sold by the
      Seller.  The Mortgage Loan Schedule shall be delivered to the
      Purchaser on the Closing Date and shall be in form and substance mutually agreed
      to by the Seller and the Purchaser.

     

    Section
      4.  Mortgage
      Loan Transfer.

     

    (a)  The
      Purchaser will be entitled to all scheduled payments of principal and interest
      on the Mortgage Loans due after the Cut-off Date (regardless of when actually
      collected) and all payments thereon, other than scheduled principal and interest
      due on or before the Cut-off Date but received after the Cut-off
      Date.  The Seller will be entitled to all scheduled payments of
      principal and interest on the Mortgage Loans due on or before the Cut-off Date
      (including payments collected after the Cut-off Date) and all payments thereon,
      other than scheduled principal and interest due after the Cut-off Date but
      received on or before the Cut-off Date. Such principal amounts and any interest
      thereon belonging to the Seller as described above will not be included in
      the
      aggregate outstanding principal balance of the Mortgage Loans as of the Cut-off
      Date as set forth on the Mortgage Loan Schedule.

     

    (b)  Pursuant
      to various conveyance documents to be executed on the Closing Date and pursuant
      to the Pooling and Servicing Agreement, the Purchaser will assign on the Closing
      Date all of its right, title and interest in and to the Mortgage Loans to the
      Trustee for the benefit of the Certificateholders.  In connection with
      the transfer and assignment of the Mortgage Loans, the Seller has delivered
      or
      will deliver or cause to be delivered to the Trustee by the Closing Date or
      such
      later date as is agreed to by the Purchaser and the Seller (each of the Closing
      Date and such later date is referred to as a “Mortgage File Delivery
      Date”), the items of the respective Custodian’s Mortgage File,
provided, however, that in lieu of the foregoing, the Seller may
      deliver the following documents, under the circumstances set forth below: (i)
      in
      lieu of the original Security Instrument, assignments to the Trustee or
      intervening assignments thereof which have been delivered, are being delivered
      or will, upon receipt of recording information relating to the Security
      Instrument required to be included thereon, be delivered to recording offices
      for recording and have not been returned to the Seller in time to permit their
      delivery as specified above, the Seller may deliver a true copy thereof with
      a
      certification by the Seller or the Master Servicer, on the face of such copy,
      substantially as follows: “Certified to be a true and correct copy of the
      original, which has been transmitted for recording;” (ii) in lieu of the
      Security Instrument, assignments to the Trustee or intervening assignments
      thereof, if the applicable jurisdiction retains the originals of such documents
      (as evidenced by a certification from the Seller to such effect), the Seller
      may
      deliver photocopies of such documents containing an original certification
      by
      the judicial or other governmental authority of the jurisdiction where such
      documents were recorded; (iii) in lieu of the Mortgage Notes relating to the
      Mortgage Loans, each identified in the list delivered by the Purchaser to the
      Trustee on the Closing Date and attached hereto as Exhibit 5 the Seller
      may deliver lost note affidavits and indemnities of the Seller; and (iv) the
      Seller shall not be required to deliver intervening assignments or Mortgage
      Note
      endorsements between the related Underlying Seller, between the Seller and
      the
      Depositor, and between the Depositor and the Trustee; and provided further,
      however, that in the case of Mortgage Loans which have been prepaid in full
      after the Cut-off Date and prior to the Closing Date, the Seller, in lieu of
      delivering the above documents, may deliver to the Trustee or the respective
      Custodian, on its behalf, a certification by the Seller or the Master Servicer
      to such effect and shall deposit all amounts paid in respect of such Mortgage
      Loans in the Distribution Account on the Closing Date.  The Seller
      shall deliver such original documents (including any original documents as
      to
      which certified copies had previously been delivered) or such certified copies
      to the Trustee, or the related Custodian on behalf of the Trustee, promptly
      after they are received.  The Seller shall cause the Mortgage and
      intervening assignments, if any, and the assignment of the Security Instrument
      to be recorded not later than 180 days after the Closing Date unless such
      assignment is not required to be recorded under the terms set forth in Section
      6(a) hereof.

     

    (c)  In
      connection with the assignment of any Mortgage Loan registered on the MERS®
System, The Seller further agrees that it will cause, at EMC’s own expense,
      within 30 days after the Closing Date, the MERS® System to indicate that such
      Mortgage Loans have been assigned by the Seller to the Purchaser and by the
      Purchaser to blank or to the Trustee in accordance with this Agreement for
      the
      benefit of the Certificateholders by including (or deleting, in the case of
      Mortgage Loans which are repurchased in accordance with this Agreement) in
      such
      computer files (a) the code in the field which identifies the specific Trustee
      and (b) the code in the field “Pool Field” which identifies the series of the
      Certificates issued in connection with such Mortgage Loans.  The
      Seller further agrees that it will not, and will not permit any Servicer or
      the
      Master Servicer to alter the codes referenced in this paragraph with respect
      to
      any Mortgage Loan during the term of the Pooling and Servicing Agreement unless
      and until such Mortgage Loan is repurchased in accordance with the terms of
      the
      Pooling and Servicing Agreement.

     

    (d)  The
      Seller and the Purchaser acknowledge hereunder that all of the Mortgage Loans
      and the related servicing will ultimately be assigned to Wells Fargo Bank,
      N.A.,
      as Trustee for the Certificateholders, on the date hereof.

     

    Section
      5.  Examination
      of Mortgage Files.

     

    (a)  On
      or
      before the Mortgage File Delivery Date, the Seller will have made the related
      Mortgage Files available to the Purchaser or its agent for examination which
      may
      be at the offices of the Trustee or the Seller and/or the Seller’s custodian.
      The fact that the Purchaser or its agent has conducted or has failed to conduct
      any partial or complete examination of the related Mortgage Files shall not
      affect the Purchaser’s rights to demand cure, repurchase, substitution or other
      relief as provided in this Agreement. In furtherance of the foregoing, the
      Seller shall make the related Mortgage Files available to the Purchaser or
      its
      agent from time to time so as to permit the Purchaser to confirm the Seller’s
      compliance with the delivery and recordation requirements of this Agreement
      and
      the Pooling and Servicing Agreement.

     

    (b)  Pursuant
      to the Pooling and Servicing Agreement, on the Closing Date the respective
      Custodian, on behalf of the Trustee, for the benefit of the Certificateholders,
      will acknowledge receipt of each Mortgage Loan, by delivery to the Seller,
      the
      Purchaser and the Trustee of an initial certification in the form attached
      as
      Exhibit One to the related Custodial Agreement.

     

    (c)  Pursuant
      to the Pooling and Servicing Agreement, within 90 days of the Closing Date
      (or,
      with respect to any Substitute Mortgage Loan, within five business days after
      the receipt by the Trustee or respective Custodian thereof), the Trustee will
      review or shall cause the respective Custodian to review items of the Mortgage
      Files as set forth on Exhibit 1 and will deliver to the Seller, the
      Purchaser and the Trustee an interim certification substantially in the form
      of
      Exhibit Two to the related Custodial Agreement.  If the Trustee or
      respective Custodian, as its agent, finds any document listed on Exhibit
      1 not to have been executed or received, or to be unrelated, determined
      on
      the basis of the Mortgagor name, original principal balance and loan number,
      to
      the Mortgage Loans identified in the Mortgage Loan Schedule or to appear
      defective on its face (a “Material Defect”), the Trustee or the
      respective Custodian, as its agent, shall promptly notify EMC of such Material
      Defect.  The Seller shall correct or cure any such Material Defect
      within 90 days from the date of notice from the Trustee or the respective
      Custodian, on its behalf, of the Material Defect and if the Seller fails to
      correct or cure such Material Defect within such period and such defect
      materially and adversely affects the interests of the Certificateholders in
      the
      related Mortgage Loan, the Seller will, in accordance with the terms of the
      Pooling and Servicing Agreement, within 90 days of the date of notice, provide
      the Trustee with a Substitute Mortgage Loan (if within two years of the Closing
      Date) or purchase the related Mortgage Loan at the applicable Purchase Price;
      provided that, if such defect would cause the Mortgage Loan to be other
      than a “qualified mortgage” as defined in Section 860G(a)(3) of the Code, any
      such cure, repurchase or substitution must occur within 90 days from the date
      such breach was discovered; provided,however, that if such defect
      relates solely to the inability of the Seller to deliver the original Security
      Instrument or intervening assignments thereof, or a certified copy because
      the
      originals of such documents, or a certified copy, have not been returned by
      the
      applicable jurisdiction, EMC shall not be required to purchase such Mortgage
      Loan if the Seller delivers such original documents or certified copy promptly
      upon receipt, but in no event later than 360 days after the Closing Date. The
      foregoing repurchase obligation shall not apply in the event that the Seller
      cannot deliver such original or copy of any document submitted for recording
      to
      the appropriate recording office in the applicable jurisdiction because such
      document has not been returned by such office; provided that the Seller shall
      instead deliver a recording receipt of such recording office or, if such receipt
      is not available, a certificate confirming that such documents have been
      accepted for recording, and delivery to the Trustee or the respective Custodian,
      as its agent, shall be effected by the Seller within thirty days of its receipt
      of the original recorded document.

     

    (d)  Pursuant
      to the Pooling and Servicing Agreement, within 180 days of the Closing Date
      (or,
      with respect to any Substitute Mortgage Loan, within five business days after
      the receipt by the Trustee or respective Custodian thereof) the Trustee will
      review or cause the respective Custodian to review items of the Mortgage Files
      as set forth on Exhibit 1 and will deliver to the Seller, the Purchaser
      and the Trustee a final certification substantially in the form of Exhibit
      Three
      to the related Custodial Agreement.  If the Trustee or respective
      Custodian, as its agent, finds a Material Defect, the Trustee or the respective
      Custodian, as its agent, shall promptly notify EMC of such Material
      Defect.  The Seller shall correct or cure any such Material Defect
      within 90 days from the date of notice from the Trustee or the respective
      Custodian, as its agent, of the Material Defect and if the Seller fails to
      correct or cure such Material Defect within such period and such defect
      materially and adversely affects the interests of the Certificateholders in
      the
      related Mortgage Loan, the Seller will, in accordance with the terms of the
      Pooling and Servicing Agreement, within 90 days of the date of notice, provide
      the Trustee with a Substitute Mortgage Loan (if within two years of the Closing
      Date) or purchase the related Mortgage Loan at the applicable Purchase Price;
      provided that, if such defect would cause the Mortgage Loan to be other
      than a “qualified mortgage” as defined in Section 860G(a)(3) of the Code, any
      such cure, repurchase or substitution must occur within 90 days from the date
      such breach was discovered; provided, however, that if such defect
      relates solely to the inability of the Seller to deliver the original Security
      Instrument or intervening assignments thereof, or a certified copy because
      the
      originals of such documents, or a certified copy, have not been returned by
      the
      applicable jurisdiction, EMC shall not be required to purchase such Mortgage
      Loan if the Seller delivers such original documents or certified copy promptly
      upon receipt, but in no event later than 360 days after the Closing Date. The
      foregoing repurchase obligation shall not apply in the event that the Seller
      cannot deliver such original or copy of any document submitted for recording
      to
      the appropriate recording office in the applicable jurisdiction because such
      document has not been returned by such office; provided that the Seller shall
      instead deliver a recording receipt of such recording office or, if such receipt
      is not available, a certificate confirming that such documents have been
      accepted for recording, and delivery to the Trustee or the respective Custodian,
      as its agent, shall be effected by the Seller within thirty days of its receipt
      of the original recorded document.

     

    (e)  At
      the
      time of any substitution, the Seller shall deliver or cause to be delivered
      the
      Substitute Mortgage Loan, the related Mortgage File and any other documents
      and
      payments required to be delivered in connection with a substitution pursuant
      to
      the Pooling and Servicing Agreement. At the time of any purchase or
      substitution, the Trustee in accordance with the terms of the Pooling and
      Servicing Agreement shall (i) assign to the Seller and cause the respective
      Custodian to release the documents (including, but not limited to, the Mortgage,
      Mortgage Note and other contents of the Mortgage File) in the possession of
      the
      respective Custodian relating to the Deleted Mortgage Loan and (ii) execute
      and
      deliver such instruments of transfer or assignment, in each case without
      recourse, as shall be necessary to vest in the Seller title to such Deleted
      Mortgage Loan.

     

    Section
      6.  Recordation
      of Assignments of Mortgage.

     

    (a)  The
      Seller shall cause each assignment of the Security Instrument from the Seller
      to
      the Trustee to be recorded not later than 180 days after the Closing Date,
      unless (a) such recordation is not required by the Rating Agencies or an Opinion
      of Counsel has been provided to the Trustee (with a copy to the respective
      Custodian) which states that the recordation of such assignments is not
      necessary to protect the interests of the Certificateholders in the related
      Mortgage Loans or (b) MERS is identified on the Mortgage or a properly recorded
      assignment of the Mortgage, as the Mortgagee of record solely as nominee for
      the
      Seller and its successors and assigns; provided, however, notwithstanding the
      foregoing, each assignment shall be submitted for recording by the Seller in
      the
      manner described above, at no expense to the Trust or Trustee, upon the earliest
      to occur of (i) reasonable direction by the Holders of Certificates evidencing
      Fractional Undivided Interests aggregating not less than 25% of the portion
      of
      the Trust related to such Classes, (ii) the occurrence of an Event of Default,
      (iii) the occurrence of a bankruptcy, insolvency or foreclosure relating to
      EMC
      and (iv) the occurrence of a servicing transfer as described in Section 8.02
      of
      the Pooling and Servicing Agreement.

     

    While
      each such Mortgage or assignment is being recorded, if necessary, the Seller
      shall leave or cause to be left with the Trustee a certified copy of such
      Mortgage or assignment. All customary recording fees and reasonable expenses
      relating to the recordation of the assignments of mortgage to the Trustee or
      the
      Opinion of Counsel, as the case may be, shall be borne by EMC.

     

    (b)  It
      is the
      express intent of the parties hereto that the conveyance of the Mortgage Loans
      by the Seller to the Purchaser, as contemplated by this Agreement be, and be
      treated as, a sale. It is, further, not the intention of the parties that such
      conveyance be deemed a pledge of the Mortgage Loans by the Seller to the
      Purchaser to secure a debt or other obligation of that Seller. However, in
      the
      event that, notwithstanding the intent of the parties, the Mortgage Loans are
      held by a court to continue to be property of the Seller, then (a) this
      Agreement shall also be deemed to be a security agreement within the meaning
      of
      Articles 8 and 9 of the applicable Uniform Commercial Code; (b) the transfer
      of
      the Mortgage Loans provided for herein shall be deemed to be a grant by the
      Seller to the Purchaser of a security interest in all of the Seller’s right,
      title and interest in and to the Mortgage Loans and all amounts payable to
      the
      holders of the Mortgage Loans in accordance with the terms thereof and all
      proceeds of the conversion, voluntary or involuntary, of the foregoing into
      cash, instruments, securities or other property, to the extent the Purchaser
      would otherwise be entitled to own such Mortgage Loans and proceeds pursuant
      to
      Section 4 hereof, including all amounts, other than investment earnings, from
      time to time held or invested in any accounts created pursuant to the Pooling
      and Servicing Agreement, whether in the form of cash, instruments, securities
      or
      other property; (c) the possession by the Purchaser or the Trustee of Mortgage
      Notes and such other items of property as constitute instruments, money,
      negotiable documents or chattel paper shall be deemed to be “possession by the
      secured party” for purposes of perfecting the security interest pursuant to
      Section 9-313 (or comparable provision) of the applicable Uniform Commercial
      Code; and (d) notifications to persons holding such property, and
      acknowledgments, receipts or confirmations from persons holding such property,
      shall be deemed notifications to, or acknowledgments, receipts or confirmations
      from, financial intermediaries, bailees or agents (as applicable) of the
      Purchaser for the purpose of perfecting such security interest under applicable
      law. Any assignment of the interest of the Purchaser pursuant to any provision
      hereof or pursuant to the Pooling and Servicing Agreement shall also be deemed
      to be an assignment of any security interest created hereby.  The
      Seller and the Purchaser shall, to the extent consistent with this Agreement,
      take such actions as may be reasonably necessary to ensure that, if this
      Agreement were deemed to create a security interest in the Mortgage Loans,
      such
      security interest would be deemed to be a perfected security interest of first
      priority under applicable law and will be maintained as such throughout the
      term
      of the Pooling and Servicing Agreement.

     

    Section
      7.  Representations
      and Warranties of Seller Concerning the Mortgage Loans.  EMC
      hereby represents and warrants to the Purchaser as of the Closing Date or such
      other date as may be specified below with respect to each Mortgage
      Loan:

     

    
      	
              (i)  

            	
              the
                information set forth in the Mortgage Loan Schedule hereto is true
                and
                correct in all material respects;

            

    

     

    
      	
              (ii)  

            	
              immediately
                prior to the transfer to the Purchaser, the Seller was the sole owner
                of
                beneficial title and holder of each Mortgage and Mortgage Note relating
                to
                the Mortgage Loans and is conveying the same free and clear of any
                and all
                liens, claims, encumbrances, participation interests, equities, pledges,
                charges or security interests of any nature and the Seller has full
                right
                and authority to sell or assign the same pursuant to this
                Agreement;

            

    

     

    
      	
              (iii)  

            	
              each
                Mortgage Loan at the time it was made complied in all material respects
                with all applicable local, state and federal laws and regulations,
                including, without limitation, usury, equal credit opportunity, disclosure
                and recording laws and all applicable predatory, abusive and fair
                lending
                laws; and each Mortgage Loan has been serviced in all material respects
                in
                accordance with all applicable local, state and federal laws and
                regulations, including, without limitation, usury, equal credit
                opportunity, disclosure and recording laws and all applicable
                anti-predatory lending laws and the terms of the related Mortgage
                Note,
                the Mortgage and other loan
                documents;

            

    

     

    
      	
              (iv)  

            	
              there
                is no monetary default existing under any Mortgage or the related
                Mortgage
                Note and there is no material event which, with the passage of time
                or
                with notice and the expiration of any grace or cure period, would
                constitute a default, breach or event of acceleration; and neither
                the
                Seller, any of its affiliates nor any servicer of any related Mortgage
                Loan has taken any action to waive any default, breach or event of
                acceleration; and no foreclosure action is threatened or has been
                commenced with respect to the Mortgage
                Loan;

            

    

     

    
      	
              (v)  

            	
              the
                terms of the Mortgage Note and the Mortgage have not been impaired,
                waived, altered or modified in any respect, except by written instruments,
                (i) if required by law in the jurisdiction where the Mortgaged Property
                is
                located, or (ii) to protect the interests of the Trustee on behalf
                of the
                Certificateholders;

            

    

     

    
      	
              (vi)  

            	
              no
                selection procedure reasonably believed by the Seller to be adverse
                to the
                interests of the Certificateholders was utilized in selecting the
                Mortgage
                Loans;

            

    

     

    
      	
              (vii)  

            	
              each
                Mortgage is a valid and enforceable first lien on the property securing
                the related Mortgage Note and each Mortgaged Property is owned by
                the
                Mortgagor in fee simple (except with respect to common areas in the
                case
                of condominiums, PUDs and de minimis PUDs) or by leasehold for a
                term
                longer than the term of the related Mortgage, subject only to (i)
                the lien
                of current real property taxes and assessments, (ii) covenants, conditions
                and restrictions, rights of way, easements and other matters of public
                record as of the date of recording of such Mortgage, such exceptions
                being
                acceptable to mortgage lending institutions generally or specifically
                reflected in the appraisal obtained in connection with the origination
                of
                the related Mortgage Loan or referred to in the lender’s title insurance
                policy delivered to the originator of the related Mortgage Loan and
                (iii)
                other matters to which like properties are commonly subject which
                do not
                materially interfere with the benefits of the security intended to
                be
                provided by such Mortgage;

            

    

     

    
      	
              (viii)  

            	
              there
                is no mechanics’ lien or claim for work, labor or material affecting the
                premises subject to any Mortgage which is or may be a lien prior
                to, or
                equal with, the lien of such Mortgage except those which are insured
                against by the title insurance policy referred to in xiii
                below;

            

    

     

    
      	
              (ix)  

            	
              there
                was no delinquent tax or assessment lien against the property subject
                to
                any Mortgage, except where such lien was being contested in good
                faith and
                a stay had been granted against levying on the
                property;

            

    

     

    
      	
              (x)  

            	
              there
                is no valid offset, defense or counterclaim to any Mortgage Note
                or
                Mortgage, including the obligation of the Mortgagor to pay the unpaid
                principal and interest on such Mortgage
                Note;

            

    

     

    
      	
              (xi)  

            	
              the
                physical property subject to any Mortgage is free of material damage
                and
                is in good repair and there is no proceeding pending or threatened
                for the
                total or partial condemnation of any Mortgaged
                Property;

            

    

     

    
      	
              (xii)  

            	
              the
                Mortgaged Property and all improvements thereon comply with all
                requirements of any applicable zoning and subdivision laws and
                ordinances;

            

    

     

    
      	
              (xiii)  

            	
              a
                lender’s title insurance policy (on an ALTA or CLTA form) or binder, or
                other assurance of title customary in the relevant jurisdiction therefor
                in a form acceptable to Fannie Mae or Freddie Mac, was issued on
                the date
                that each Mortgage Loan was created by a title insurance company
                which was
                qualified to do business in the jurisdiction where the related Mortgaged
                Property is located, insuring the Seller and its successors and assigns
                that the Mortgage is a first priority lien on the related Mortgaged
                Property in the original principal amount of the Mortgage Loan; and
                the
                Seller is the sole insured under such lender’s title insurance policy, and
                such policy, binder or assurance is valid and remains in full force
                and
                effect, and each such policy, binder or assurance shall contain all
                applicable endorsements including a negative amortization endorsement,
                if
                applicable;

            

    

     

    
      	
              (xiv)  

            	
              at
                the time of origination, each Mortgaged Property was the subject
                of an
                appraisal which conformed to the underwriting requirements of the
                originator of the Mortgage Loan and, the appraisal is in a form acceptable
                to Fannie Mae or FHLMC;

            

    

     

    
      	
              (xv)  

            	
              the
                improvements on each Mortgaged Property securing a Mortgage Loan
                are
                insured (by an insurer which is acceptable to the Seller) against
                loss by
                fire and such hazards as are covered under a standard extended coverage
                endorsement in the locale in which the Mortgaged Property is located,
                in
                an amount which is not less than the lesser of the maximum insurable
                value
                of the improvements securing such Mortgage Loan or the outstanding
                principal balance of the Mortgage Loan, but in no event in an amount
                less
                than an amount that is required to prevent the Mortgagor from being
                deemed
                to be a co-insurer thereunder; if the improvement on the Mortgaged
                Property is a condominium unit, it is included under the coverage
                afforded
                by a blanket policy for the condominium project; if upon origination
                of
                the related Mortgage Loan, the improvements on the Mortgaged Property
                were
                in an area identified as a federally designated flood area, a flood
                insurance policy is in effect in an amount representing coverage
                not less
                than the least of (i) the outstanding principal balance of the Mortgage
                Loan, (ii) the restorable cost of improvements located on such Mortgaged
                Property or (iii) the maximum coverage available under federal law; and
                each Mortgage obligates the Mortgagor thereunder to maintain the
                insurance
                referred to above at the Mortgagor’s cost and
                expense;

            

    

     

    
      	
              (xvi)  

            	
              each
                Mortgage Loan constitutes a "qualified mortgage" under Section
                860G(a)(3)(A) of the Code and Treasury Regulation Section 1.860G-2(a)(1),
                (2), (4), (5), (6), (7)  and (9) without reliance on the
                provisions of Treasury Regulation Section 1.860G-2(a)(3) or Treasury
                Regulation Section 1.860G-2(f)(2) or any other provision that would
                allow
                a Mortgage Loan to be treated as a “qualified mortgage” notwithstanding
                its failure to meet the requirements of Section 860G(a)(3)(A) of
                the Code
                and Treasury Regulation Section 1.860G-2(a)(1), (2), (4), (5), (6),
                (7)
                and (9);

            

    

     

    
      	
              (xvii)  

            	
              none
                of the Mortgage Loans are (a) loans subject to 12 CFR Part 226.31,
                12 CFR
                Part 226.32 or 12 CFR Part 226.34 of Regulation Z, the regulation
                implementing TILA, which implements the Home Ownership and Equity
                Protection Act of 1994, as amended or (b) “high cost home,” “covered”
                (excluding home loans defined as “covered home loans” in the New Jersey
                Home Ownership Security Act of 2002 that were originated between
                November
                26, 2003 and July 7, 2004), “high risk home” or “predatory” loans under
                any applicable state, federal or local law (or a similarly classified
                loan
                using different terminology under a law imposing heightened regulatory
                scrutiny or additional legal liability for residential mortgage loans
                having high interest rates, points and/or
                fees);

            

    

     

    
      	
              (xviii)  

            	
              the
                information set forth in Schedule A of the Prospectus Supplement
                with
                respect to the Mortgage Loans is true and correct in all material
                respects;

            

    

     

    
      	
              (xix)  

            	
              no
                Mortgage Loan (a) is a “high cost loan” or “covered loan” as applicable
                (as such terms are defined in the then current Standard & Poor’s
                LEVELS® Glossary, which is now Version 6.0, Appendix E, attached hereto as
                Exhibit 6 or (b) was originated on or after October 1, 2002 through
                March
                6, 2003 and is governed by the Georgia Fair Lending
                Act;

            

    

     

    
      	
              (xx)  

            	
              each
                Mortgage Loan was originated in accordance with the underwriting
                guidelines of the related
                originator;

            

    

     

    
      	
              (xxi)  

            	
              each
                original Mortgage has been recorded or is in the process of being
                recorded
                in accordance with the requirements of Section 2.01 of the Pooling
                and
                Servicing Agreement in the appropriate jurisdictions wherein such
                recordation is required to perfect the lien thereof for the benefit
                of the
                Trust Fund;

            

    

     

    
      	
              (xxii)  

            	
              the
                related Mortgage File contains each of the documents and instruments
                listed in Section 2.01 of the Pooling and Servicing Agreement, subject
                to
                any exceptions, substitutions and qualifications as are set forth
                in such
                Section;

            

    

     

    
      	
              (xxiii)  

            	
              the
                Mortgage Loans are currently being serviced in accordance with accepted
                servicing practices;

            

    

     

    
      	
              (xxiv)  

            	
              with
                respect to each Mortgage Loan that has a prepayment penalty feature,
                each
                such prepayment penalty is enforceable and will be enforced by the
                Seller
                and each prepayment penalty is permitted pursuant to federal, state
                and
                local law.  In addition, with respect to each Mortgage Loan (i)
                no Mortgage Loan will impose a prepayment penalty for a term in excess
                of
                five years from the date such Mortgage Loan was originated and (ii)
                such
                prepayment penalty is at least equal to the lesser of (A) the maximum
                amount permitted under applicable law and (B) six months interest
                at the
                related Mortgage Interest Rate on the amount prepaid in excess of
                20% of
                the original principal balance of such Mortgage
                Loan.

            

    

     

    
      	
              (xxv)  

            	
              if
                any of the Mortgage Loans are secured by a leasehold interest, with
                respect to each leasehold interest: the use of leasehold estates
                for
                residential properties is an accepted practice in the area where
                the
                related Mortgaged Property is located; residential property in such
                area
                consisting of leasehold estates is readily marketable; the lease
                is
                recorded and no party is in any way in breach of any provision of
                such
                lease; the leasehold is in full force and effect and is not subject
                to any
                prior lien or encumbrance by which the leasehold could be terminated
                or
                subject to any charge or penalty; and the remaining term of the lease
                does
                not terminate less than ten years after the maturity date of such
                Mortgage
                Loan; and

            

    

     

    
      	
              (xxvi)  

            	
              each
                Mortgage Loan was originated (a)  by a savings and loan association,
                savings bank, commercial bank, credit union, insurance company or
                similar
                institution that is supervised and examined by a federal or state
                authority, (b) by a mortgagee approved by the Secretary of Housing
                and
                Urban Development pursuant to Sections 203 and 211 of the National
                Housing
                Act, as amended, or (c) by a mortgage broker or correspondent lender
                in a
                manner such that the related Mortgage Loan would be regarded for
                purposes
                of Section 3(a)(41) of the Securities Exchange Act of 1934, as amended,
                as
                having been originated by an entity described in clauses (a) or (b)
                above.

            

    

     

    It
      is
      understood and agreed that the representations and warranties set forth in
      this
      Section 7 will inure to the benefit of the Purchaser, its successors and
      assigns, notwithstanding any restrictive or qualified endorsement on any
      Mortgage Note or assignment of Mortgage or the examination of any Mortgage
      File.
      Upon any substitution for a Mortgage Loan, the representations and warranties
      set forth above shall be deemed to be made by the Seller as to any Substitute
      Mortgage Loan as of the date of substitution.

     

    Upon
      discovery or receipt of notice by the EMC, the Purchaser or the Trustee of
      a
      breach of any representation or warranty of the EMC set forth in this Section
      7
      which materially and adversely affects the value of the interests of the
      Purchaser, the Certificateholders or the Trustee in any of the Mortgage Loans
      delivered to the Purchaser pursuant to this Agreement, the party discovering
      or
      receiving notice of such breach shall give prompt written notice to the others.
      It is understood and agreed that a breach of any one of the representations
      contained in clauses (xvii) or (xix)(b) above will be deemed to materially
      adversely affect the interests of the related Certificateholders. In the case
      of
      any such breach of a representation or warranty set forth in this Section 7,
      within 90 days from the date of discovery by the EMC, or the date the EMC is
      notified by the party discovering or receiving notice of such breach (whichever
      occurs earlier), the EMC will (i) cure such breach in all material respects,
      (ii) purchase the affected Mortgage Loan at the applicable Purchase Price or
      (iii) if within two years of the Closing Date, substitute a qualifying
      Substitute Mortgage Loan in exchange for such Mortgage Loan. The obligations
      of
      the EMC to cure, purchase or substitute a qualifying Substitute Mortgage Loan
      shall constitute the Purchaser’s, the Trustee’s and the Certificateholder’s sole
      and exclusive remedy under this Agreement or otherwise respecting a breach
      of
      representations or warranties hereunder with respect to the Mortgage Loans,
      except for the obligation of the EMC to indemnify the Purchaser for such breach
      as set forth in and limited by Section 14 hereof.

     

    Any
      cause
      of action against EMC or relating to or arising out of a breach by EMC of any
      representations and warranties made in this Section 7 shall accrue as to any
      Mortgage Loan upon (i) discovery of such breach by EMC or notice thereof by
      the
      party discovering such breach and (ii) failure by EMC to cure such breach,
      purchase such Mortgage Loan or substitute a qualifying Substitute Mortgage
      Loan
      pursuant to the terms hereof.

     

    Section
      8.  Representations
      and Warranties Concerning the Seller.  As of the date hereof and
      as of the Closing Date, the Seller represents and warrants to the Purchaser
      as
      to itself in the capacity indicated as follows:

     

    (a)  EMC
      (i)
      is a corporation duly organized, validly existing and in good standing under
      the
      laws of the State of Delaware and (ii) is qualified and in good standing to
      do
      business in each jurisdiction where such qualification is necessary, except
      where the failure so to qualify would not reasonably be expected to have a
      material adverse effect on EMC’s business as presently conducted or on the EMC’s
      ability to enter into this Agreement and to consummate the transactions
      contemplated hereby;

     

    (b)  EMC
      has
      full corporate power to own its property, to carry on its business as presently
      conducted and to enter into and perform its obligations under this
      Agreement;

     

    (c)  the
      execution and delivery by EMC of this Agreement have been duly authorized by
      all
      necessary action on the part of EMC; and neither the execution and delivery
      of
      this Agreement, nor the consummation of the transactions herein contemplated,
      nor compliance with the provisions hereof, will conflict with or result in
      a
      breach of, or constitute a default under, any of the provisions of any law,
      governmental rule, regulation, judgment, decree or order binding on EMC or
      its
      properties or the charter or by-laws of EMC, except those conflicts, breaches
      or
      defaults which would not reasonably be expected to have a material adverse
      effect on EMC’s ability to enter into this Agreement and to consummate the
      transactions contemplated hereby;

     

    (d)  the
      execution, delivery and performance by EMC of this Agreement and the
      consummation of the transactions contemplated hereby do not require the consent
      or approval of, the giving of notice to, the registration with, or the taking
      of
      any other action in respect of, any state, federal or other governmental
      authority or agency, except those consents, approvals, notices, registrations
      or
      other actions as have already been obtained, given or made and, in connection
      with the recordation of the Mortgages, powers of attorney or assignments of
      Mortgages not yet completed;

     

    (e)  this
      Agreement has been duly executed and delivered by EMC and, assuming due
      authorization, execution and delivery by the Purchaser, constitutes a valid
      and
      binding obligation of EMC enforceable against it in accordance with its terms
      (subject to applicable bankruptcy and insolvency laws and other similar laws
      affecting the enforcement of the rights of creditors generally);

     

    (f)  there
      are
      no actions, suits or proceedings pending or, to the knowledge of EMC, threatened
      against EMC, before or by any court, administrative agency, arbitrator or
      governmental body (i) with respect to any of the transactions contemplated
      by
      this Agreement or (ii) with respect to any other matter which in the judgment
      of
      EMC will be determined adversely to EMC and will if determined adversely to
      EMC
      materially and adversely affect EMC’s ability to perform its obligations under
      this Agreement; and EMC is not in default with respect to any order of any
      court, administrative agency, arbitrator or governmental body so as to
      materially and adversely affect the transactions contemplated by this Agreement;
      and

     

    (g)  EMC’s
      Information (as defined in Section 14(a) hereof) does not include any untrue
      statement of a material fact or omit to state a material fact necessary in
      order
      to make the statements made, in light of the circumstances under which they
      were
      made, not misleading.

     

    Section
      9.  Representations
      and Warranties Concerning the Purchaser.  As of the date hereof
      and as of the Closing Date, the Purchaser represents and warrants to the Seller
      as follows:

     

    (a)  the
      Purchaser (i) is a corporation duly organized, validly existing and in good
      standing under the laws of the State of Delaware and (ii) is qualified and
      in
      good standing as a foreign corporation to do business in each jurisdiction
      where
      such qualification is necessary, except where the failure so to qualify would
      not reasonably be expected to have a material adverse effect on the Purchaser’s
      business as presently conducted or on the Purchaser’s ability to enter into this
      Agreement and to consummate the transactions contemplated hereby;

     

    (b)  the
      Purchaser has full corporate power to own its property, to carry on its business
      as presently conducted and to enter into and perform its obligations under
      this
      Agreement;

     

    (c)  the
      execution and delivery by the Purchaser of this Agreement have been duly
      authorized by all necessary corporate action on the part of the Purchaser;
      and
      neither the execution and delivery of this Agreement, nor the consummation
      of
      the transactions herein contemplated, nor compliance with the provisions hereof,
      will conflict with or result in a breach of, or constitute a default under,
      any
      of the provisions of any law, governmental rule, regulation, judgment, decree
      or
      order binding on the Purchaser or its properties or the articles of
      incorporation or by-laws of the Purchaser, except those conflicts, breaches
      or
      defaults which would not reasonably be expected to have a material adverse
      effect on the Purchaser’s ability to enter into this Agreement and to consummate
      the transactions contemplated hereby;

     

    (d)  the
      execution, delivery and performance by the Purchaser of this Agreement and
      the
      consummation of the transactions contemplated hereby do not require the consent
      or approval of, the giving of notice to, the registration with, or the taking
      of
      any other action in respect of, any state, federal or other governmental
      authority or agency, except those consents, approvals, notices, registrations
      or
      other actions as have already been obtained, given or made;

     

    (e)  this
      Agreement has been duly executed and delivered by the Purchaser and, assuming
      due authorization, execution and delivery by the Seller, constitutes a valid
      and
      binding obligation of the Purchaser enforceable against it in accordance with
      its terms (subject to applicable bankruptcy and insolvency laws and other
      similar laws affecting the enforcement of the rights of creditors
      generally);

     

    (f)  there
      are
      no actions, suits or proceedings pending or, to the knowledge of the Purchaser,
      threatened against the Purchaser, before or by any court, administrative agency,
      arbitrator or governmental body (i) with respect to any of the transactions
      contemplated by this Agreement or (ii) with respect to any other matter which
      in
      the judgment of the Purchaser will be determined adversely to the Purchaser
      and
      will if determined adversely to the Purchaser materially and adversely affect
      the Purchaser’s ability to perform its obligations under this Agreement; and the
      Purchaser is not in default with respect to any order of any court,
      administrative agency, arbitrator or governmental body so as to materially
      and
      adversely affect the transactions contemplated by this Agreement;
      and

     

    (g)  the
      Purchaser’s Information (as defined in Section 13(b) hereof) does not include
      any untrue statement of a material fact or omit to state a material fact
      necessary in order to make the statements made, in light of the circumstances
      under which they were made, not misleading.

     

    Section
      10.  [Reserved].  

     

    Section
      11.  Conditions
      to Closing.

     

    (a)  The
      obligations of the Purchaser under this Agreement will be subject to the
      satisfaction, on or prior to the Closing Date, of the following
      conditions:

     

    (i)  Each
      of
      the obligations of the Seller required to be performed at or prior to the
      Closing Date pursuant to the terms of this Agreement shall have been duly
      performed and complied with in all material respects; all of the representations
      and warranties of the Seller under this Agreement shall be true and correct
      as
      of the date or dates specified in all material respects; and no event shall
      have
      occurred which, with notice or the passage of time, would constitute a default
      under this Agreement, or the Pooling and Servicing Agreement; and the Purchaser
      shall have received certificates to that effect signed by authorized officers
      of
      the Seller.

     

    (ii)  The
      Purchaser shall have received all of the following closing documents, in such
      forms as are agreed upon and reasonably acceptable to the Purchaser, duly
      executed by all signatories (other than the Purchaser) as required pursuant
      to
      the respective terms thereof:

     

      The
      Pooling and Servicing Agreement, in form and substance reasonably satisfactory
      to the Trustee and the Purchaser, and all documents required thereby duly
      executed by all signatories;

     

      A
      certificate of an officer of the Seller dated as of the Closing Date, in a
      form
      reasonably acceptable to the Purchaser, and attached thereto the resolutions
      of
      the Seller authorizing the transactions contemplated by this Agreement, together
      with copies of the charter and by-laws of the Seller;

     

      One
      or
      more opinions of counsel from the Seller’s counsel otherwise in form and
      substance reasonably satisfactory to the Purchaser, the Trustee and each Rating
      Agency;

     

      A
      letter
      from each of the Rating Agencies giving each Class of Certificates set forth
      on
      Schedule A the rating set forth on Schedule A; and

     

      Such
      other documents, certificates (including additional representations and
      warranties) and opinions as may be reasonably necessary to secure the intended
      ratings from each Rating Agency for the Certificates.

     

    (iii)  The
      Certificates to be sold to Bear Stearns pursuant to the Underwriting Agreement
      and the Purchase Agreement shall have been issued and sold to Bear
      Stearns.

     

    (iv)  The
      Seller shall have furnished to the Purchaser such other certificates of its
      officers or others and such other documents and opinions of counsel to evidence
      fulfillment of the conditions set forth in this Agreement and the transactions
      contemplated hereby as the Purchaser and its counsel may reasonably
      request.

     

    (b)  The
      obligations of the Seller under this Agreement shall be subject to the
      satisfaction, on or prior to the Closing Date, of the following
      conditions:

     

    (i)  The
      obligations of the Purchaser required to be performed by it on or prior to
      the
      Closing Date pursuant to the terms of this Agreement shall have been duly
      performed and complied with in all material respects, and all of the
      representations and warranties of the Purchaser under this Agreement shall
      be
      true and correct in all material respects as of the date hereof and as of the
      Closing Date, and no event shall have occurred which would constitute a breach
      by it of the terms of this Agreement, and the Seller shall have received a
      certificate to that effect signed by an authorized officer of the
      Purchaser.

     

    (ii)  The
      Seller shall have received copies of all of the following closing documents,
      in
      such forms as are agreed upon and reasonably acceptable to the Seller, duly
      executed by all signatories other than the Seller as required pursuant to the
      respective terms thereof:

     

    The
      Pooling and Servicing Agreement, in form and substance reasonably satisfactory
      to EMC, and all documents required thereby duly executed by all
      signatories;

     

    A
      certificate of an officer of the Purchaser dated as of the Closing Date, in
      a
      form reasonably acceptable to the Seller, and attached thereto the resolutions
      of the Purchaser authorizing the transactions contemplated by this Agreement
      and
      the Pooling and Servicing Agreement, together with copies of the Purchaser’s
      articles of incorporation, and evidence as to the good standing of the Purchaser
      dated as of a recent date;

     

    One
      or
      more opinions of counsel from the Purchaser’s counsel in form and substance
      reasonably satisfactory to the Seller;

     

    Such
      other documents, certificates (including additional representations and
      warranties) and opinions as may be reasonably necessary to secure the intended
      rating from each Rating Agency for the Certificates.

     

    Section
      12.  Fees
      and Expenses.  Subject to Section 17 hereof, the Seller shall pay
      on the Closing Date or such later date as may be agreed to by the Purchaser
      (i)
      the fees and expenses of the Seller’s attorneys and the reasonable fees and
      expenses of the Purchaser’s attorneys, (ii) the fees and expenses of Deloitte
& Touche LLP, (iii) the fee for the use of Purchaser’s Registration
      Statement based on the aggregate original principal amount of the Certificates
      and the filing fee of the Commission as in effect on the date on which the
      Registration Statement was declared effective, (iv) the fees and expenses
      including counsel’s fees and expenses in connection with any “blue sky” and
      legal investment matters, (v) the fees and expenses of the Trustee which shall
      include without limitation the fees and expenses of the Trustee (and the fees
      and disbursements of its counsel) with respect to (A) legal and document review
      of this Agreement, the Pooling and Servicing Agreement, the Certificates and
      related agreements, (B) attendance at the Closing and (C) review of the Mortgage
      Loans to be performed by the respective Custodian, (vi) the expenses for
      printing or otherwise reproducing the Certificates, the Prospectus and the
      Prospectus Supplement, (vii) the fees and expenses of each Rating Agency (both
      initial and ongoing), (viii) the fees and expenses relating to the preparation
      and recordation of mortgage assignments (including intervening assignments,
      if
      any and if available, to evidence a complete chain of title from the originator
      to the Trustee) from the Seller to the Trustee or the expenses relating to
      the
      Opinion of Counsel referred to in Section 6(a) hereof, as the case may be,
      and
      (ix) Mortgage File due diligence expenses and other out-of-pocket expenses
      incurred by the Purchaser in connection with the purchase of the Mortgage Loans
      and by Bear Stearns in connection with the sale of the
      Certificates.  The Seller additionally agrees to pay directly to any
      third party on a timely basis the fees provided for above which are charged
      by
      such third party and which are billed periodically.

     

    Section
      13.  Accountants’
      Letters.  

     

    (a)  Deloitte
      & Touche LLP will review the characteristics of a sample of the Mortgage
      Loans described in the Mortgage Loan Schedule and will compare those
      characteristics to the description of the Mortgage Loans contained in the
      Prospectus Supplement under the captions “Summary of Prospectus Supplement—The
      Mortgage Loans” and “The Mortgage Pool”, “The Sponsor” and in Schedule A
      thereto.  The Seller will cooperate with the Purchaser in making
      available all information and taking all steps reasonably necessary to permit
      such accountants to complete the review and to deliver the letters required
      of
      them under the Underwriting Agreement. Deloitte & Touche LLP will also
      confirm certain calculations as set forth under the caption “Yield On The
      Certificates” in the Prospectus Supplement.

     

    (b)  To
      the
      extent statistical information with respect to the Master Servicer’s or a
      Servicer’s servicing portfolio is included in the Prospectus Supplement under
      the caption “The Master Servicer and the Servicers,” a letter from the certified
      public accountant for the Master Servicer and such Servicer or Servicers will
      be
      delivered to the Purchaser dated the date of the Prospectus Supplement, in
      the
      form previously agreed to by EMC and the Purchaser, with respect to such
      statistical information.

     

    Section
      14.  Indemnification.

     

    The
      Seller shall indemnify and hold harmless the Purchaser and its directors,
      officers and controlling persons (as defined in Section 15 of the Securities
      Act) from and against any loss, claim, damage or liability or action in respect
      thereof, to which they or any of them may become subject, under the Securities
      Act or otherwise, insofar as such loss, claim, damage, liability or action
      arises out of, or is based upon (i) any untrue statement of a material fact
      contained in the Seller’s Information as identified in Exhibit 3, the omission
      to state in the Prospectus Supplement or Prospectus (or any amendment thereof
      or
      supplement thereto approved by the Seller and in which additional Seller’s
      Information is identified), in reliance upon and in conformity with Seller’s
      Information a material fact required to be stated therein or necessary to make
      the statements therein in light of the circumstances in which they were made,
      not misleading, (ii) any representation or warranty assigned or made by EMC
      in
      Section 7 or Section 8 hereof being, or alleged to be, untrue or incorrect,
      or
      (iii) any failure by the Seller to perform its obligations under this Agreement;
      and the Seller shall reimburse the Purchaser and each other indemnified party
      for any legal and other expenses reasonably incurred by them in connection
      with
      investigating or defending or preparing to defend against any such loss, claim,
      damage, liability or action.

     

    The
      foregoing indemnity agreement is in addition to any liability which EMC
      otherwise may have to the Purchaser or any other such indemnified
      party.

     

    (a)  The
      Purchaser shall indemnify and hold harmless the Seller and its respective
      directors, officers and controlling persons (as defined in Section 15 of the
      Securities Act) from and against any loss, claim, damage or liability or action
      in respect thereof, to which they or any of them may become subject, under
      the
      Securities Act or otherwise, insofar as such loss, claim, damage, liability
      or
      action arises out of, or is based upon (i) any untrue statement of a material
      fact contained in the Purchaser’s Information as identified in Exhibit
      4, the omission to state in the Prospectus Supplement or Prospectus (or
      any
      amendment thereof or supplement thereto approved by the Purchaser and in which
      additional Purchaser’s Information is identified), in reliance upon and in
      conformity with the Purchaser’s Information, a material fact required to be
      stated therein or necessary to make the statements therein in light of the
      circumstances in which they were made, not misleading; and the Purchaser shall
      reimburse the Seller, and each other indemnified party for any legal and other
      expenses reasonably incurred by them in connection with investigating or
      defending or preparing to defend any such loss, claim, damage, liability or
      action. The foregoing indemnity agreement is in addition to any liability which
      the Purchaser otherwise may have to the Seller, or any other such indemnified
      party,

     

    (b)  Promptly
      after receipt by an indemnified party under subsection (a) or (b) above of
      notice of the commencement of any action, such indemnified party shall, if
      a
      claim in respect thereof is to be made against the indemnifying party under
      such
      subsection, notify each party against whom indemnification is to be sought
      in
      writing of the commencement thereof (but the failure so to notify an
      indemnifying party shall not relieve it from any liability which it may have
      under this Section 14 except to the extent that it has been prejudiced in any
      material respect by such failure or from any liability which it may have
      otherwise). In case any such action is brought against any indemnified party,
      and it notifies an indemnifying party of the commencement thereof, the
      indemnifying party will be entitled to participate therein and, to the extent
      it
      may elect by written notice delivered to the indemnified party promptly (but,
      in
      any event, within 30 days) after receiving the aforesaid notice from such
      indemnified party, to assume the defense thereof with counsel reasonably
      satisfactory to such indemnified party. Notwithstanding the foregoing, the
      indemnified party or parties shall have the right to employ its or their own
      counsel in any such case, but the fees and expenses of such counsel shall be
      at
      the expense of such indemnified party or parties unless (i) the employment
      of
      such counsel shall have been authorized in writing by one of the indemnifying
      parties in connection with the defense of such action, (ii) the indemnifying
      parties shall not have employed counsel to have charge of the defense of such
      action within a reasonable time after notice of commencement of the action,
      or
      (iii) such indemnified party or parties shall have reasonably concluded that
      there is a conflict of interest between itself or themselves and the
      indemnifying party in the conduct of the defense of any claim or that the
      interests of the indemnified party or parties are not substantially co-extensive
      with those of the indemnifying party (in which case the indemnifying parties
      shall not have the right to direct the defense of such action on behalf of
      the
      indemnified party or parties), in any of which events such fees and expenses
      shall be borne by the indemnifying parties (provided, however,
      that the indemnifying party shall be liable only for the fees and expenses
      of
      one counsel in addition to one local counsel in the jurisdiction involved.
      Anything in this subsection to the contrary notwithstanding, an indemnifying
      party shall not be liable for any settlement or any claim or action effected
      without its written consent; provided, however, that such consent
      was not unreasonably withheld.

     

    (c)  If
      the
      indemnification provided for in paragraphs (a) and (b) of this Section 14 shall
      for any reason be unavailable to an indemnified party in respect of any loss,
      claim, damage or liability, or any action in respect thereof, referred to in
      Section 14, then the indemnifying party shall in lieu of indemnifying the
      indemnified party contribute to the amount paid or payable by such indemnified
      party as a result of such loss, claim, damage or liability, or action in respect
      thereof, in such proportion as shall be appropriate to reflect the relative
      benefits received by the Seller on the one hand and the Purchaser on the other
      from the purchase and sale of the Mortgage Loans, the offering of the
      Certificates and the other transactions contemplated hereunder. No person found
      liable for a fraudulent misrepresentation (within the meaning of Section 11(f)
      of the Securities Act) shall be entitled to contribution from any person who
      is
      not also found liable for such fraudulent misrepresentation.

     

    (d)  The
      parties hereto agree that reliance by an indemnified party on any publicly
      available information or any information or directions furnished by an
      indemnifying party shall not constitute negligence, bad faith or willful
      misconduct by such indemnified party.

     

    Section
      15.  Notices.  All
      demands, notices and communications hereunder shall be in writing but may be
      delivered by facsimile transmission subsequently confirmed in writing. Notices
      to EMC shall be directed to EMC
Mortgage Corporation,
      2780 Lake Vista Drive, Lewisville, Texas 75067,
      Facsimile: (214) 626-4889, Attention: Michelle Viner; and notices to the
      Purchaser shall be directed to Structured Asset Mortgage Investments II Inc.,
      383 Madison Avenue, New York, New York 10179 (Telecopy: (212) 272-7206),
      Attention: Baron Silverstein; or to any other address as may hereafter be
      furnished by one party to the other party by like notice. Any such demand,
      notice or communication hereunder shall be deemed to have been received on
      the
      date received at the premises of the addressee (as evidenced, in the case of
      registered or certified mail, by the date noted on the return receipt) provided
      that it is received on a business day during normal business hours and, if
      received after normal business hours, then it shall be deemed to be received
      on
      the next business day.

     

    Section
      16.  Transfer
      of Mortgage Loans.  The Purchaser retains the right to assign the
      Mortgage Loans and any or all of its interest under this Agreement to the
      Trustee without the consent of the Seller, and, upon such assignment, the
      Trustee shall succeed to the applicable rights and obligations of the Purchaser
      hereunder; provided, however, the Purchaser shall remain entitled
      to the benefits set forth in Sections 12, 14 and 18 hereto and as provided
      in
      Section 2(a). Notwithstanding the foregoing, the sole and exclusive right and
      remedy of the Trustee with respect to a breach of representation or warranty
      of
      the Seller shall be the cure, purchase or substitution obligations of EMC
      contained in Sections 5 and 7 hereof.

     

    Section
      17.  Termination.  This
      Agreement may be terminated (a) by the mutual consent of the parties hereto
      prior to the Closing Date, (b) by the Purchaser, if the conditions to the
      Purchaser’s obligation to close set forth under Section 11(a) hereof are not
      fulfilled as and when required to be fulfilled or (c) by any Seller, if the
      conditions to the Seller’s obligation to close set forth under Section 11(b)
      hereof are not fulfilled as and when required to be fulfilled. In the event
      of
      termination pursuant to clause (b), the Seller shall pay, and in the event
      of
      termination pursuant to clause (c), the Purchaser shall pay, all reasonable
      out-of-pocket expenses incurred by the other in connection with the transactions
      contemplated by this Agreement. In the event of a termination pursuant to clause
      (a), each party shall be responsible for its own expenses.

     

    Section
      18.  Representations,
      Warranties and Agreements to Survive Delivery.  All
      representations, warranties and agreements contained in this Agreement, or
      contained in certificates of officers of the Seller submitted pursuant hereto,
      shall remain operative and in full force and effect and shall survive delivery
      of the Mortgage Loans to the Purchaser (and by the Purchaser to the Trustee).
      Subsequent to the delivery of the Mortgage Loans to the Purchaser, EMC’s
      representations and warranties contained herein with respect to the Mortgage
      Loans shall be deemed to relate to the Mortgage Loans actually delivered to
      the
      Purchaser and included in the Mortgage Loan Schedule and any Substitute Mortgage
      Loan.

     

    Section
      19.  Severability.  If
      any provision of this Agreement shall be prohibited or invalid under applicable
      law, the Agreement shall be ineffective only to such extent, without
      invalidating the remainder of this Agreement.

     

    Section
      20.  Counterparts.  This
      Agreement may be executed in counterparts, each of which will be an original,
      but which together shall constitute one and the same agreement.

     

    Section
      21.  Amendment.  This
      Agreement cannot be amended or modified in any manner without the prior written
      consent of each party.

     

    Section
      22.  GOVERNING
      LAW.  THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN
      ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS
      CONFLICT OF LAW PROVISIONS (OTHER THAN SECTION 5-1401 OF THE GENERAL OBLIGATIONS
      LAW) AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL
      BE
      DETERMINED IN ACCORDANCE WITH SUCH LAWS.

     

    Section
      23.  Further
      Assurances.  Each of the parties agrees to execute and deliver
      such instruments and take such actions as another party may, from time to time,
      reasonably request in order to effectuate the purpose and to carry out the
      terms
      of this Agreement including any amendments hereto which may be required by
      either Rating Agency.

     

    Section
      24.  Successors
      and Assigns.  This Agreement shall bind and inure to the benefit
      of and be enforceable by the Seller and the Purchaser and their permitted
      successors and assigns and, to the extent specified in Section 14 hereof, Bear
      Stearns, and their directors, officers and controlling persons (within the
      meaning of federal securities laws). The Seller acknowledges and agrees that
      the
      Purchaser may assign its rights under this Agreement (including, without
      limitation, with respect to EMC’s representations and warranties respecting the
      Mortgage Loans) to the Trustee. Any person into which any Seller may be merged
      or consolidated (or any person resulting from any merger or consolidation
      involving the Seller), any person resulting from a change in form of the Seller
      or any person succeeding to the business of the Seller, shall be considered
      the
“successor” of the Seller hereunder and shall be considered a party hereto
      without the execution or filing of any paper or any further act or consent
      on
      the part of any party hereto. Except as provided in the two preceding sentences,
      this Agreement cannot be assigned, pledged or hypothecated by either party
      hereto without the written consent of the other parties to this Agreement and
      any such assignment or purported assignment shall be deemed null and
      void.

     

    Section
      25.  The
      Seller and the Purchaser.  The Seller and the Purchaser will keep
      in full effect all rights as are necessary to perform their respective
      obligations under this Agreement.

     

    Section
      26.  Entire
      Agreement.  This Agreement contains the entire agreement and
      understanding between the parties with respect to the subject matter hereof,
      and
      supersedes all prior and contemporaneous agreements, understandings, inducements
      and conditions, express or implied, oral or written, of any nature whatsoever
      with respect to the subject matter hereof.

     

    Section
      27.  No
      Partnership.  Nothing herein contained shall be deemed or
      construed to create a partnership or joint venture between the parties
      hereto.

     

    [REMAINDER
      OF PAGE INTENTIONALLY LEFT BLANK]

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    IN
      WITNESS WHEREOF, the parties hereto have caused their names to be signed hereto
      by their respective duly authorized officers as of the date first above
      written.

     

    
      	 	EMC
              MORTGAGE
              CORPORATION	 
	 	 	 	 
	
               

            	
              By:
                

            	 	 
	 	 	Name: 	 
	 	 	Title: 	 
	 	 	 	 

    

     

     

    
      
        	 	STRUCTURED
                ASSET MORTGAGE
                INVESTMENTS II INC.	 
	 	 	 	 
	
                 

              	
                By:
                  

              	 	 
	 	 	Name: 	 
	 	 	Title: 	 
	 	 	 	 

      

    

     

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    EXHIBIT
      1

     

    CONTENTS
      OF MORTGAGE FILE

     

    With
      respect to each Mortgage Loan, the Mortgage File shall include each of the
      following items, which shall be available for inspection by the Purchaser or
      its
      designee, and which shall be delivered to the Purchaser or its designee pursuant
      to the terms of the Agreement.

     

    Section
      5.6  with
      respect to each Mortgage Loan:

     

    (a)  The
      original Mortgage Note, endorsed without recourse to the order of the Trustee
      or
      to blank and showing to the extent available to the Mortgage Loan Seller an
      unbroken chain of endorsements from the related originator, at the time they
      made the initial endorsement, to the last endorsee up to and including the
      point
      the sponsor acquired such mortgage loan;

     

    (b)  The
      original Mortgage and, if the related Mortgage Loan is a MOM Loan, noting the
      presence of the MIN and language indicating that such Mortgage Loan is a MOM
      Loan, which shall have been recorded (or, if the original is not available,
      a
      copy), with evidence of such recording indicated thereon (or if the original
      is
      not available, a copy), with evidence of such recording indicated thereon (or
      if
      the original Security Instrument, assignments to the Trustee or intervening
      assignments thereof which have been delivered, are being delivered or will,
      upon
      receipt of recording information relating to the Security Instrument required
      to
      be included thereon, be delivered to recording offices for recording and have
      not been returned to the Seller in time to permit their recording as specified
      in Section 2.01(b) of the Pooling and Servicing Agreement, shall be in
      recordable form);

     

    (c)  unless
      the Mortgage Loan is a MOM Loan, a certified copy of the assignment (which
      may
      be in the form of a blanket assignment if permitted in the jurisdiction in
      which
      the Mortgaged Property is located) to “Wells Fargo Bank, N.A., as Trustee”, with
      evidence of recording with respect to each Mortgage Loan in the name of the
      Trustee thereon (or if (A) the original Security Instrument, assignments to
      the
      Trustee or intervening assignments thereof which have been delivered, are being
      delivered or will, upon receipt of recording information relating to the
      Security Instrument required to be included thereon, be delivered to recording
      offices for recording and have not been returned to the Seller in time to permit
      their delivery as specified in Section 2.01(b) of the Pooling and Servicing
      Agreement, the Seller may deliver a true copy thereof with a certification
      by
      the Seller, on the face of such copy, substantially as follows: “Certified to be
      a true and correct copy of the original, which has been transmitted for
      recording” or (B) the related Mortgaged Property is located in a state other
      than Maryland and an Opinion of Counsel has been provided as set forth in
      Section 2.01(b) of the Pooling and Servicing Agreement, shall be in recordable
      form);

     

    (d)  all
      intervening assignments of the Security Instrument, if applicable, with evidence
      of recording thereon;

     

    (e)  the
      original or a copy of the policy or certificate of primary mortgage guaranty
      insurance, to the extent available, if any;

     

    (f)  the
      original policy of title insurance or mortgagee’s certificate of title insurance
      or commitment or binder for title insurance; and

     

    (g)  originals
      of all modification agreements, if applicable and available.

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    EXHIBIT
      2

     

    MORTGAGE
      LOAN SCHEDULE INFORMATION

     

    The
      Mortgage Loan Schedule shall set forth the following information with respect
      to
      each Mortgage Loan:

     

    (a)           the
      loan number;

     

    (b)           [Reserved];

     

    (c)           the
      city, state and zip code of the Mortgaged Property;

     

    (d)           the
      property type;

     

    (e)           the
      Mortgage Interest Rate;

     

    (f)           the
      Servicing Fee Rate;

     

    (g)           the
      Net Rate;

     

    (h)           the
      original term;

     

    (i)           the
      maturity date;

     

    (j)           the
      stated remaining term to maturity;

     

    (k)           the
      original principal balance;

     

    (1)           the
      first payment date;

     

    (m)           the
      principal and interest payment in effect as of the Cut-off Date;

     

    (n)           the
      unpaid principal balance as of the Cut-off Date;

     

    (o)           the
      Loan-to-Value Ratio at origination;

     

    (p)           paid-through
      date;

     

    (q)           the
      insurer of any Primary Mortgage Insurance Policy;

     

    (r)           the
      Gross Margin, if applicable;

     

    (s)           the
      Maximum Lifetime Mortgage Rate, if applicable;

     

    (t)           the
      Minimum Lifetime Mortgage Rate, if applicable;

     

    (u)           the
      Periodic Rate Cap, if applicable;

     

    (v)           the
      number of days delinquent, if any;

     

    (w)           which
      Mortgage Loans adjust after an initial fixed-rate period of three, five, seven
      or ten years;

     

    (x)           the
      Loan Group;

     

    (y)           the
      Prepayment Charge Loans; and

     

    (z)           the
      Servicer.

     

    Such
      schedule also shall set forth for all of the Mortgage Loans, the total number
      of
      Mortgage Loans, the total of each of the amounts described under (k) and (n)
      above, the weighted average by principal balance as of the Cut-off Date of
      each
      of the rates described under (e), (f) and (g) above, and the weighted average
      remaining term to maturity by unpaid principal balance as of the Cut-off
      Date.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    EXHIBIT
      3

     

    SELLER’S
      INFORMATION

     

    All
      information in the Prospectus Supplement described under the following Sections:
      “SUMMARY OF PROSPECTUS SUPPLEMENT — The Mortgage Loans,” “THE MORTGAGE POOL,”
“THE SPONSOR” and “SCHEDULE A — CERTAIN CHARACTERISTICS OF THE MORTGAGE
      LOANS.”

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    EXHIBIT
      4

     

    PURCHASER’S
      INFORMATION

     

    All
      information in the Prospectus Supplement and the Prospectus, except the Seller’s
      Information.

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    EXHIBIT
      5

     

    SCHEDULE
      OF LOST NOTES

     

    Available
      Upon Request

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    EXHIBIT
      6

    

    APPENDIX
      E – STANDARD & POOR’S ANTI-PREDATORY LENDING
      CATEGORIZATION

     

    REVISED
March 1,
      2007

     

    

    APPENDIX
      E - Standard & Poor’s Predatory Lending Categories

     

    Standard
      & Poor’s has categorized loans governed by anti-predatory lending laws in
      the Jurisdictions listed below into three categories based upon a combination
      of
      factors that include (a) the risk exposure associated with the assignee
      liability and (b) the tests and thresholds set forth in those laws. Note that
      certain loans classified by the relevant statute as Covered are included in
      Standard & Poor’s High Cost Loan Category because they included thresholds
      and tests that are typical of what is generally considered High Cost by the
      industry.

     

    
      	
              Standard
                & Poor’s High Cost Loan Categorization

            
	
              State/Jurisdiction

            	
              Name
                of Anti-Predatory Lending

              Law/Effective
                Date

            	
              Category
                under

              Applicable
                Anti-Predatory

              Lending
                Law

            
	
              Arkansas

            	
              Arkansas
                Home Loan Protection Act, Ark. Code Ann. §§ 23-53-101 etseq.

              Effective
                July 16, 2003

            	
              High
                Cost Home Loan

            
	
              Cleveland
                Heights, OH

            	
              Ordinance
                No. 72-2003 (PSH), Mun. Code §§ 757.01 etseq.

              Effective
                June 2, 2003

            	
              Covered
                Loan

            
	
              Colorado

            	
              Consumer
                Equity Protection, Colo. Stat. Ann. §§ 5-3.5-101 etseq.

              Effective
                for covered loans offered or entered into on or after January 1,
                2003.
                Other provisions of the Act took effect on June 7, 2002

            	
              Covered
                Loan

            
	
              Connecticut

            	
              Connecticut
                Abusive Home Loan Lending Practices Act, Conn. Gen. Stat. §§ 36a-746
                etseq.

              Effective
                October 1, 2001

            	
              High
                Cost Home Loan

            
	
              District
                of Columbia

            	
              Home
                Loan Protection Act, D.C. Code §§ 26-1151.01 etseq.

              Effective
                for loans closed on or after January 28, 2003

            	
              Covered
                Loan

            
	
              Florida

            	
              Fair
                Lending Act, Fla. Stat. Ann. §§ 494.0078 etseq. Effective October 2,
                2002

            	
              High
                Cost Home Loan

            
	
              Georgia
                (Oct. 1, 2002 – Mar. 6, 2003)

            	
              Georgia
                Fair Lending Act, Ga. Code Ann. §§ 7-6A-1 etseq.

              Effective
                October 1, 2002 – March 6, 2003

            	
              High
                Cost Home Loan

            
	
              Georgia
                as amended (Mar. 7, 2003 – current)

            	
              Georgia
                Fair Lending Act, Ga. Code Ann. §§ 7-6A-1

              etseq.

              Effective
                for loans closed on or after March 7, 2003

            	
              High
                Cost Home Loan

            
	
              HOEPA
                Section 32

            	
              Home
                Ownership and Equity Protection Act of 1994, 15 U.S.C. § 1639, 12 C.F.R.
                §§ 226.32 and 226.34 Effective October 1, 1995, amendments October 1,
                2002

            	
              High
                Cost Loan

            
	
              Illinois

            	
              High
                Risk Home Loan Act, Ill. Comp. Stat. tit. 815, §§ 137/5
                etseq.

              Effective
                January 1, 2004 (prior to this date, regulations under Residential
                Mortgage License Act effective from May 14, 2001)

            	
              High
                Risk Home Loan

            
	
              Indiana

            	
              Indiana
                Home Loan Practices Act, Ind. Code Ann. §§ 24-9-1-1 etseq.

              Effective
                January 1, 2005; amended by 2005 H.B.

              1179,
                effective July 1, 2005.

            	
              High
                Cost Home Loans

            
	
              Kansas

            	
              Consumer
                Credit Code, Kan. Stat. Ann. §§ 16a-1-101

              etseq.

              Sections
                16a-1-301 and 16a-3-207 became effective

              April
                14, 1999; Section 16a-3-308a became effective

              July
                1, 1999

            	
              High
                Loan to Value Consumer

              Loan
                (id. § 16a-3-207) and;

            
	
              High
                APR Consumer Loan (id. §

              16a-3-308a)

            
	
              Kentucky

            	
              2003
                KY H.B. 287 – High Cost Home Loan Act, Ky.

              Rev.
                Stat. §§ 360.100 etseq.

              Effective
                June 24, 2003

            	
              High
                Cost Home Loan

            
	
              Maine

            	
              Truth
                in Lending, Me. Rev. Stat. tit. 9-A, §§ 8-101

              etseq.

              Effective
                September 29, 1995 and as amended from

              time
                to time

            	
              High
                Rate High Fee Mortgage

            
	
              Massachusetts

            	
              Part
                40 and Part 32, 209 C.M.R. §§ 32.00 etseq. and 209 C.M.R. §§ 40.01
                etseq.

              Effective
                March 22, 2001 and amended from time to time

            	
              High
                Cost Home Loan

            
	
              Nevada

            	
              Assembly
                Bill No. 284, Nev. Rev. Stat. §§ 598D.010 etseq.

              Effective
                October 1, 2003

            	
              Home
                Loan

            
	
              New
                Jersey

            	
              New
                Jersey Home Ownership Security Act of 2002, N.J. Rev. Stat. §§ 46:10B-22
                etseq.

              Effective
                for loans closed on or after November 27, 2003

            	
              High
                Cost Home Loan

            
	
              New
                Mexico

            	
              Home
                Loan Protection Act, N.M. Rev. Stat. §§ 58- 21A-1 etseq.

              Effective
                as of January 1, 2004; Revised as of February 26, 2004

            	
              High
                Cost Home Loan

            
	
              New
                York

            	
              N.Y.
                Banking Law Article 6-l

              Effective
                for applications made on or after April 1, 2003

            	
              High
                Cost Home Loan

            
	
              North
                Carolina

            	
              Restrictions
                and Limitations on High Cost Home Loans, N.C. Gen. Stat. §§ 24-1.1E
                etseq.

              Effective
                July 1, 2000; amended October 1, 2003 (adding open-end lines of
                credit)

            	
              High
                Cost Home Loan

            
	
              Ohio

            	
              H.B.
                386 (codified in various sections of the Ohio Code), Ohio Rev. Code
                Ann.
                §§ 1349.25 etseq.

              Effective
                May 24, 2002

            	
              Covered
                Loan

            
	
              Oklahoma

            	
              Consumer
                Credit Code (codified in various sections of Title 14A)

              Effective
                July 1, 2000; amended effective January 1, 2004

            	
              Subsection
                10 Mortgage

            
	
              Rhode
                Island

            	
              Rhode
                Island Home Loan Protection Act, R.I. Gen. Laws §§ 34-25.2-1 etseq.
                Effective December 31, 2006.

            	
              High
                Cost Home Loan

            
	
              South
                Carolina

            	
              South
                Carolina High Cost and Consumer Home Loans Act, S.C. Code Ann. §§ 37-23-10
                etseq.

              Effective
                for loans taken on or after January 1, 2004

            	
              High
                Cost Home Loan

            
	
              Tennessee

            	
              Tennessee
                Home Loan Protection Act, Tenn. Code Ann. §§ 45-20-101 etseq. Effective
                January 1, 2007.

            	
              High
                Cost Home Loan

            
	
              West
                Virginia

            	
              West
                Virginia Residential Mortgage Lender, Broker

              and
                Servicer Act, W. Va. Code Ann. §§ 31-17-1 et

              seq.

              Effective
                June 5, 2002

            	
              West
                Virginia Mortgage Loan Act Loan

            

    

    

    
      	
              Standard
                & Poor’s Covered Loan Categorization

            
	
              State/Jurisdiction

            	
              Name
                of Anti-Predatory Lending

              Law/Effective
                Date

            	
              Category
                under

              Applicable
                Anti-Predatory

              Lending
                Law

            
	
              Georgia
                (Oct. 1, 2002 – Mar. 6, 2003)

            	
              Georgia
                Fair Lending Act, Ga. Code Ann. §§ 7-6A-1 etseq.

              Effective
                October 1, 2002 – March 6, 2003

            	
              Covered
                Loan

            
	
              New
                Jersey

            	
              New
                Jersey Home Ownership Security Act of 2002, N.J. Rev. Stat. §§ 46:10B-22
                etseq.

              Effective
                November 27, 2003 – July 5, 2004

            	
              Covered
                Home Loan

            

    

    

    
      	
              Standard
                & Poor’s Home Loan Categorization

            
	
              State/Jurisdiction

            	
              Name
                of Anti-Predatory Lending

              Law/Effective
                Date

            	
              Category
                under

              Applicable
                Anti-Predatory

              Lending
                Law

            
	
              Georgia
                (Oct. 1, 2002 – Mar. 6, 2003)

            	
              Georgia
                Fair Lending Act, Ga. Code Ann. §§ 7-6A-1 etseq.

              Effective
                October 1, 2002 – March 6, 2003

            	
              Home
                Loan

            
	
              New
                Jersey

            	
              New
                Jersey Home Ownership Security Act of 2002, N.J. Rev. Stat. §§ 46:10B-22
                etseq.

              Effective
                for loans closed on or after November 27, 2003

            	
              Home
                Loan

            
	
              New
                Mexico

            	
              Home
                Loan Protection Act, N.M. Rev. Stat. §§ 58- 21A-1 etseq.

              Effective
                as of January 1, 2004; Revised as of February 26, 2004

            	
              Home
                Loan

            
	
              North
                Carolina

            	
              Restrictions
                and Limitations on High Cost Home Loans, N.C. Gen. Stat. §§ 24-1.1E
                etseq.

              Effective
                July 1, 2000; amended October 1, 2003 (adding open-end lines of
                credit)

            	
              Consumer
                Home Loan

            
	
              South
                Carolina

            	
              South
                Carolina High Cost and Consumer Home Loans Act, S.C. Code Ann. §§ 37-23-10
                etseq.

              Effective
                for loans taken on or after January 1, 2004

            	
              Consumer
                Home Loan

            

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    SCHEDULE
      A

     

    REQUIRED
      RATINGS FOR EACH CLASS OF CERTIFICATES

     

    Public
      Certificates

    

    
      	
              
                Class

              

            	
              
                S&P

              

            	
              
                Fitch

              

            
	
              I-A-1

            	
              AAA

            	
              AAA

            
	
              I-A-2

            	
              AAA

            	
              AAA

            
	
              II-A-1

            	
              AAA

            	
              AAA

            
	
              II-A-2

            	
              AAA

            	
              AAA

            
	
              III-A-1

            	
              AAA

            	
              AAA

            
	
              III-A-2

            	
              AAA

            	
              AAA

            
	
              III-X-1

            	
              AAA

            	
              AAA

            
	
              B-1

            	
              AA

            	
              AA

            
	
              B-2

            	
              A

            	
              A

            
	
              B-3

            	
              BBB

            	
              BBB

            
	
              Class
                R-I

            	
              AAA

            	
              AAA

            
	
              Class
                R-II

            	
              AAA

            	
              AAA

            
	
              Class
                R-III

            	
              AAA

            	
              AAA

            

    

     

    None
      of
      the above ratings has been lowered since the respective dates of such
      letters.

     

    Private
      Certificates

    

    
      	
              
                Class

              

            	
              
                S&P

              

            	
              
                Fitch

              

            
	
              B-4

            	
              BB

            	
              NR

            
	
              B-5

            	
              B

            	
              NR

            
	
              B-6

            	
              NR

            	
              NR

            

    

    

    None
      of
      the above ratings has been lowered since the respective dates of such
      letters.

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    SCHEDULE
      B

     

    MORTGAGE
      LOAN SCHEDULE

     

    [Provided
      upon request]

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    EXHIBIT
      K

     

    [RESERVED]

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    EXHIBIT
      L

     

     

    FORM
      OF
      CERTIFICATION TO BE

    PROVIDED
      BY THE TRUSTEE TO DEPOSITOR

    

    
      	
               

            	
              Re:

            	
              ________________________________
                Trust 200_-____(the “Trust”), Mortgage Pass-Through Certificates, Series
                200_-____, issued pursuant to the Pooling and Servicing Agreement,
                dated
                as of ________ 1, 200_, among ____________________________, as Depositor,
                Wells Fargo Bank, National Association, as Trustee and
                ___________________________________________________________

            

    

    

    The
      Trustee hereby certifies to the Depositor, 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 Form 10-D required to be filed in respect
      of period covered by the Annual Report (collectively with the Annual Report,
      the
“Reports”), of the Trust;

    

    (2)           To
      my knowledge, (a) the 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 the Annual
      Report, and (b) the Trustee’s assessment of compliance and related attestation
      report referred to below, 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 such assessment
      of
      compliance and attestation report;

    

    (3)           To
      my knowledge, the distribution information required to be provided by the
      Trustee under the Pooling and Servicing Agreement for inclusion in the Reports
      is included in the Reports;

    

    (4)           I
      am responsible for reviewing the activities performed by the Trustee under
      the
      Pooling and Servicing Agreement, and based on my knowledge and the compliance
      review conducted in preparing the compliance statement of the Trustee required
      by the Pooling and Servicing Agreement, and except as disclosed in the Reports,
      the Trustee has fulfilled its obligations under the Pooling and Servicing
      Agreement in all material respects; and

    

    (5)           The
      report on assessment of compliance with servicing criteria applicable to the
      Trustee for asset-backed securities of the Trustee and each Subcontractor
      utilized by the Trustee and related attestation report on assessment of
      compliance with servicing criteria applicable to it required to be included
      in
      the Annual Report in accordance with Item 1122 of Regulation AB and Exchange
      Act
      Rules 13a-18 and 15d-18 has been included as an exhibit to the Annual
      Report.  Any material instances of non-compliance are described in
      such report and have been disclosed in the Annual Report.

    

    In
      giving
      the certifications above, the Trustee has reasonably relied on information
      provided to it by the following unaffiliated parties:  [names of
      servicer(s), master servicer, subservicer, depositor, trustee,
      custodian(s)]

    

    

    Date:_______________________________

    

    ___________________________________

    [Signature]

    [Title]

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    EXHIBIT
      M

     

    SERVICING
      CRITERIA TO BE ADDRESSED IN ASSESSMENT OF COMPLIANCE

     

    Definitions

    Primary
      Servicer – transaction party having borrower contact

    Master
      Servicer – aggregator of pool assets

    Trustee
–
      waterfall calculator

    Back-up
      Servicer – named in the transaction (in the event a Back up Servicer becomes the
      Primary Servicer, follow Primary Servicer obligations)

    Custodian
      – safe keeper of pool assets

    Trustee
–
      fiduciary of the transaction

     

    Note:  The
      definitions above describe the essential function that the party performs,
      rather than the party’s title.  So, for example, in a particular
      transaction, the trustee may perform the “paying agent” and “securities
      administrator” functions, while in another transaction, the securities
      administrator may perform these functions.

     

    Where
      there are multiple checks for criteria the attesting party will identify in
      their management assertion that they are attesting only to the portion of the
      distribution chain they are responsible for in the related transaction
      agreements.

     

    Key:         X
      – obligation

    [X]
–
under
      consideration for
      obligation

     

    
      
        	
                Reg
                  AB Reference

              	
                Servicing
                  Criteria

              	
                Primary
                  Servicer

              	
                Master
                  Servicer

              	
                Securities
                  Admin

              	
                Custodian

              	
                Trustee
                  (nominal)

              
	 	
                General
                  Servicing Considerations

              	 	 	 	 
	
                1122(d)(1)(i)

              	
                Policies
                  and procedures are instituted to monitor any performance or other
                  triggers
                  and events of default in accordance with the transaction
                  agreements.

              	
                X

              	
                X

              	
                X

              	 	 
	
                1122(d)(1)(ii)

              	
                If
                  any material servicing activities are outsourced to third parties,
                  policies and procedures are instituted to monitor the third party’s
                  performance and compliance with such servicing activities.

              	
                X

              	
                X

              	
                X

              	 	 
	
                1122(d)(1)(iii)

              	
                Any
                  requirements in the transaction agreements to maintain a back-up
                  servicer
                  for the Pool Assets are maintained.

              	 	 	 	 	 
	
                1122(d)(1)(iv)

              	
                A
                  fidelity bond and errors and omissions policy is in effect on the
                  party
                  participating in the servicing function throughout the reporting
                  period in
                  the amount of coverage required by and otherwise in accordance
                  with the
                  terms of the transaction agreements.

              	
                X

              	
                X

              	 	 	 
	 	
                Cash
                  Collection and Administration

              	 	 	 	 	 
	
                1122(d)(2)(i)

              	
                Payments
                  on pool assets are deposited into the appropriate custodial bank
                  accounts
                  and related bank clearing accounts no more than two business days
                  following receipt, or such other number of days specified in the
                  transaction agreements.

              	
                X

              	
                X

              	
                X

              	 	 
	
                1122(d)(2)(ii)

              	
                Disbursements
                  made via wire transfer on behalf of an obligor or to an investor
                  are made
                  only by authorized personnel.

              	
                X

              	
                X

              	
                X

              	 	 
	
                1122(d)(2)(iii)

              	
                Advances
                  of funds or guarantees regarding collections, cash flows or distributions,
                  and any interest or other fees charged for such advances, are made,
                  reviewed and approved as specified in the transaction
                  agreements.

              	
                X

              	
                X

              	
                X

              	 	 
	
                1122(d)(2)(iv)

              	
                The
                  related accounts for the transaction, such as cash reserve accounts
                  or
                  accounts established as a form of over collateralization, are separately
                  maintained (e.g., with respect to commingling of cash) as set forth
                  in the
                  transaction agreements.

              	
                X

              	
                X

              	
                X

              	 	 
	
                1122(d)(2)(v)

              	
                Each
                  custodial account is maintained at a federally insured depository
                  institution as set forth in the transaction agreements. For purposes
                  of
                  this criterion, “federally insured depository institution” with respect to
                  a foreign financial institution means a foreign financial institution
                  that
                  meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange
                  Act.

              	
                X

              	
                X

              	
                X

              	 	 
	
                1122(d)(2)(vi)

              	
                Unissued
                  checks are safeguarded so as to prevent unauthorized
                  access.

              	
                X

              	 	
                X

              	 	 
	
                1122(d)(2)(vii)

              	
                Reconciliations
                  are prepared on a monthly basis for all asset-backed securities
                  related
                  bank accounts, including custodial accounts and related bank clearing
                  accounts. These reconciliations are (A) mathematically accurate;
                  (B)
                  prepared within 30 calendar days after the bank statement cutoff
                  date, or
                  such other number of days specified in the transaction agreements;
                  (C)
                  reviewed and approved by someone other than the person who prepared
                  the
                  reconciliation; and (D) contain explanations for reconciling items.
                  These
                  reconciling items are resolved within 90 calendar days of their
                  original
                  identification, or such other number of days specified in the transaction
                  agreements.

              	
                X

              	
                X

              	
                X

              	 	 
	 	
                Investor
                  Remittances and Reporting

              	 	 	 	 	 
	
                1122(d)(3)(i)

              	
                Reports
                  to investors, including those to be filed with the Commission,
                  are
                  maintained in accordance with the transaction agreements and applicable
                  Commission requirements. Specifically, such reports (A) are prepared
                  in
                  accordance with timeframes and other terms set forth in the transaction
                  agreements; (B) provide information calculated in accordance with
                  the
                  terms specified in the transaction agreements; (C) are filed with
                  the
                  Commission as required by its rules and regulations; and (D) agree
                  with
                  investors’ or the trustee’s records as to the total unpaid principal
                  balance and number of Pool Assets serviced by the
                  Servicer.

              	
                X

              	
                X

              	
                X

              	 	 
	
                1122(d)(3)(ii)

              	
                Amounts
                  due to investors are allocated and remitted in accordance with
                  timeframes,
                  distribution priority and other terms set forth in the transaction
                  agreements.

              	
                X

              	
                X

              	
                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

              	
                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

              	
                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

              	 	 	
                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

              	 	 
	
                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

              	
                X

              	 	 	 
	
                1122(d)(4)(vii)

              	
                Loss
                  mitigation or recovery actions (e.g., forbearance plans, modifications
                  and
                  deeds in lieu of foreclosure, foreclosures and repossessions, as
                  applicable) are initiated, conducted and concluded in accordance
                  with the
                  timeframes or other requirements established by the transaction
                  agreements.

              	
                X

              	
                X

              	 	 	 
	
                1122(d)(4)(viii)

              	
                Records
                  documenting collection efforts are maintained during the period
                  a pool
                  asset is delinquent in accordance with the transaction agreements.
                  Such
                  records are maintained on at least a monthly basis, or such other
                  period
                  specified in the transaction agreements, and describe the entity’s
                  activities in monitoring delinquent pool assets including, for
                  example,
                  phone calls, letters and payment rescheduling plans in cases where
                  delinquency is deemed temporary (e.g., illness or
                  unemployment).

              	
                X

              	 	 	 	 
	
                1122(d)(4)(ix)

              	
                Adjustments
                  to interest rates or rates of return for pool assets with variable
                  rates
                  are computed based on the related pool asset documents.

              	
                X

              	 	 	 	 
	
                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

              	
                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.  (In this transaction there is no
                  external enhancement or other support.)

              	
                X

              	 	
                X

              	 	 

      

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    EXHIBIT
      N

     

    FORM
      10-D, FORM 8-K AND FORM 10-K REPORTING
      RESPONSIBILITY

     

    As
      to
      each item described below, the entity indicated as the Responsible Party shall
      be primarily responsible for reporting the information to the party identified
      as responsible for preparing the Securities Exchange Act Reports pursuant to
      Section 4.18 of the Pooling and Servicing Agreement.

     

    Under
      Item 1 of Form 10-D: a) items marked “Monthly Statement to Certificateholders”
are required to be included in the periodic Distribution Date statement under
      Section 6.06, provided by the Trustee based on information received from the
      party providing such information; and b) items marked “Form 10-D report” are
      required to be in the Form 10-D report but not the Monthly Statements to
      Certificateholders, provided by the party indicated.  Information
      under all other Items of Form 10-D is to be included in the Form 10-D
      report.  All such information and any other Items on Form 8-K and Form
      10-D set forth in this Exhibit shall be sent to the Trustee and the
      Depositor.

     

    
      
        	
                Form

              	
                Item

              	
                Description

              	
                Servicers

              	
                Master
                  Servicer

              	
                Trustee

              	
                Custodian

              	
                Trustee

              	
                Depositor

              	
                Sponsor

              
	
                10-D

              	
                Must
                  be filed within 15 days of the distribution date for the asset-backed
                  securities.

              	 	
                (nominal)

              	 	 
	
                1

              	
                Distribution
                  and Pool Performance Information

              	 	 	 	 	 	 	 
	
                Item
                  1121(a) – Distribution and Pool Performance
                  Information

              	 	 	 	 	 	 	 
	
                (1)
                  Any applicable record dates, accrual dates, determination dates
                  for
                  calculating distributions and actual distribution dates for the
                  distribution period.

              	 	 	
                X

                 

                (Monthly
                  Statements to Certificateholders)

              	 	 	 	 
	
                (2)
                  Cash flows received and the sources thereof for distributions,
                  fees and
                  expenses.

              	 	 	
                X

                 

                (Monthly
                  Statements to Certificateholders)

              	 	 	 	 
	
                (3)
                  Calculated amounts and distribution of the flow of funds for the
                  period
                  itemized by type and priority of payment, including:

              	 	 	
                X

                 

                (Monthly
                  Statements to Certificateholders)

              	 	 	 	 
	
                (i)
                  Fees or expenses accrued
                  and paid, with an identification of the general purpose of such
                  fees and
                  the party receiving such fees or expenses.

              	 	 	
                X

                 

                (Monthly
                  Statements to Certificateholders)

              	 	 	 	 
	
                (ii)
                  Payments accrued or paid
                  with respect to enhancement or other support identified in Item
                  1114 of
                  Regulation AB (such as insurance premiums or other enhancement
                  maintenance
                  fees), with an identification of the general purpose of such payments
                  and
                  the party receiving such payments.

              	 	 	
                X

                 

                (Monthly
                  Statements to Certificateholders)

              	 	 	 	 
	
                (iii)
                  Principal, interest and
                  other distributions accrued and paid on the asset-backed securities
                  by
                  type and by class or series and any principal or interest shortfalls
                  or
                  carryovers.

              	 	 	
                X

                 

                (Monthly
                  Statements to Certificateholders)

              	 	 	 	 
	
                (iv)
                  The amount of excess cash
                  flow or excess spread and the disposition of excess cash
                  flow.

              	 	 	
                X

                 

                (Monthly
                  Statements to Certificateholders)

              	 	 	 	 
	
                (4)
                  Beginning and ending principal balances of the asset-backed
                  securities.

              	 	 	
                X

                 

                (Monthly
                  Statements to Certificateholders)

              	 	 	 	 
	
                (5)
                  Interest rates applicable to the pool assets and the asset-backed
                  securities, as applicable. Consider providing interest rate information
                  for pool assets in appropriate distributional groups or incremental
                  ranges.

              	 	 	
                X

                 

                (Monthly
                  Statements to Certificateholders)

              	 	 	 	 
	
                (6)
                  Beginning and ending balances of transaction accounts, such as
                  reserve
                  accounts, and material account activity during the period.

              	 	 	
                X

                 

                (Monthly
                  Statements to Certificateholders)

              	 	 	 	 
	
                (7)
                  Any amounts drawn on any credit enhancement or other support identified
                  in
                  Item 1114 of Regulation AB, as applicable, and the amount of coverage
                  remaining under any such enhancement, if known and
                  applicable.

              	 	 	
                X

                 

                (Monthly
                  Statements to Certificateholders)

              	 	 	 	 
	
                (8)
                  Number and amount of pool assets at the beginning and ending of
                  each
                  period, and updated pool composition information, such as weighted
                  average
                  coupon, weighted average remaining term, pool factors and prepayment
                  amounts.

              	 	 	
                X

                 

                (Monthly
                  Statements to Certificateholders)

                 

              	 	 	
                Updated
                  pool composition information fields to be as specified by Depositor
                  from
                  time to time

              	 
	
                (9)
                  Delinquency and loss information for the period.

              	
                X

                 

              	
                X

                 

              	
                X

                 

                (Monthly
                  Statements to Certificateholders)

              	 	 	 	 
	
                In
                  addition, describe any material changes to the information specified
                  in
                  Item 1100(b)(5) of Regulation AB regarding the pool assets.
                  (methodology)

              	
                X

                 

              	 	 	 	 	 	 
	
                (10)
                  Information on the amount, terms and general purpose of any advances
                  made
                  or reimbursed during the period, including the general use of funds
                  advanced and the general source of funds for
                  reimbursements.

              	
                X

              	
                X

                 

              	
                X

                 

                (Monthly
                  Statements to Certificateholders)

              	 	 	 	 
	
                (11)
                  Any material modifications, extensions or waivers to pool asset
                  terms,
                  fees, penalties or payments during the distribution period or that
                  have
                  cumulatively become material over time.

              	
                X

                 

              	
                X

                 

              	
                X

                 

                (Monthly
                  Statements to Certificateholders)

              	 	 	 	 
	
                (12)
                  Material breaches of pool asset representations or warranties or
                  transaction covenants.

              	
                X

              	
                X

              	
                X

                 

                (if
                  agreed upon by the parties)

              	 	 	
                X

              	 
	
                (13)
                  Information on ratio, coverage or other tests used for determining
                  any
                  early amortization, liquidation or other performance trigger and
                  whether
                  the trigger was met.

              	 	 	
                X

                 

                (Monthly
                  Statements to Certificateholders)

              	 	 	 	 
	
                (14)
                  Information regarding any new issuance of asset-backed securities
                  backed
                  by the same asset pool,

              	 	 	 	 	 	
                X

              	 
	
                information
                  regarding any pool asset changes (other than in connection with
                  a pool
                  asset converting into cash in accordance with its terms), such
                  as
                  additions or removals in connection with a prefunding or revolving
                  period
                  and pool asset substitutions and repurchases (and purchase rates,
                  if
                  applicable), and cash flows available for future purchases, such
                  as the
                  balances of any prefunding or revolving accounts, if
                  applicable.

              	
                X

              	
                X

              	
                X

              	 	 	
                X

              	 
	
                Disclose
                  any material changes in the solicitation, credit-granting, underwriting,
                  origination, acquisition or pool selection criteria or procedures,
                  as
                  applicable, used to originate, acquire or select the new pool
                  assets.

              	 	 	 	 	 	
                X

              	
                X

              
	
                Item
                  1121(b) – Pre-Funding or Revolving Period Information

                 

                Updated
                  pool information as required under Item 1121(b).

              	 	 	 	 	 	
                X

              	 
	
                2

              	
                Legal
                  Proceedings

              	 	 	 	 	 	 	 
	
                Item
                  1117 – Legal proceedings pending against the following entities, or their
                  respective property, that is material to Certificateholders, including
                  proceedings known to be contemplated by governmental
                  authorities:

              	 	 	 	 	 	 	 
	
                Sponsor
                  (Seller)

              	 	 	 	 	 	 	
                X

              
	
                Depositor

              	 	 	 	 	 	
                X

              	 
	
                Trustee

              	 	 	 	 	 	 	 
	
                Issuing
                  entity

              	 	 	 	 	 	
                X

              	 
	
                Master
                  Servicer, affiliated Servicer, other Servicer servicing 20% or
                  more of
                  pool assets at time of report, other material servicers

              	
                X

              	
                X

              	 	 	 	 	 
	
                Securities
                  Administrator

              	 	 	
                X

              	 	 	 	 
	
                Originator
                  of 20% or more of pool assets as of the Cut-off Date

              	 	 	 	 	 	
                X

              	 
	
                Custodian

              	 	 	 	
                X

              	 	 	 
	
                3

              	
                Sales
                  of Securities and Use of Proceeds

              	 	 	 	 	 	 	 
	
                Information
                  from Item 2(a) of Part II of Form 10-Q:

                 

                With
                  respect to any sale of securities by the sponsor, depositor or
                  issuing
                  entity, that are backed by the same asset pool or are otherwise
                  issued by
                  the issuing entity, whether or not registered, provide the sales
                  and use
                  of proceeds information in Item 701 of Regulation S-K.  Pricing
                  information can be omitted if securities were not
                  registered.

              	 	 	 	 	 	
                X

              	 
	
                4

              	
                Defaults
                  Upon Senior Securities

              	 	 	 	 	 	 	 
	
                Information
                  from Item 3 of Part II of Form 10-Q:

                 

                Report
                  the occurrence of any Event of Default (after expiration of any
                  grace
                  period and provision of any required notice)

              	 	 	
                X

              	 	 	 	 
	
                5

              	
                Submission
                  of Matters to a Vote of Security Holders

              	 	 	 	 	 	 	 
	
                Information
                  from Item 4 of Part II of Form 10-Q

              	 	 	
                X

              	 	 	 	 
	
                6

              	
                Significant
                  Obligors of Pool Assets

              	 	 	 	 	 	 	 
	
                Item
                  1112(b) –Significant Obligor Financial
                  Information*

              	 	 	 	 	 	
                X

              	 
	
                *This
                  information need only be reported on the Form 10-D for the distribution
                  period in which updated information is required pursuant to the
                  Item.

              	 	 	 	 	 	 	 
	
                7

              	
                Significant
                  Enhancement Provider Information

              	 	 	 	 	 	 	 
	
                Item
                  1114(b)(2) – Credit Enhancement Provider Financial
                  Information*

              	 	 	 	 	 	 	 
	
                Determining
                  applicable disclosure threshold

              	 	 	 	 	 	
                X

              	 
	
                Obtain
                  required financial information or effecting incorporation by
                  reference

              	 	 	 	 	 	
                X

              	 
	
                Item
                  1115(b) – Derivative Counterparty Financial
                  Information*

              	 	 	 	 	 	 	 
	
                Determining
                  current maximum probable exposure

              	 	 	 	 	 	
                X

              	 
	
                Determining
                  current significance percentage

              	 	 	
                X

              	 	 	 	 
	
                Notify
                  derivative counterparty of significance percentage and request
                  required
                  financial information

              	 	 	
                X

              	 	 	 	 
	
                Obtain
                  required financial information or effecting incorporation by
                  reference

              	 	 	 	 	 	
                X

              	 
	
                *This
                  information need only be reported on the Form 10-D for the distribution
                  period in which updated information is required pursuant to the
                  Items.

              	 	 	 	 	 	 	 
	
                8

              	
                Other
                  Information

              	 	 	 	 	 	 	 
	
                Disclose
                  any information required to be reported on Form 8-K during the
                  period
                  covered by the Form 10-D but not reported

              	
                The
                  Responsible Party for the applicable Form 8-K item as indicated
                  below.

              
	
                9

              	
                Exhibits

              	 	 	 	 	 	 	 
	
                Distribution
                  report

              	 	 	
                X

              	 	 	 	 
	
                Exhibits
                  required by Item 601 of Regulation S-K, such as material
                  agreements

              	 	 	 	 	 	
                X

              	 
	
                8-K

              	
                Must
                  be filed within four business days of an event reportable on Form
                  8-K.

              	 	 	 	 
	
                1.01

              	
                Entry
                  into a Material Definitive Agreement

              	 	 	 	 	 	 	 
	
                Disclosure
                  is required regarding entry into or amendment of any definitive
                  agreement
                  that is material to the securitization, even if depositor is not
                  a
                  party.

                 

                Examples:
                  servicing agreement, custodial agreement.

                 

                Note:
                  disclosure not required as to definitive agreements that are fully
                  disclosed in the prospectus

              	
                X

              	
                X

              	
                X

              	 	 	
                X

              	
                X

              
	
                1.02

              	
                Termination
                  of a Material Definitive Agreement

              	
                X

              	
                X

              	
                X

              	 	 	
                X

              	
                X

              
	
                Disclosure
                  is required regarding termination of  any definitive agreement
                  that is material to the securitization (other than expiration in
                  accordance with its terms), even if depositor is not a party.

                 

                 

                Examples:
                  servicing agreement, custodial agreement.

              	 	 	 	 	 	 	 
	
                1.03

              	
                Bankruptcy
                  or Receivership

              	 	 	 	 	 	 	 
	
                Disclosure
                  is required regarding the bankruptcy or receivership, if known
                  to the
                  Master Servicer, with respect to any of the following:

                 

                Sponsor
                  (Seller), Depositor, Master Servicer, affiliated Servicer, other
                  Servicer
                  servicing 20% or more of pool assets at time of report, other material
                  servicers, Certificate Administrator, Trustee, significant obligor,
                  credit
                  enhancer (10% or more), derivatives counterparty,
                  Custodian

              	
                X

              	
                X

              	
                X

              	
                X

              	 	
                X

              	
                X

              
	
                2.04

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

              	 	 	 	 	 	 	 
	
                Includes
                  an early amortization, performance trigger or other event, including
                  event
                  of default, that would materially alter the payment priority/distribution
                  of cash flows/amortization schedule.

                 

                Disclosure
                  will be made of events other than waterfall triggers which are
                  disclosed
                  in the Monthly Statement to Certificateholders

              	 	
                X

              	
                X

              	 	 	 	 
	
                3.03

              	
                Material
                  Modification to Rights of Security Holders

              	 	 	 	 	 	 	 
	
                Disclosure
                  is required of any material modification to documents defining
                  the rights
                  of Certificateholders, including the Pooling and Servicing
                  Agreement

              	 	 	
                X

              	 	 	
                X

              	 
	
                5.03

              	
                Amendments
                  to Articles of Incorporation or Bylaws; Change in Fiscal
                  Year

              	 	 	 	 	 	 	 
	
                Disclosure
                  is required of any amendment “to the governing documents of the issuing
                  entity”

              	 	 	 	 	 	
                X

              	 
	
                5.06

              	
                Change
                  in Shell Company Status

              	 	 	 	 	 	 	 
	
                [Not
                  applicable to ABS issuers]

              	 	 	 	 	 	
                X

              	 
	
                6.01

              	
                ABS
                  Informational and Computational Material

              	 	 	 	 	 	 	 
	
                [Not
                  included in reports to be filed under Section 3.18]

              	 	 	 	 	 	
                X

              	 
	
                6.02

              	
                Change
                  of Servicer or Trustee

              	 	 	 	 	 	 	 
	
                Requires
                  disclosure of any removal, replacement, substitution or addition
                  of any
                  master servicer, affiliated servicer, other servicer servicing
                  10% or more
                  of pool assets at time of report, other material servicers, certificate
                  administrator or trustee.

              	
                X

              	
                X

              	
                X

              	 	 	
                X

                 

              	 
	 	
                Reg
                  AB disclosure about any new servicer is also required.

              	
                X

              	 	 	 	 	 	 
	
                Reg
                  AB disclosure about any new trustee is also required.

              	 	 	 	 	
                X

                (to
                  the extent of a new trustee)

              	 	 
	
                Reg
                  AB disclosure about any new securities administrator is also
                  required.

              	 	 	
                X

              	 	 	 	 
	
                6.03

              	
                Change
                  in Credit Enhancement or Other External Support [In this transaction
                  there
                  is no external enhancement or other support.]

              	 	 	 	 	 	 	 
	
                Covers
                  termination of any enhancement in manner other than by its terms,
                  the
                  addition of an enhancement, or a material change in the enhancement
                  provided.  Applies to external credit enhancements as well as
                  derivatives.

              	 	 	
                X

              	 	 	
                X

              	 
	 	
                Reg
                  AB disclosure about any new enhancement provider is also
                  required.

              	 	 	 	 	 	
                X

              	 
	
                6.04

              	
                Failure
                  to Make a Required Distribution

              	 	 	
                X

              	 	 	 	 
	
                6.05

              	
                Securities
                  Act Updating Disclosure

              	 	 	 	 	 	 	 
	
                If
                  any material pool characteristic differs by 5% or more at the time
                  of
                  issuance of the securities from the description in the final prospectus,
                  provide updated Reg AB disclosure about the actual asset
                  pool.

              	 	 	 	 	 	
                X

              	 
	
                If
                  there are any new servicers or originators required to be disclosed
                  under
                  Regulation AB as a result of the foregoing, provide the information
                  called
                  for in Items 1108 and 1110 respectively.

              	 	 	 	 	 	
                X

              	 
	
                7.01

              	
                Regulation
                  FD Disclosure

              	
                X

              	
                X

              	
                X

              	
                X

              	 	
                X

              	 
	
                8.01

              	
                Other
                  Events

              	 	 	 	 	 	 	 
	
                Any
                  event, with respect to which information is not otherwise called
                  for in
                  Form 8-K, that the registrant deems of importance to security
                  holders.

              	 	 	 	 	 	
                X

              	 
	
                9.01

              	
                Financial
                  Statements and Exhibits

              	
                The
                  Responsible Party applicable to reportable event.

              
	
                10-K

              	
                Must
                  be filed within 90 days of the fiscal year end for the
                  registrant.

              	 	 	 	 
	
                9B

              	
                Other
                  Information

              	 	 	 	 	 	 	 
	 	 	
                Disclose
                  any information required to be reported on Form 8-K during the
                  fourth
                  quarter covered by the Form 10-K but not reported

              	
                The
                  Responsible Party for the applicable Form 8-K item as indicated
                  above.

              
	 	
                15

              	
                Exhibits
                  and Financial Statement Schedules

              	 	 	 	 	 	 	 
	
                Item
                  1112(b) –Significant Obligor Financial
                  Information

              	 	 	 	 	 	
                X

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

              	 	 	 	 	 	 	 
	
                Determining
                  applicable disclosure threshold

              	 	 	 	 	 	
                X

              	 
	
                Obtain
                  required financial information or effecting incorporation by
                  reference

              	 	 	 	 	 	
                X

              	 
	
                Item
                  1115(b) – Derivative Counterparty Financial
                  Information

              	 	 	 	 	 	 	 
	
                Determining
                  current maximum probable exposure

              	 	 	 	 	 	
                X

              	 
	 	 	
                Determining
                  current significance percentage

              	 	 	
                X

              	 	 	 	 
	
                Notify
                  derivative counterparty of significance percentage and request
                  required
                  financial information

              	 	 	
                X

              	 	 	 	 
	
                Obtain
                  required financial information or effecting incorporation by
                  reference

              	 	 	 	 	 	
                X

              	 
	
                Item
                  1117 – Legal proceedings pending against the following entities, or their
                  respective property, that is material to Certificateholders, including
                  proceedings known to be contemplated by governmental
                  authorities:

              	 	 	 	 	 	 	 
	
                Sponsor
                  (Seller)

              	 	 	 	 	 	 	
                X

              
	
                Depositor

              	 	 	 	 	 	
                X

              	 
	
                Trustee

              	 	 	 	 	 	 	 
	
                Issuing
                  entity

              	 	 	 	 	 	
                X

              	 
	
                Master
                  Servicer, affiliated Servicer, other Servicer servicing 20% or
                  more of
                  pool assets at time of report, other material servicers

              	
                X

              	
                X

              	 	 	 	 	 
	
                Securities
                  Administrator

              	 	 	
                X

              	 	 	 	 
	
                Originator
                  of 20% or more of pool assets as of the Cut-off Date

              	 	 	 	 	 	
                X

              	 
	
                Custodian

              	 	 	 	
                X

              	 	 	 
	
                Item
                  1119 – Affiliations and relationships between the following entities,
                  or
                  their respective affiliates, that are material to
                  Certificateholders:

              	 	 	 	 	 	 	 
	
                Sponsor
                  (Seller)

              	 	 	 	 	 	 	
                X

              
	
                Depositor

              	 	 	 	 	 	
                X

              	 
	
                Trustee

              	 	 	 	 	 	 	 
	
                Master
                  Servicer, affiliated Servicer, other Servicer servicing 20% or
                  more of
                  pool assets at time of report, other material servicers

              	
                X

              	
                X

              	 	 	 	 	 
	
                Securities
                  Administrator

              	 	 	
                X

              	 	 	 	 
	
                Originator

              	 	 	 	 	 	
                X

              	 
	
                Custodian

              	 	 	 	
                X

              	 	 	 
	
                Credit
                  Enhancer/Support Provider

              	 	 	 	 	 	
                X

              	 
	
                Significant
                  Obligor

              	 	 	 	 	 	
                X

              	 
	
                Item
                  1122 – Assessment of Compliance with Servicing
                  Criteria

              	
                X

              	
                X

              	
                X

              	
                X

              	 	 	 
	
                Item
                  1123 – Servicer Compliance Statement

              	
                X

              	
                X

              	
                X

              	 	 	 	 

      

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    EXHIBIT
      O

     

    Additional
      Disclosure Notification

     

    Wells
      Fargo Bank, N.A. as Trustee

    9062
      Old
      Annapolis Road

    Columbia,
      Maryland 21045

    Fax:
      (410) 715-2380

    E-mail:  cts.sec.notifications@wellsfargo.com

     

    Attn:  Corporate
      Trust Services – BSARM 2007-5-SEC REPORT PROCESSING

     

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

     

    Ladies
      and Gentlemen:

     

    In
      accordance with Section 4.18 of the Pooling and Servicing Agreement, dated
      as of
      August 1, 2007, among Structured Asset Mortgage Investments II Inc. as depositor
      (the “Depositor”), EMC Mortgage Corporation as seller and master servicer (in
      such capacity, the “Master Servicer”) and Wells Fargo Bank, N.A. as Trustee (the
“Pooling and Servicing Agreement”). The undersigned 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: 	 
	 	 	 	 

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    EXHIBIT
      P

     

    FORM
      OF
      TRANSFEROR AFFIDAVIT

     

    
      	
              STATE
                OF NEW YORK

            	
              )

            	 
	 	
              )

            	
              ss.:

            
	
              COUNTY
                OF NEW YORK

            	
              )

            	 

    

     

    The
      undersigned is the [Title of Officer] of [Name of Transferor] (the “Owner”), the
      proposed transferor of an ownership interest in the Bear Stearns Arm Trust
      Mortgage Pass-Through Certificates, Series 2007-5, Class [R-I][R-II][R-III]
      Certificates (the “Certificates”) issued pursuant to the Pooling and Servicing
      Agreement, dated as of August 1, 2007 (the “Agreement”), among Structured Asset
      Mortgage Investments II Inc., as depositor (the “Depositor”), Wells Fargo Bank,
      N.A., as trustee (the “Trustee”), and EMC Mortgage Corporation, as seller and as
      master servicer, and makes this affidavit on behalf of the Investor for the
      benefit of the Depositor, the Certificate Registrar and the
      Trustee.  Capitalized terms used, but not defined herein, shall have
      the meanings ascribed to such terms in the Agreement.

     

    1.           The
      Owner is not transferring the Certificates to impede the assessment or
      collection of any tax.

     

    2.           The
      Owner has no actual knowledge that the proposed transferee of the Certificates:
      (i) has insufficient assets to pay any taxes that would be owed by such
      transferee as Holder of the Certificates; (ii) may become insolvent or subject
      to a bankruptcy proceeding for so long as the Certificates remains outstanding;
      and (iii) is not a Permitted Transferee or a “United States person” within the
      meaning of Section 7701(a)(30) of the Code .

     

    3.           The
      Owner understands that the proposed transferee has delivered to the Trustee,
      the
      Certificate Registrar and the Depositor a transfer affidavit and agreement
      in
      the form attached to the Agreement as Exhibit E.  The Owner does not
      know or believe that any representation contained therein is false.

     

    4.           At
      the time of transfer, the Owner has conducted a reasonable investigation of
      the
      financial condition of the proposed transferee as contemplated by Treasury
      Regulation Section 1.860E-1(c)(4)(i) and, as a result of that investigation,
      the
      Owner has determined that the proposed transferee has historically paid its
      debts as they became due and has found no significant evidence to indicate
      that
      the proposed transferee will not continue to pay its debts as they become due
      in
      the future. The Owner understands that the transfer of the Certificate may
      not
      be respected for U.S. federal income tax purposes (and the Owner may continue
      to
      be liable for U.S. federal income taxes associated therewith) unless the Owner
      has conducted such an investigation.

     

     

    IN
      WITNESS WHEREOF, the Owner has caused this instrument to be executed on its
      behalf, pursuant to authority of its Board of Directors, by its [Title of
      Officer] this ____ day of _________, 20__.

     

    
      	 	 	 	 	 	 	
              [NAME
                OF OWNER]

            
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	
              Name:

            	
              [Name
                of Officer]

            
	 	 	 	 	 	 	
              Title:

            	
              [Title
                of Officer]

            
	 	 	 	 	 	 	 	 

    

    

     

    Personally
      appeared before me the above-named [Name of Officer], known or proved to me
      to
      be the same person who executed the foregoing instrument and to be the [Title
      of
      Officer] of the Owner, and acknowledged to me that he/she executed the same
      as
      his/her free act and deed and the free act and deed of the Owner.

     

    Subscribed
      and sworn before me this ___ day of _________, 20___.

     

    NOTARY
      PUBLIC

     

    COUNTY
      OF

     

    STATE
      OF

     

    My
      commission expires the ___ day of ___________________, 20___.

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    EXHIBIT
      Q

     

    FORM
      OF
      SUBSEQUENT MORTGAGE LOAN PURCHASE AGREEMENT

     

    SUBSEQUENT
      MORTGAGE LOAN PURCHASE AGREEMENT, dated as of November 15, 2007, as amended
      and
      supplemented by any and all amendments hereto (collectively, the
“Agreement”), by and between EMC MORTGAGE CORPORATION, a Delaware
      corporation (the “Mortgage Loan Seller”) and STRUCTURED ASSET MORTGAGE
      INVESTMENTS II INC., a Delaware corporation (the
“Purchaser”).

     

    Upon
      the
      terms and subject to the conditions of this Agreement, the Mortgage Loan Seller
      agrees to sell, and the Purchaser agrees to purchase, certain conventional,
      first lien mortgage loans secured primarily by one- to four-family residential
      properties and individual condominium units (collectively, the “Subsequent
      Mortgage Loans”) as described herein. The Purchaser intends to deposit the
      Subsequent Mortgage Loans into a trust fund (the “Trust Fund”) created
      under a pooling and servicing agreement, dated as of  August 1, 2007
      (the “Pooling and Servicing Agreement”), among the Purchaser, as
      depositor, EMC, as seller and as master servicer (in such capacity, the “Master
      Servicer”) and Wells Fargo Bank, N.A., as trustee (the “Trustee”),
      pursuant to which Bear Stearns ARM Trust 2007-5, Mortgage Pass-Through
      Certificates, Series 2007-5 (the “Certificates”) were created.

     

    The
      Purchaser has filed with the Securities and Exchange Commission (the
“Commission”) a registration statement on Form S-3 (Number 333-140247)
      relating to its Mortgage Pass-Through Certificates and the offering of certain
      series thereof (including certain classes of the Certificates) from time to
      time
      in accordance with Rule 415 under the Securities Act of 1933, as amended, and
      the rules and regulations of the Commission promulgated thereunder (the
“Securities Act”). Such registration statement, when it became effective
      under the Securities Act, and the prospectus relating to the public offering
      of
      certain classes of the Certificates by the Purchaser (the “Public
      Offering”), as each may be amended or supplemented from time to time
      pursuant to the Securities Act or otherwise, are referred to herein as the
      “Registration Statement” and the “Prospectus,” respectively. The
“Prospectus Supplement” shall mean that supplement, dated August 30,
      2007, to the Prospectus, dated June 28, 2007, relating to certain classes of
      the
      Certificates. With respect to the Public Offering of certain classes of the
      Certificates, the Purchaser and Bear, Stearns & Co. Inc. (“Bear
      Stearns”) have entered into a terms agreement dated as of August 30, 2007 to
      an underwriting agreement dated February 26, 2007, between the Purchaser and
      Bear Stearns (together, the “Underwriting Agreement”).

     

    Now,
      therefore, in consideration of the premises and the mutual agreements set forth
      herein, the parties hereto agree as follows:

     

    Section
      1.  Definitions.  Certain
      terms are defined herein. Capitalized terms used herein but not defined herein
      shall have the meanings specified in the Pooling and Servicing Agreement. The
      following other terms are defined as follows:

     

    Acquisition
      Price: Cash in an amount equal to $______ (plus $______ in accrued
      interest).2

     

    Bear
      Stearns: Bear, Stearns & Co. Inc.

     

    Closing
      Date: August 31, 2007.

     

    Deleted
      Subsequent Mortgage Loan: A Subsequent Mortgage Loan replaced or to be
      replaced by a Substitute Mortgage Loan.

     

    Due
      Date: With respect to each Subsequent Mortgage Loan, the date in each month
      on which its scheduled payment is due if such due date is the first day of
      a
      month and otherwise is deemed to be the first day of the following month or
      such
      other date specified in the related Servicing Agreement.

     

    EMC:
      EMC Mortgage Corporation.

     

    Fitch:
      Fitch, Inc., or its successors in interest.

     

    Master
      Servicer: EMC Mortgage Corporation

     

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

     

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

     

    Mortgage:
      The mortgage, deed of trust or other instrument creating a first lien on an
      interest in real property securing a Mortgage Note.

     

    Mortgage
      File: The items referred to in Exhibit 1 pertaining to a particular
      Subsequent Mortgage Loan and any additional documents required to be added
      to
      such documents pursuant to this Agreement or the Pooling and Servicing
      Agreement.

     

    Mortgage
      Interest Rate: The annual rate of interest borne by a Mortgage Note as
      stated therein.

     

    Mortgagor:
      The obligor(s) on a Mortgage Note.

     

    Net
      Rate: For each Mortgage Loan, the Mortgage Interest Rate for such Mortgage
      Loan less the sum of (i) the Servicing Fee Rate, (ii) the Trustee Fee Rate
      and
      (iii) the rate at which the Lender-Paid PMI Rate is calculated (if
      applicable).

     

    Opinion
      of Counsel: A written opinion of counsel, who may be counsel for the
      Mortgage Loan Seller or the Purchaser, reasonably acceptable to the
      Trustee.

     

    Person:
      Any legal person, including any individual, corporation, partnership, joint
      venture, association, joint stock company, trust, unincorporated organization
      or
      government or any agency or political subdivision thereof.

     

    Purchase
      Price: With respect to any Mortgage Loan (or any property acquired with
      respect thereto) required to be repurchased by the Mortgage Loan Seller pursuant
      to this Agreement or Article II of the Pooling and Servicing Agreement, an
      amount equal to the sum of (i)(a) 100% of the Outstanding Principal Balance
      of
      such Mortgage Loan as of the date of repurchase (or if the related Mortgaged
      Property was acquired with respect thereto, 100% of the Outstanding Principal
      Balance at the date of the acquisition), plus (b) accrued but unpaid interest
      on
      the Outstanding Principal Balance at the related Mortgage Interest Rate, through
      and including the last day of the month of repurchase, plus (c) any unreimbursed
      Monthly Advances and servicing advances payable to the related Servicer of
      the
      Mortgage Loan and (ii) any costs and damages (if any) incurred by the Trust
      in
      connection with any violation of such Mortgage Loan of any anti-predatory
      lending laws.

     

    Rating
      Agencies: Standard & Poor’s and Fitch, each a “Rating
      Agency.”

     

    Securities
      Act: The Securities Act of 1933, as amended.

     

    Security
      Instrument: A written instrument creating a valid first lien on a Mortgaged
      Property securing a Mortgage Note, which may be any applicable form of mortgage,
      deed of  trust, deed to secure debt or security deed, including any
      riders or addenda thereto.

     

    Servicing
      Agreements: Shall have the meaning assigned to such term in the Pooling and
      Servicing Agreement.

     

    Standard
      & Poor’s: Standard & Poor’s, a division of The McGraw-Hill
      Companies, Inc. or its successors in interest.

     

    Subsequent
      Cut-off Date Balance: $73,875,000.

     

    Subsequent
      Cut-off Date: November 1, 2007.

     

    Subsequent
      Transfer Date: November 15, 2007.

     

    Substitute
      Mortgage Loan: A mortgage loan substituted for a Deleted Mortgage Loan which
      must meet, on the date of such substitution, the requirements stated herein
      and
      in the Pooling and Servicing Agreement with respect to such substitution; upon
      such substitution, such mortgage loan shall be a “Subsequent Mortgage Loan”
hereunder.

     

    Value:
      The value of the Mortgaged Property at the time of origination of the related
      Subsequent Mortgage Loan, such value being the lesser of (i) the value of such
      property set forth in an appraisal accepted by the applicable originator of
      the
      Subsequent Mortgage Loan or (ii) the sales price of such property at the time
      of
      origination.

     

    Section
      2.  Purchase
      and Sale of the Mortgage Loans and Related Rights.  

     

    (a)  Upon
      satisfaction of the conditions set forth in Section 10 hereof, the Mortgage
      Loan
      Seller agrees to sell, and the Purchaser agrees to purchase the Subsequent
      Mortgage Loans having an aggregate outstanding principal balance as of the
      Subsequent Cut-off Date equal to the Subsequent Cut-off Date
      Balance.

     

    (b)  The
      closing for the purchase and sale of the Subsequent Mortgage Loans will take
      place on the Subsequent Transfer Date at the office of the Purchaser’s counsel
      in New York, New York or such other place as the parties shall
      agree.

     

    (c)  Upon
      the
      satisfaction of the conditions set forth in Section 10 hereof, on the Subsequent
      Transfer Date, the Purchaser shall pay to the Mortgage Loan Seller the
      Acquisition Price for the Subsequent Mortgage Loans in immediately available
      funds by wire transfer to such account or accounts as shall be designated by
      the
      Mortgage Loan Seller.

     

    (d)  In
      addition to the foregoing, on the Subsequent Transfer Date the Mortgage Loan
      Seller assigns to the Purchaser all of its right, title and interest in the
      Servicing Agreements (other than its right to enforce the representations and
      warranties set forth therein).

     

    Section
      3.  Subsequent
      Mortgage Loan Schedule.  The Mortgage Loan Seller agrees to
      provide to the Purchaser as of the date hereof a listing of the Subsequent
      Mortgage Loans (the “Subsequent Mortgage Loan Schedule”) setting forth
      the information listed on Exhibit 2 to this Agreement with respect to
      each of the Subsequent Mortgage Loans being sold by the Mortgage Loan Seller.
      

     

    Section
      4.  Subsequent
      Mortgage Loan Transfer.

     

    (a)  The
      Purchaser will be entitled to all scheduled payments of principal and interest
      on the Subsequent Mortgage Loans due after the Subsequent Cut-off Date
      (regardless of when actually collected) and all payments thereon, other than
      scheduled principal and interest due on or before the Subsequent Cut-off Date
      but received after the Subsequent Cut-off Date. The Mortgage Loan Seller will
      be
      entitled to all scheduled payments of principal and interest on the Subsequent
      Mortgage Loans due on or before the Subsequent Cut-off Date (including payments
      collected after the Subsequent Cut-off Date) and all payments thereon, other
      than scheduled principal and interest due after the Subsequent Cut-off Date
      but
      received on or before the Subsequent Cut-off Date. Such principal amounts and
      any interest thereon belonging to the Mortgage Loan Seller as described above
      will not be included in the aggregate outstanding principal balance of the
      Subsequent Mortgage Loans as of the Subsequent Cut-off Date as set forth on
      the
      Subsequent Mortgage Loan Schedule.

     

    (b)  Pursuant
      to various conveyance documents to be executed on the Subsequent Transfer Date
      and pursuant to the Pooling and Servicing Agreement, the Purchaser will assign
      on the Subsequent Transfer Date all of its right, title and interest in and
      to
      the Mortgage Loans to the Trustee for the benefit of the Certificateholders.
      In
      connection with the transfer and assignment of the Subsequent Mortgage Loans,
      the Mortgage Loan Seller has delivered or will deliver or cause to be delivered
      to the Trustee by the Subsequent Transfer Date or such later date as is agreed
      to by the Purchaser and the Mortgage Loan Seller (each of the Subsequent
      Transfer Date and such later date is referred to as a “Mortgage File Delivery
      Date”), the items of the respective Custodian’s Mortgage File,
provided, however, that in lieu of the foregoing, the Mortgage
      Loan Seller may deliver the following documents, under the circumstances set
      forth below: (i) in lieu of the original Security Instrument, assignments to
      the
      Trustee or intervening assignments thereof which have been delivered, are being
      delivered or will, upon receipt of recording information relating to the
      Security Instrument required to be included thereon, be delivered to recording
      offices for recording and have not been returned to the Mortgage Loan Seller
      in
      time to permit their delivery as specified above, the Mortgage Loan Seller
      may
      deliver a true copy thereof with a certification by the Mortgage Loan Seller
      or
      the Master Servicer, on the face of such copy, substantially as follows:
“Certified to be a true and correct copy of the original, which has been
      transmitted for recording;” (ii) in lieu of the Security Instrument, assignments
      to the Trustee or intervening assignments thereof, if the applicable
      jurisdiction retains the originals of such documents (as evidenced by a
      certification from the Mortgage Loan Seller to such effect), the Mortgage Loan
      Seller may deliver photocopies of such documents containing an original
      certification by the judicial or other governmental authority of the
      jurisdiction where such documents were recorded; (iii) in lieu of the Mortgage
      Notes relating to the Subsequent Mortgage Loans, each identified in the list
      delivered by the Purchaser to the Trustee on the Subsequent Transfer Date and
      attached hereto as Exhibit 5 the Mortgage Loan Seller may deliver lost
      note affidavits and indemnities of the Mortgage Loan Seller; and (iv) the
      Mortgage Loan Seller shall not be required to deliver intervening assignments
      or
      Mortgage Note endorsements between the related Underlying Seller and the
      Mortgage Loan Seller, between the Mortgage Loan Seller and the Depositor, and
      between the Depositor and the Trustee; and provided further, however, that
      in
      the case of Subsequent Mortgage Loans which have been prepaid in full after
      the
      Subsequent Cut-off Date and prior to the Subsequent Transfer Date, the Mortgage
      Loan Seller, in lieu of delivering the above documents, may deliver to the
      Trustee or the Custodian, on its behalf, a certification by the Mortgage Loan
      Seller or the Master Servicer to such effect and shall deposit all amounts
      paid
      in respect of such Subsequent Mortgage Loans in the Distribution Account on
      the
      Subsequent Transfer Date. The Mortgage Loan Seller shall deliver such original
      documents (including any original documents as to which certified copies had
      previously been delivered) or such certified copies to the Trustee, or the
      related Custodian on behalf of the Trustee, promptly after they are received.
      The Mortgage Loan Seller shall cause the Mortgage and intervening assignments,
      if any, and the assignment of the Security Instrument to be recorded not later
      than 180 days after the Subsequent Transfer Date unless such assignment is
      not
      required to be recorded under the terms set forth in Section 6(a)
      hereof.

     

    (c)  In
      connection with the assignment of any Mortgage Loan registered on the MERS®
System, the Mortgage Loan Seller further agrees that it will cause, at the
      Mortgage Loan Seller’s own expense, within 30 days after the Subsequent Transfer
      Date, the MERS® System to indicate that such Mortgage Loans have been assigned
      by the Mortgage Loan Seller to the Purchaser and by the Purchaser to the Trustee
      in accordance with this Agreement for the benefit of the Certificateholders
      by
      including (or deleting, in the case of Mortgage Loans which are repurchased
      in
      accordance with this Agreement) in such computer files (a) the code in the
      field
      which identifies the specific Trustee and (b) the code in the field “Pool Field”
which identifies the series of the Certificates issued in connection with such
      Mortgage Loans. The Mortgage Loan Seller further agrees that it will not, and
      will not permit any Servicer or the Master Servicer to alter the codes
      referenced in this paragraph with respect to any Mortgage Loan during the term
      of the Pooling and Servicing Agreement unless and until such Mortgage Loan
      is
      repurchased in accordance with the terms of the Pooling and Servicing
      Agreement.

     

    (d)  The
      Mortgage Loan Seller and the Purchaser acknowledge hereunder that all of the
      Subsequent Mortgage Loans and the related servicing will ultimately be assigned
      to Wells Fargo Bank, N.A., as Trustee for the Certificateholders, on the date
      hereof.

     

    Section
      5.  Examination
      of Mortgage Files.

     

    (a)  On
      or
      before the Mortgage File Delivery Date, the Mortgage Loan Seller will have
      made
      the Mortgage Files available to the Purchaser or its agent for examination
      which
      may be at the offices of the Trustee or the Mortgage Loan Seller and/or the
      Mortgage Loan Seller’s custodian. The fact that the Purchaser or its agent has
      conducted or has failed to conduct any partial or complete examination of the
      Mortgage Files shall not affect the Purchaser’s rights to demand cure,
      repurchase, substitution or other relief as provided in this Agreement. In
      furtherance of the foregoing, the Mortgage Loan Seller shall make the Mortgage
      Files available to the Purchaser or its agent from time to time so as to permit
      the Purchaser to confirm the Mortgage Loan Seller’s compliance with the delivery
      and recordation requirements of this Agreement and the Pooling and Servicing
      Agreement. In addition, upon request of the Purchaser, the Mortgage Loan Seller
      agrees to provide to the Purchaser, Bear Stearns and to any investors or
      prospective investors in the Certificates information regarding the Subsequent
      Mortgage Loans and their servicing, to make the Mortgage Files available to
      the
      Purchaser, Bear Stearns and to such investors or prospective investors (which
      may be at the offices of the Mortgage Loan Seller and/or the Mortgage Loan
      Seller’s custodian) and to make available personnel knowledgeable about the
      Subsequent Mortgage Loans for discussions with the Purchaser, Bear Stearns
      and
      such investors or prospective investors, upon reasonable request during regular
      business hours, sufficient to permit the Purchaser, Bear Stearns and such
      investors or potential investors to conduct such due diligence as any such
      party
      reasonably believes is appropriate.

     

    (b)  Pursuant
      to the Pooling and Servicing Agreement, on the Subsequent Transfer Date the
      respective Custodian, on behalf of the Trustee, for the benefit of the
      Certificateholders, will acknowledge receipt of each Mortgage Loan, by delivery
      to the Mortgage Loan Seller, the Purchaser and the Trustee of an initial
      certification in the form attached as Exhibit One to the Custodial
      Agreement.

     

    (c)  Pursuant
      to the Pooling and Servicing Agreement, within 90 days of the Subsequent
      Transfer Date (or, with respect to any Substitute Mortgage Loan, within five
      business days after the receipt by the Trustee or respective Custodian thereof),
      the Trustee will review or shall cause the respective Custodian to review items
      of the Mortgage Files as set forth on Exhibit 1 and will deliver to the
      Mortgage Loan Seller, the Purchaser and the Trustee an interim certification
      substantially in the form of Exhibit Two to the Custodial
      Agreement.  If the Trustee or respective Custodian, as its agent,
      finds any document listed on Exhibit 1 not to have been executed or
      received, or to be unrelated, determined on the basis of the Mortgagor name,
      original principal balance and loan number, to the Subsequent Mortgage Loans
      identified in the Subsequent Mortgage Loan Schedule or to appear defective
      on
      its face (a “Material Defect”), the Trustee or the respective Custodian,
      as its agent, shall promptly notify the Mortgage Loan Seller of such Material
      Defect. The Mortgage Loan Seller shall correct or cure any such Material Defect
      within 90 days from the date of notice from the Trustee or the respective
      Custodian, on its behalf, of the Material Defect and if the Mortgage Loan Seller
      fails to correct or cure such Material Defect within such period and such defect
      materially and adversely affects the interests of the Certificateholders in
      the
      related Subsequent Mortgage Loan, the Mortgage Loan Seller will, in accordance
      with the terms of the Pooling and Servicing Agreement, within 90 days of the
      date of notice, provide the Trustee with a Substitute Mortgage Loan (if within
      two years of the Subsequent Transfer Date) or purchase the related Subsequent
      Mortgage Loan at the applicable Purchase Price; provided that, if such
      defect would cause the Mortgage Loan to be other than a “qualified mortgage” as
      defined in Section 860G(a)(3) of the Code, any such cure, repurchase or
      substitution must occur within 90 days from the date such breach was discovered;
      provided,however, that if such defect relates solely to the
      inability of the Mortgage Loan Seller to deliver the original Security
      Instrument or intervening assignments thereof, or a certified copy because
      the
      originals of such documents, or a certified copy, have not been returned by
      the
      applicable jurisdiction, the Mortgage Loan Seller shall not be required to
      purchase such Subsequent Mortgage Loan if the Mortgage Loan Seller delivers
      such
      original documents or certified copy promptly upon receipt, but in no event
      later than 360 days after the Subsequent Transfer Date. The foregoing repurchase
      obligation shall not apply in the event that the Mortgage Loan Seller cannot
      deliver such original or copy of any document submitted for recording to the
      appropriate recording office in the applicable jurisdiction because such
      document has not been returned by such office; provided that the Mortgage Loan
      Seller shall instead deliver a recording receipt of such recording office or,
      if
      such receipt is not available, a certificate confirming that such documents
      have
      been accepted for recording, and delivery to the Trustee or the respective
      Custodian, as its agent, shall be effected by the Mortgage Loan Seller within
      thirty days of its receipt of the original recorded document.

     

    (d)  Pursuant
      to the Pooling and Servicing Agreement, within 180 days of the Subsequent
      Transfer Date (or, with respect to any Substitute Mortgage Loan, within five
      business days after the receipt by the Trustee or respective Custodian thereof)
      the Trustee will review or cause the respective Custodian to review items of
      the
      Mortgage Files as set forth on Exhibit 1 and will deliver to the Mortgage
      Loan Seller, the Purchaser and the Trustee a final certification substantially
      in the form of Exhibit Three to the Custodial Agreement.  If the
      Trustee or respective Custodian, as its agent, finds a Material Defect, the
      Trustee or the respective Custodian, as its agent, shall promptly notify the
      Mortgage Loan Seller of such Material Defect. The Mortgage Loan Seller shall
      correct or cure any such Material Defect within 90 days from the date of notice
      from the Trustee or the respective Custodian, as its agent, of the Material
      Defect and if the Mortgage Loan Seller fails to correct or cure such Material
      Defect within such period and such defect materially and adversely affects
      the
      interests of the Certificateholders in the related Subsequent Mortgage Loan,
      the
      Mortgage Loan Seller will, in accordance with the terms of the Pooling and
      Servicing Agreement, within 90 days of the date of notice, provide the Trustee
      with a Substitute Mortgage Loan (if within two years of the Subsequent Transfer
      Date) or purchase the related Subsequent Mortgage Loan at the applicable
      Purchase Price; provided that, if such defect would cause the Mortgage
      Loan to be other than a “qualified mortgage” as defined in Section 860G(a)(3) of
      the Code, any such cure, repurchase or substitution must occur within 90 days
      from the date such breach was discovered; provided,however, that
      if such defect relates solely to the inability of the Mortgage Loan Seller
      to
      deliver the original Security Instrument or intervening assignments thereof,
      or
      a certified copy because the originals of such documents, or a certified copy,
      have not been returned by the applicable jurisdiction, the Mortgage Loan Seller
      shall not be required to purchase such Subsequent Mortgage Loan if the Mortgage
      Loan Seller delivers such original documents or certified copy promptly upon
      receipt, but in no event later than 360 days after the Subsequent Transfer
      Date.
      The foregoing repurchase obligation shall not apply in the event that the
      Mortgage Loan Seller cannot deliver such original or copy of any document
      submitted for recording to the appropriate recording office in the applicable
      jurisdiction because such document has not been returned by such office;
      provided that the Mortgage Loan Seller shall instead deliver a recording receipt
      of such recording office or, if such receipt is not available, a certificate
      confirming that such documents have been accepted for recording, and delivery
      to
      the Trustee or the respective Custodian, as its agent, shall be effected by
      the
      Mortgage Loan Seller within thirty days of its receipt of the original recorded
      document.

     

    (e)  At
      the
      time of any substitution, the Mortgage Loan Seller shall deliver or cause to
      be
      delivered the Substitute Mortgage Loan, the related Mortgage File and any other
      documents and payments required to be delivered in connection with a
      substitution pursuant to the Pooling and Servicing Agreement. At the time of
      any
      purchase or substitution, the Trustee in accordance with the terms of the
      Pooling and Servicing Agreement shall (i) assign to the Mortgage Loan Seller
      and
      cause the respective Custodian to release the documents (including, but not
      limited to, the Mortgage, Mortgage Note and other contents of the Mortgage
      File)
      in the possession of the respective Custodian relating to the Deleted Subsequent
      Mortgage Loan and (ii) execute and deliver such instruments of transfer or
      assignment, in each case without recourse, as shall be necessary to vest in
      the
      Mortgage Loan Seller title to such Deleted Mortgage Loan.

     

    Section
      6.  Recordation
      of Assignments of Mortgage.

     

    (a)  The
      Mortgage Loan Seller shall cause each assignment of the Security Instrument
      from
      the Mortgage Loan Seller to the Trustee to be recorded not later than 180 days
      after the Subsequent Transfer Date, unless (a) such recordation is not required
      by the Rating Agencies or an Opinion of Counsel has been provided to the Trustee
      (with a copy to the respective Custodian) which states that the recordation
      of
      such assignment is not necessary to protect the interests of the
      Certificateholders in the related Mortgage Loans or (b) MERS is identified
      on
      the Mortgage or on a properly recorded assignment of the Mortgage, as the
      Mortgagee of record solely as nominee for the Mortgage Loan Seller and its
      successors and assigns; provided, however, notwithstanding the
      delivery of any such Opinion of Counsel, each assignment of Mortgage shall
      be
      submitted for recording by the Mortgage Loan Seller in the manner described
      above, at no expense to the Trust Fund or Trustee, upon the earliest to occur
      of
      (i) reasonable direction by the Holders of Certificates evidencing Fractional
      Undivided Interests aggregating not less than 25% of the Trust, (ii) the
      occurrence of an Event of Default, (iii) the occurrence of a bankruptcy,
      insolvency or foreclosure relating to the Mortgage Loan Seller and, (iv) the
      occurrence of a servicing transfer as described in Section 8.02 of the Pooling
      and Servicing Agreement.

     

    While
      each such Mortgage or assignment is being recorded, if necessary, the Mortgage
      Loan Seller shall leave or cause to be left with the Trustee a certified copy
      of
      such Mortgage or assignment. All customary recording fees and reasonable
      expenses relating to the recordation of the assignments of mortgage to the
      Trustee or the Opinion of Counsel, as the case may be, shall be borne by the
      Mortgage Loan Seller.

     

    (b)  It
      is the
      express intent of the parties hereto that the conveyance of the Subsequent
      Mortgage Loans by the Mortgage Loan Seller to the Purchaser, as contemplated
      by
      this Agreement be, and be treated as, a sale. It is, further, not the intention
      of the parties that such conveyance be deemed a pledge of the Subsequent
      Mortgage Loans by the Mortgage Loan Seller to the Purchaser to secure a debt
      or
      other obligation of the Mortgage Loan Seller. However, in the event that,
      notwithstanding the intent of the parties, the Subsequent Mortgage Loans are
      held by a court to continue to be property of the Mortgage Loan Seller, then
      (i)
      this Agreement shall also be deemed to be a security agreement within the
      meaning of Articles 8 and 9 of the applicable Uniform Commercial Code; (ii)
      the
      transfer of the Subsequent Mortgage Loans provided for herein shall be deemed
      to
      be a grant by the Mortgage Loan Seller to the Purchaser of a security interest
      in all of the Mortgage Loan Seller’s right, title and interest in and to the
      Subsequent Mortgage Loans and all amounts payable to the holders of the
      Subsequent Mortgage Loans in accordance with the terms thereof and all proceeds
      of the conversion, voluntary or involuntary, of the foregoing into cash,
      instruments, securities or other property, to the extent the Purchaser would
      otherwise be entitled to own such Subsequent Mortgage Loans and proceeds
      pursuant to Section 4 hereof, including all amounts, other than investment
      earnings, from time to time held or invested in any accounts created pursuant
      to
      the Pooling and Servicing Agreement, whether in the form of cash, instruments,
      securities or other property; (iii) the possession by the Purchaser or the
      Trustee of Mortgage Notes and such other items of property as constitute
      instruments, money, negotiable documents or chattel paper shall be deemed to
      be
“possession by the secured party” for purposes of perfecting the security
      interest pursuant to Section 9-313 (or comparable provision) of the applicable
      Uniform Commercial Code; and (iv) notifications to persons holding such
      property, and acknowledgments, receipts or confirmations from persons holding
      such property, shall be deemed notifications to, or acknowledgments, receipts
      or
      confirmations from, financial intermediaries, bailees or agents (as applicable)
      of the Purchaser for the purpose of perfecting such security interest under
      applicable law. Any assignment of the interest of the Purchaser pursuant to
      any
      provision hereof or pursuant to the Pooling and Servicing Agreement shall also
      be deemed to be an assignment of any security interest created hereby. The
      Mortgage Loan Seller and the Purchaser shall, to the extent consistent with
      this
      Agreement, take such actions as may be reasonably necessary to ensure that,
      if
      this Agreement were deemed to create a security interest in the Subsequent
      Mortgage Loans, such security interest would be deemed to be a perfected
      security interest of first priority under applicable law and will be maintained
      as such throughout the term of the Pooling and Servicing Agreement.

     

    Section
      7.  Representations
      and Warranties of Mortgage Loan Seller Concerning the Subsequent Mortgage
      Loans.  The Mortgage Loan Seller hereby represents and warrants to
      the Purchaser as of the Subsequent Transfer Date, or such other date as may
      be
      specified below with respect to each Subsequent Mortgage Loan being sold by
      it,
      that:

     

    (i)  the
      information set forth in the Subsequent Mortgage Loan Schedule hereto is true
      and correct in all material respects;

     

    (ii)  immediately
      prior to the transfer to the Purchaser, the Mortgage Loan Seller was the sole
      owner of beneficial title and holder of each Mortgage and Mortgage Note relating
      to the Subsequent Mortgage Loans and is conveying the same free and clear of
      any
      and all liens, claims, encumbrances, participation interests, equities, pledges,
      charges or security interests of any nature and the Mortgage Loan Seller has
      full right and authority to sell or assign the same pursuant to this
      Agreement;

     

    (iii)  each
      Subsequent Mortgage Loan at the time it was made complied in all material
      respects with all applicable local, state and federal laws and regulations,
      including, without limitation, usury, equal credit opportunity, disclosure
      and
      recording laws and all applicable predatory, abusive and fair lending laws;
      and
      each Subsequent Mortgage Loan has been serviced in all material respects in
      accordance with all applicable local, state and federal laws and regulations,
      including, without limitation, usury, equal credit opportunity, disclosure
      and
      recording laws and all applicable anti-predatory lending laws and the terms
      of
      the related Mortgage Note, the Mortgage and other loan documents;

     

    (iv)  there
      is
      no monetary default existing under any Mortgage or the related Mortgage Note
      and
      there is no material event which, with the passage of time or with notice and
      the expiration of any grace or cure period, would constitute a default, breach
      or event of acceleration; and neither the Mortgage Loan Seller, any of its
      affiliates nor any servicer of any related Subsequent Mortgage Loan has taken
      any action to waive any default, breach or event of acceleration; and no
      foreclosure action is threatened or has been commenced with respect to the
      Subsequent Mortgage Loan;

     

    (v)  the
      terms
      of the Mortgage Note and the Mortgage have not been impaired, waived, altered
      or
      modified in any respect, except by written instruments, (i) if required by
      law
      in the jurisdiction where the Mortgaged Property is located, or (ii) to protect
      the interests of the Trustee on behalf of the Certificateholders;

     

    (vi)  no
      selection procedure reasonably believed by the Mortgage Loan Seller to be
      adverse to the interests of the Certificateholders was utilized in selecting
      the
      Subsequent Mortgage Loans;

     

    (vii)  each
      Mortgage is a valid and enforceable first lien on the property securing the
      related Mortgage Note and each Mortgaged Property is owned by the Mortgagor
      in
      fee simple (except with respect to common areas in the case of condominiums,
      PUDs and de minimis PUDs) or by leasehold for a term longer than the term of
      the
      related Mortgage, subject only to (i) the lien of current real property taxes
      and assessments, (ii) covenants, conditions and restrictions, rights of way,
      easements and other matters of public record as of the date of recording of
      such
      Mortgage, such exceptions being acceptable to mortgage lending institutions
      generally or specifically reflected in the appraisal obtained in connection
      with
      the origination of the related Subsequent Mortgage Loan or referred to in the
      lender’s title insurance policy delivered to the originator of the related
      Subsequent Mortgage Loan and (iii) other matters to which like properties are
      commonly subject which do not materially interfere with the benefits of the
      security intended to be provided by such Mortgage;

     

    (viii)  there
      is
      no mechanics’ lien or claim for work, labor or material affecting the premises
      subject to any Mortgage which is or may be a lien prior to, or equal with,
      the
      lien of such Mortgage except those which are insured against by the title
      insurance policy referred to in xiii below;

     

    (ix)  there
      was
      no delinquent tax or assessment lien against the property subject to any
      Mortgage, except where such lien was being contested in good faith and a stay
      had been granted against levying on the property;

     

    (x)  there
      is
      no valid offset, defense or counterclaim to any Mortgage Note or Mortgage,
      including the obligation of the Mortgagor to pay the unpaid principal and
      interest on such Mortgage Note;

     

    (xi)  the
      physical property subject to any Mortgage is free of material damage and is
      in
      good repair and there is no proceeding pending or threatened for the total
      or
      partial condemnation of any Mortgaged Property;

     

    (xii)  the
      Mortgaged Property and all improvements thereon comply with all requirements
      of
      any applicable zoning and subdivision laws and ordinances;

     

    (xiii)  a
      lender’s title insurance policy (on an ALTA or CLTA form) or binder, or other
      assurance of title customary in the relevant jurisdiction therefor in a form
      acceptable to Fannie Mae or Freddie Mac, was issued on the date that each
      Subsequent Mortgage Loan was created by a title insurance company which was
      qualified to do business in the jurisdiction where the related Mortgaged
      Property is located, insuring the Mortgage Loan Seller and its successors and
      assigns that the Mortgage is a first priority lien on the related Mortgaged
      Property in the original principal amount of the Subsequent Mortgage Loan;
      and
      the Mortgage Loan Seller is the sole insured under such lender’s title insurance
      policy, and such policy, binder or assurance is valid and remains in full force
      and effect, and each such policy, binder or assurance shall contain all
      applicable endorsements including a negative amortization endorsement, if
      applicable;

     

    (xiv)  at
      the
      time of origination, each Mortgaged Property was the subject of an appraisal
      which conformed to the underwriting requirements of the originator of the
      Subsequent Mortgage Loan and, the appraisal is in a form acceptable to Fannie
      Mae or FHLMC;

     

    (xv)  the
      improvements on each Mortgaged Property securing a Subsequent Mortgage Loan
      are
      insured (by an insurer which is acceptable to the Mortgage Loan Seller) against
      loss by fire and such hazards as are covered under a standard extended coverage
      endorsement in the locale in which the Mortgaged Property is located, in an
      amount which is not less than the lesser of the maximum insurable value of
      the
      improvements securing such Subsequent Mortgage Loan or the outstanding principal
      balance of the Subsequent Mortgage Loan, but in no event in an amount less
      than
      an amount that is required to prevent the Mortgagor from being deemed to be
      a
      co-insurer thereunder; if the improvement on the Mortgaged Property is a
      condominium unit, it is included under the coverage afforded by a blanket policy
      for the condominium project; if upon origination of the related Subsequent
      Mortgage Loan, the improvements on the Mortgaged Property were in an area
      identified as a federally designated flood area, a flood insurance policy is
      in
      effect in an amount representing coverage not less than the least of (i) the
      outstanding principal balance of the Subsequent Mortgage Loan, (ii) the
      restorable cost of improvements located on such Mortgaged Property or (iii)
      the
      maximum coverage available under federal law; and each Mortgage obligates the
      Mortgagor thereunder to maintain the insurance referred to above at the
      Mortgagor’s cost and expense;

     

    (xvi)  each
      Subsequent Mortgage Loan constitutes a "qualified mortgage" under Section
      860G(a)(3)(A) of the Code and Treasury Regulation Section 1.860G-2(a)(1), (2),
      (4), (5), (6), (7)  and (9) without reliance on the provisions of
      Treasury Regulation Section 1.860G-2(a)(3) or Treasury Regulation Section
      1.860G-2(f)(2) or any other provision that would allow a Subsequent Mortgage
      Loan to be treated as a “qualified mortgage” notwithstanding its failure to meet
      the requirements of Section 860G(a)(3)(A) of the Code and Treasury Regulation
      Section 1.860G-2(a)(1), (2), (4), (5), (6), (7) and (9);

     

    (xvii)  none
      of
      the Subsequent Mortgage Loans are (a) loans subject to 12 CFR Part 226.31,
      12
      CFR Part 226.32 or 12 CFR Part 226.34 of Regulation Z, the regulation
      implementing TILA, which implements the Home Ownership and Equity Protection
      Act
      of 1994, as amended or (b) “high cost home,” “covered” (excluding home loans
      defined as “covered home loans” in the New Jersey Home Ownership Security Act of
      2002 that were originated between November 26, 2003 and July 7, 2004), “high
      risk home” or “predatory” loans under any applicable state, federal or local law
      (or a similarly classified loan using different terminology under a law imposing
      heightened regulatory scrutiny or additional legal liability for residential
      mortgage loans having high interest rates, points and/or fees);

     

    (xviii)  the
      information set forth in Schedule A of the Prospectus Supplement with respect
      to
      the Subsequent Mortgage Loans is true and correct in all material
      respects;

     

    (xix)  no
      Subsequent Mortgage Loan (a) is a “high cost loan” or “covered loan” as
      applicable (as such terms are defined in the then current Standard & Poor’s
      LEVELS® Glossary, which is now Version 6.0, Appendix E, attached hereto as
      Exhibit 6 or (b) was originated on or after October 1, 2002 through March 6,
      2003 and is governed by the Georgia Fair Lending Act;

     

    (xx)  each
      Subsequent Mortgage Loan was originated in accordance with the underwriting
      guidelines of the related originator;

     

    (xxi)  each
      original Mortgage has been recorded or is in the process of being recorded
      in
      accordance with the requirements of Section 2.01 of the Pooling and Servicing
      Agreement in the appropriate jurisdictions wherein such recordation is required
      to perfect the lien thereof for the benefit of the Trust Fund;

     

    (xxii)  the
      related Mortgage File contains each of the documents and instruments listed
      in
      Section 2.01 of the Pooling and Servicing Agreement, subject to any exceptions,
      substitutions and qualifications as are set forth in such Section;

     

    (xxiii)  the
      Subsequent Mortgage Loans are currently being serviced in accordance with
      accepted servicing practices;

     

    (xxiv)  with
      respect to each Subsequent Mortgage Loan that has a prepayment penalty feature,
      each such prepayment penalty is enforceable and will be enforced by the Mortgage
      Loan Seller and each prepayment penalty is permitted pursuant to federal, state
      and local law.  In addition, with respect to each Subsequent Mortgage
      Loan (i) no Subsequent Mortgage Loan will impose a prepayment penalty for a
      term
      in excess of five years from the date such Subsequent Mortgage Loan was
      originated and (ii) such prepayment penalty is at least equal to the lesser
      of
      (A) the maximum amount permitted under applicable law and (B) six months
      interest at the related Mortgage Interest Rate on the amount prepaid in excess
      of 20% of the original principal balance of such Subsequent Mortgage
      Loan.

     

    (xxv)  if
      any of
      the Subsequent Mortgage Loans are secured by a leasehold interest, with respect
      to each leasehold interest: the use of leasehold estates for residential
      properties is an accepted practice in the area where the related Mortgaged
      Property is located; residential property in such area consisting of leasehold
      estates is readily marketable; the lease is recorded and no party is in any
      way
      in breach of any provision of such lease; the leasehold is in full force and
      effect and is not subject to any prior lien or encumbrance by which the
      leasehold could be terminated or subject to any charge or penalty; and the
      remaining term of the lease does not terminate less than ten years after the
      maturity date of such Subsequent Mortgage Loan; and

     

    (xxvi)  each
      Subsequent Mortgage Loan was originated (a)  by a savings and loan
      association, savings bank, commercial bank, credit union, insurance company
      or
      similar institution that is supervised and examined by a federal or state
      authority, (b) by a mortgagee approved by the Secretary of Housing and Urban
      Development pursuant to Sections 203 and 211 of the National Housing Act, as
      amended, or (c) by a mortgage broker or correspondent lender in a manner such
      that the related Subsequent Mortgage Loan would be regarded for purposes of
      Section 3(a)(41) of the Securities Exchange Act of 1934, as amended, as having
      been originated by an entity described in clauses (a) or (b) above.

     

    It
      is
      understood and agreed that the representations and warranties set forth in
      this
      Section 7 will inure to the benefit of the Purchaser, its successors and
      assigns, notwithstanding any restrictive or qualified endorsement on any
      Mortgage Note or assignment of Mortgage or the examination of any Mortgage
      File.
      Upon any substitution for a Subsequent Mortgage Loan, the representations and
      warranties set forth above shall be deemed to be made by the Mortgage Loan
      Seller as to any Substitute Mortgage Loan as of the date of
      substitution.

     

    Upon
      discovery or receipt of notice by the Mortgage Loan Seller, the Purchaser or
      the
      Trustee of a breach of any representation or warranty of the Mortgage Loan
      Seller set forth in this Section 7 which materially and adversely affects the
      value of the interests of the Purchaser, the Certificateholders or the Trustee
      in any of the Subsequent Mortgage Loans delivered to the Purchaser pursuant
      to
      this Agreement, the party discovering or receiving notice of such breach shall
      give prompt written notice to the others. It is understood and agreed that
      a
      breach of any one of the representations contained in clauses (xvii) or (xix)(b)
      above will be deemed to materially adversely affect the interests of the related
      Certificateholders. In the case of any such breach of a representation or
      warranty set forth in this Section 7, within 90 days from the date of discovery
      by the Mortgage Loan Seller, or the date the Mortgage Loan Seller is notified
      by
      the party discovering or receiving notice of such breach (whichever occurs
      earlier), the Mortgage Loan Seller will (i) cure such breach in all material
      respects, (ii) purchase the affected Subsequent Mortgage Loan at the applicable
      Purchase Price or (iii) if within two years of the Subsequent Transfer Date,
      substitute a qualifying Substitute Mortgage Loan in exchange for such Subsequent
      Mortgage Loan. The obligations of the Mortgage Loan Seller to cure, purchase
      or
      substitute a qualifying Substitute Mortgage Loan shall constitute the
      Purchaser’s, the Trustee’s and the Certificateholder’s sole and exclusive remedy
      under this Agreement or otherwise respecting a breach of representations or
      warranties hereunder with respect to the Subsequent Mortgage Loans, except
      for
      the obligation of the Mortgage Loan Seller to indemnify the Purchaser for such
      breach as set forth in and limited by Section 13 hereof.

     

    Any
      cause
      of action against the Mortgage Loan Seller or relating to or arising out of
      a
      breach by the Mortgage Loan Seller of any representations and warranties made
      in
      this Section 7 shall accrue as to any Mortgage Loan upon (i) discovery of such
      breach by the Mortgage Loan Seller or notice thereof by the party discovering
      such breach and (ii) failure by the Mortgage Loan Seller to cure such breach,
      purchase such Mortgage Loan or substitute a qualifying Substitute Mortgage
      Loan
      pursuant to the terms hereof.

     

    Section
      8.  Representations
      and Warranties Concerning the Mortgage Loan Seller.  As of the
      date hereof and as of the Subsequent Transfer Date, the Mortgage Loan Seller
      represents and warrants to the Purchaser as to itself in the capacity indicated
      as follows:

     

    (a)  the
      Mortgage Loan Seller (i) is a corporation duly organized, validly existing
      and
      in good standing under the laws of the State of Delaware and (ii) is qualified
      and in good standing to do business in each jurisdiction where such
      qualification is necessary, except where the failure so to qualify would not
      reasonably be expected to have a material adverse effect on the Mortgage Loan
      Seller’s business as presently conducted or on the Mortgage Loan Sellers ability
      to enter into this Agreement and to consummate the transactions contemplated
      hereby;

     

    (b)  the
      Mortgage Loan Seller has full corporate power to own its property, to carry
      on
      its business as presently conducted and to enter into and perform its
      obligations under this Agreement;

     

    (c)  the
      execution and delivery by the Mortgage Loan Seller of this Agreement have been
      duly authorized by all necessary action on the part of the Mortgage Loan Seller;
      and neither the execution and delivery of this Agreement, nor the consummation
      of the transactions herein contemplated, nor compliance with the provisions
      hereof, will conflict with or result in a breach of, or constitute a default
      under, any of the provisions of any law, governmental rule, regulation,
      judgment, decree or order binding on the Mortgage Loan Seller or its properties
      or the charter or by-laws of the Mortgage Loan Seller, except those conflicts,
      breaches or defaults which would not reasonably be expected to have a material
      adverse effect on the Mortgage Loan Seller’s ability to enter into this
      Agreement and to consummate the transactions contemplated hereby;

     

    (d)  the
      execution, delivery and performance by the Mortgage Loan Seller of this
      Agreement and the consummation of the transactions contemplated hereby do not
      require the consent or approval of, the giving of notice to, the registration
      with, or the taking of any other action in respect of, any state, federal or
      other governmental authority or agency, except those consents, approvals,
      notices, registrations or other actions as have already been obtained, given
      or
      made and, in connection with the recordation of the Mortgages, powers of
      attorney or assignments of Mortgages not yet completed;

     

    (e)  this
      Agreement has been duly executed and delivered by the Mortgage Loan Seller
      and,
      assuming due authorization, execution and delivery by the Purchaser, constitutes
      a valid and binding obligation of the Mortgage Loan Seller enforceable against
      it in accordance with its terms (subject to applicable bankruptcy and insolvency
      laws and other similar laws affecting the enforcement of the rights of creditors
      generally);

     

    (f)  there
      are
      no actions, suits or proceedings pending or, to the knowledge of the Mortgage
      Loan Seller, threatened against the Mortgage Loan Seller, before or by any
      court, administrative agency, arbitrator or governmental body (i) with respect
      to any of the transactions contemplated by this Agreement or (ii) with respect
      to any other matter which in the judgment of the Mortgage Loan Seller will
      be
      determined adversely to the Mortgage Loan Seller and will if determined
      adversely to the Mortgage Loan Seller materially and adversely affect the
      Mortgage Loan Seller’s ability to perform its obligations under this Agreement;
      and the Mortgage Loan Seller is not in default with respect to any order of
      any
      court, administrative agency, arbitrator or governmental body so as to
      materially and adversely affect the transactions contemplated by this Agreement;
      and

     

    (g)  the
      Mortgage Loan Seller’s Information (as defined in Section 13(a) hereof) does not
      include any untrue statement of a material fact or omit to state a material
      fact
      necessary in order to make the statements made, in light of the circumstances
      under which they were made, not misleading.

     

    Section
      9.  Representations
      and Warranties Concerning the Purchaser.  As of the date hereof
      and as of the Subsequent Transfer Date, the Purchaser represents and warrants
      to
      the Mortgage Loan Seller as follows:

     

    (a)  the
      Purchaser (i) is a corporation duly organized, validly existing and in good
      standing under the laws of the State of Delaware and (ii) is qualified and
      in
      good standing as a foreign corporation to do business in each jurisdiction
      where
      such qualification is necessary, except where the failure so to qualify would
      not reasonably be expected to have a material adverse effect on the Purchaser’s
      business as presently conducted or on the Purchaser’s ability to enter into this
      Agreement and to consummate the transactions contemplated hereby;

     

    (b)  the
      Purchaser has full corporate power to own its property, to carry on its business
      as presently conducted and to enter into and perform its obligations under
      this
      Agreement;

     

    (c)  the
      execution and delivery by the Purchaser of this Agreement have been duly
      authorized by all necessary corporate action on the part of the Purchaser;
      and
      neither the execution and delivery of this Agreement, nor the consummation
      of
      the transactions herein contemplated, nor compliance with the provisions hereof,
      will conflict with or result in a breach of, or constitute a default under,
      any
      of the provisions of any law, governmental rule, regulation, judgment, decree
      or
      order binding on the Purchaser or its properties or the articles of
      incorporation or by-laws of the Purchaser, except those conflicts, breaches
      or
      defaults which would not reasonably be expected to have a material adverse
      effect on the Purchaser’s ability to enter into this Agreement and to consummate
      the transactions contemplated hereby;

     

    (d)  the
      execution, delivery and performance by the Purchaser of this Agreement and
      the
      consummation of the transactions contemplated hereby do not require the consent
      or approval of, the giving of notice to, the registration with, or the taking
      of
      any other action in respect of, any state, federal or other governmental
      authority or agency, except those consents, approvals, notices, registrations
      or
      other actions as have already been obtained, given or made;

     

    (e)  this
      Agreement has been duly executed and delivered by the Purchaser and, assuming
      due authorization, execution and delivery by the Mortgage Loan Seller,
      constitutes a valid and binding obligation of the Purchaser enforceable against
      it in accordance with its terms (subject to applicable bankruptcy and insolvency
      laws and other similar laws affecting the enforcement of the rights of creditors
      generally);

     

    (f)  there
      are
      no actions, suits or proceedings pending or, to the knowledge of the Purchaser,
      threatened against the Purchaser, before or by any court, administrative agency,
      arbitrator or governmental body (i) with respect to any of the transactions
      contemplated by this Agreement or (ii) with respect to any other matter which
      in
      the judgment of the Purchaser will be determined adversely to the Purchaser
      and
      will if determined adversely to the Purchaser materially and adversely affect
      the Purchaser’s ability to perform its obligations under this Agreement; and the
      Purchaser is not in default with respect to any order of any court,
      administrative agency, arbitrator or governmental body so as to materially
      and
      adversely affect the transactions contemplated by this Agreement;
      and

     

    (g)  the
      Purchaser’s Information (as defined in Section 13(b) hereof) does not include
      any untrue statement of a material fact or omit to state a material fact
      necessary in order to make the statements made, in light of the circumstances
      under which they were made, not misleading.

     

    Section
      10.  Conditions
      to Closing.

     

    (a)  The
      obligations of the Purchaser under this Agreement will be subject to the
      satisfaction, on or prior to the Subsequent Transfer Date, of the following
      conditions:

     

    (i)  Each
      of
      the obligations of the Mortgage Loan Seller required to be performed at or
      prior
      to the Subsequent Transfer Date pursuant to the terms of this Agreement shall
      have been duly performed and complied with in all material respects; all of
      the
      representations and warranties of the Mortgage Loan Seller under this Agreement
      shall be true and correct as of the date or dates specified in all material
      respects; and no event shall have occurred which, with notice or the passage
      of
      time, would constitute a default under this Agreement, or the Pooling and
      Servicing Agreement; and the Purchaser shall have received certificates to
      that
      effect signed by authorized officers of the Mortgage Loan Seller.

     

    (ii)  The
      Purchaser shall have received all of the following closing documents, in such
      forms as are agreed upon and reasonably acceptable to the Purchaser, duly
      executed by all signatories (other than the Purchaser) as required pursuant
      to
      the respective terms thereof:

     

    (1)  The
      Pooling and Servicing Agreement, in form and substance reasonably satisfactory
      to the Trustee and the Purchaser, and all documents required thereby duly
      executed by all signatories;

     

    (2)  A
      certificate of an officer of the Mortgage Loan Seller dated as of the Subsequent
      Transfer Date, in a form reasonably acceptable to the Purchaser, and attached
      thereto the resolutions of the Mortgage Loan Seller authorizing the transactions
      contemplated by this Agreement, together with copies of the charter and by-laws
      of the Mortgage Loan Seller;

     

    (3)  One
      or
      more opinions of counsel from the Mortgage Loan Seller’s counsel otherwise in
      form and substance reasonably satisfactory to the Purchaser, the Trustee and
      each Rating Agency;

     

    (4)  A
      letter
      from each of the Rating Agencies giving each Class of Certificates set forth
      on
      Schedule A the rating set forth on Schedule A; and

     

    (5)  Such
      other documents, certificates (including additional representations and
      warranties) and opinions as may be reasonably necessary to secure the intended
      ratings from each Rating Agency for the Certificates.

     

    (iii)  The
      Certificates to be sold to Bear Stearns pursuant to the Underwriting Agreement
      and the Purchase Agreement shall have been issued and sold to Bear
      Stearns.

     

    (iv)  The
      Mortgage Loan Seller shall have furnished to the Purchaser such other
      certificates of its officers or others and such other documents and opinions
      of
      counsel to evidence fulfillment of the conditions set forth in this Agreement
      and the transactions contemplated hereby as the Purchaser and its counsel may
      reasonably request.

     

    (b)  The
      obligations of the Mortgage Loan Seller under this Agreement shall be subject
      to
      the satisfaction, on or prior to the Subsequent Transfer Date, of the following
      conditions:

     

    (i)  The
      obligations of the Purchaser required to be performed by it on or prior to
      the
      Subsequent Transfer Date pursuant to the terms of this Agreement shall have
      been
      duly performed and complied with in all material respects, and all of the
      representations and warranties of the Purchaser under this Agreement shall
      be
      true and correct in all material respects as of the date hereof and as of the
      Subsequent Transfer Date, and no event shall have occurred which would
      constitute a breach by it of the terms of this Agreement, and the Mortgage
      Loan
      Seller shall have received a certificate to that effect signed by an authorized
      officer of the Purchaser.

     

    (ii)  The
      Mortgage Loan Seller shall have received copies of all of the following closing
      documents, in such forms as are agreed upon and reasonably acceptable to the
      Mortgage Loan Seller, duly executed by all signatories other than the Mortgage
      Loan Seller as required pursuant to the respective terms thereof:

     

    (1)  The
      Pooling and Servicing Agreement, in form and substance reasonably satisfactory
      to the Mortgage Loan Seller, and all documents required thereby duly executed
      by
      all signatories;

     

    (2)  A
      certificate of an officer of the Purchaser dated as of the Subsequent Transfer
      Date, in a form reasonably acceptable to the Mortgage Loan Seller, and attached
      thereto the resolutions of the Purchaser authorizing the transactions
      contemplated by this Agreement and the Pooling and Servicing Agreement, together
      with copies of the Purchaser’s articles of incorporation, and evidence as to the
      good standing of the Purchaser dated as of a recent date;

     

    (3)  One
      or
      more opinions of counsel from the Purchaser’s counsel in form and substance
      reasonably satisfactory to the Mortgage Loan Seller;

     

    (4)  Such
      other documents, certificates (including additional representations and
      warranties) and opinions as may be reasonably necessary to secure the intended
      rating from each Rating Agency for the Certificates;

     

    Section
      11.  Fees
      and Expenses.  Subject to Section 16 hereof, the Mortgage Loan
      Seller shall pay on the Subsequent Transfer Date or such later date as may
      be
      agreed to by the Purchaser (i) the fees and expenses of the Mortgage Loan
      Seller’s attorneys and the reasonable fees and expenses of the Purchaser’s
      attorneys, (ii) the fees and expenses of Deloitte & Touche LLP, (iii) the
      fee for the use of Purchaser’s Registration Statement based on the aggregate
      original principal amount of the Certificates and the filing fee of the
      Commission as in effect on the date on which the Registration Statement was
      declared effective, (iv) the fees and expenses including counsel’s fees and
      expenses in connection with any “blue sky” and legal investment matters, (v) the
      fees and expenses of the Trustee which shall include without limitation the
      fees
      and expenses of the Trustee (and the fees and disbursements of its counsel)
      with
      respect to (A) legal and document review of this Agreement, the Pooling and
      Servicing Agreement, the Certificates and related agreements, (B) attendance
      at
      the Closing and (C) review of the Subsequent Mortgage Loans to be performed
      by
      the respective Custodian, (vi) the fees and expenses relating to the preparation
      and recordation of mortgage assignments (including intervening assignments,
      if
      any and if available, to evidence a complete chain of title from the originator
      to the Trustee) from the Mortgage Loan Seller to the Trustee or the expenses
      relating to the Opinion of Counsel referred to in Section 6(a) hereof, as the
      case may be, and (ix) Mortgage File due diligence expenses and other
      out-of-pocket expenses incurred by the Purchaser in connection with the purchase
      of the Mortgage Loans and by Bear Stearns in connection with the sale of the
      Certificates. The Mortgage Loan Seller additionally agrees to pay directly
      to
      any third party on a timely basis the fees provided for above which are charged
      by such third party and which are billed periodically.

     

    Section
      12.  Accountants’
      Letters. Within thirty days after the Subsequent Transfer Date, the
      Depositor shall deliver to the Trustee a letter of a nationally recognized
      firm
      of independent public accountants (“Accounting Firm”) stating whether or not the
      Subsequent Mortgage Loans conveyed on the Subsequent Transfer Date conform
      to
      the characteristics described in Section 2.09(c)(ii) and (iii) of the Pooling
      and Servicing Agreement.  The Accounting Firm will review the
      characteristics of the Subsequent Mortgage Loans described on Exhibit 1 to
      the
      Subsequent Transfer Instrument and will compare those characteristics to the
      description of the Subsequent Mortgage Loans contained in the Schedule 99.1
      attached to the Form 8-K which is required to be filed by The Securities
      Exchange Act of 1934, as amended, and the rules and regulations promulgated
      thereunder.

     

    Section
      13.  Indemnification.

     

    (a)  The
      Mortgage Loan Seller shall indemnify and hold harmless the Purchaser and its
      directors, officers and controlling persons (as defined in Section 15 of the
      Securities Act) from and against any loss, claim, damage or liability or action
      in respect thereof, to which they or any of them may become subject, under
      the
      Securities Act or otherwise, insofar as such loss, claim, damage, liability
      or
      action arises out of, or is based upon any untrue statement of a material fact
      contained in the Mortgage Loan Seller’s Information as identified in
Exhibit 3, the omission to state in the Prospectus Supplement or
      Prospectus (or any amendment thereof or supplement thereto approved by the
      Mortgage Loan Seller and in which additional Mortgage Loan Seller’s Information
      is identified), in reliance upon and in conformity with Mortgage Loan Seller’s
      Information a material fact required to be stated therein or necessary to make
      the statements therein in light of the circumstances in which they were made,
      not misleading; and the Mortgage Loan Seller shall reimburse the Purchaser
      and
      each other indemnified party for any legal and other expenses reasonably
      incurred by them in connection with investigating or defending or preparing
      to
      defend against any such loss, claim, damage, liability or action.

     

    The
      foregoing indemnity agreement is in addition to any liability which the Mortgage
      Loan Seller otherwise may have to the Purchaser or any other such indemnified
      party.

     

    (b)  The
      Purchaser shall indemnify and hold harmless the Mortgage Loan Seller and its
      respective directors, officers and controlling persons (as defined in Section
      15
      of the Securities Act) from and against any loss, claim, damage or liability
      or
      action in respect thereof, to which they or any of them may become subject,
      under the Securities Act or otherwise, insofar as such loss, claim, damage,
      liability or action arises out of, or is based upon any untrue statement of
      a
      material fact contained in the Purchaser’s Information as identified in
Exhibit 4, the omission to state in the Prospectus Supplement or
      Prospectus (or any amendment thereof or supplement thereto approved by the
      Purchaser and in which additional Purchaser’s Information is identified), in
      reliance upon and in conformity with the Purchaser’s Information, a material
      fact required to be stated therein or necessary to make the statements therein
      in light of the circumstances in which they were made, not misleading; and
      the
      Purchaser shall reimburse the Mortgage Loan Seller, and each other indemnified
      party for any legal and other expenses reasonably incurred by them in connection
      with investigating or defending or preparing to defend any such loss, claim,
      damage, liability or action. The foregoing indemnity agreement is in addition
      to
      any liability which the Purchaser otherwise may have to the Mortgage Loan
      Seller, or any other such indemnified party.

     

    (c)  Promptly
      after receipt by an indemnified party under subsection (a) or (b) above of
      notice of the commencement of any action, such indemnified party shall, if
      a
      claim in respect thereof is to be made against the indemnifying party under
      such
      subsection, notify each party against whom indemnification is to be sought
      in
      writing of the commencement thereof (but the failure so to notify an
      indemnifying party shall not relieve it from any liability which it may have
      under this Section 13 except to the extent that it has been prejudiced in any
      material respect by such failure or from any liability which it may have
      otherwise). In case any such action is brought against any indemnified party,
      and it notifies an indemnifying party of the commencement thereof, the
      indemnifying party will be entitled to participate therein and, to the extent
      it
      may elect by written notice delivered to the indemnified party promptly (but,
      in
      any event, within 30 days) after receiving the aforesaid notice from such
      indemnified party, to assume the defense thereof with counsel reasonably
      satisfactory to such indemnified party. Notwithstanding the foregoing, the
      indemnified party or parties shall have the right to employ its or their own
      counsel in any such case, but the fees and expenses of such counsel shall be
      at
      the expense of such indemnified party or parties unless (i) the employment
      of
      such counsel shall have been authorized in writing by one of the indemnifying
      parties in connection with the defense of such action, (ii) the indemnifying
      parties shall not have employed counsel to have charge of the defense of such
      action within a reasonable time after notice of commencement of the action,
      or
      (iii) such indemnified party or parties shall have reasonably concluded that
      there is a conflict of interest between itself or themselves and the
      indemnifying party in the conduct of the defense of any claim or that the
      interests of the indemnified party or parties are not substantially co-extensive
      with those of the indemnifying party (in which case the indemnifying parties
      shall not have the right to direct the defense of such action on behalf of
      the
      indemnified party or parties), in any of which events such fees and expenses
      shall be borne by the indemnifying parties (provided, however,
      that the indemnifying party shall be liable only for the fees and expenses
      of
      one counsel in addition to one local counsel in the jurisdiction involved.
      Anything in this subsection to the contrary notwithstanding, an indemnifying
      party shall not be liable for any settlement or any claim or action effected
      without its written consent; provided, however, that such consent
      was not unreasonably withheld.

     

    (d)  If
      the
      indemnification provided for in paragraphs (a) and (b) of this Section 13 shall
      for any reason be unavailable to an indemnified party in respect of any loss,
      claim, damage or liability, or any action in respect thereof, referred to in
      Section 13, then the indemnifying party shall in lieu of indemnifying the
      indemnified party contribute to the amount paid or payable by such indemnified
      party as a result of such loss, claim, damage or liability, or action in respect
      thereof, in such proportion as shall be appropriate to reflect the relative
      benefits received by the Mortgage Loan Seller on the one hand and the Purchaser
      on the other from the purchase and sale of the Mortgage Loans, the offering
      of
      the Certificates and the other transactions contemplated hereunder. No person
      found liable for a fraudulent misrepresentation (within the meaning of Section
      11(f) of the Securities Act) shall be entitled to contribution from any person
      who is not also found liable for such fraudulent misrepresentation.

     

    (e)  The
      parties hereto agree that reliance by an indemnified party on any publicly
      available information or any information or directions furnished by an
      indemnifying party shall not constitute negligence, bad faith or willful
      misconduct by such indemnified party.

     

    Section
      14.  Notices.  All
      demands, notices and communications hereunder shall be in writing but may be
      delivered by facsimile transmission subsequently confirmed in writing. Notices
      to the Mortgage Loan Seller shall be directed to EMC Mortgage Corporation,
      2780
      Lake Vista Drive, Lewisville, Texas 75067, (Facsimile: (469) 759-4714 Attention:
      President), and notices to the Purchaser shall be directed to Structured Asset
      Mortgage Investments II Inc., 383 Madison Avenue, New York, New York 10179
      (Telecopy: (212) 272-7206), Attention: Baron Silverstein; or to any other
      address as may hereafter be furnished by one party to the other party by like
      notice. Any such demand, notice or communication hereunder shall be deemed
      to
      have been received on the date received at the premises of the addressee (as
      evidenced, in the case of registered or certified mail, by the date noted on
      the
      return receipt) provided that it is received on a business day during normal
      business hours and, if received after normal business hours, then it shall
      be
      deemed to be received on the next business day.

     

    Section
      15.  Transfer
      of Subsequent Mortgage Loans.  The Purchaser retains the right to
      assign the Subsequent Mortgage Loans and any or all of its interest under this
      Agreement to the Trustee without the consent of the Mortgage Loan Seller, and,
      upon such assignment, the Trustee shall succeed to the applicable rights and
      obligations of the Purchaser hereunder; provided, however, the
      Purchaser shall remain entitled to the benefits set forth in Sections 11, 13
      and
      17 hereto and as provided in Section 2(a). Notwithstanding the foregoing, the
      sole and exclusive right and remedy of the Trustee with respect to a breach
      of
      representation or warranty of the Mortgage Loan Seller shall be the cure,
      purchase or substitution obligations of the Mortgage Loan Seller contained
      in
      Sections 5 and 7 hereof.

     

    Section
      16.  Termination.  This
      Agreement may be terminated (a) by the mutual consent of the parties hereto
      prior to the Subsequent Transfer Date, (b) by the Purchaser, if the conditions
      to the Purchaser’s obligation to close set forth under Section 10(a) hereof are
      not fulfilled as and when required to be fulfilled or (c) by the Mortgage Loan
      Seller, if the conditions to the Mortgage Loan Seller’s obligation to close set
      forth under Section 10(b) hereof are not fulfilled as and when required to
      be
      fulfilled. In the event of termination pursuant to clause (b), the Mortgage
      Loan
      Seller shall pay, and in the event of termination pursuant to clause (c), the
      Purchaser shall pay, all reasonable out-of-pocket expenses incurred by the
      other
      in connection with the transactions contemplated by this Agreement. In the
      event
      of a termination pursuant to clause (a), each party shall be responsible for
      its
      own expenses.

     

    Section
      17.  Representations,
      Warranties and Agreements to Survive Delivery.  All
      representations, warranties and agreements contained in this Agreement, or
      contained in certificates of officers of the Mortgage Loan Seller submitted
      pursuant hereto, shall remain operative and in full force and effect and shall
      survive delivery of the Subsequent Mortgage Loans to the Purchaser (and by
      the
      Purchaser to the Trustee). Subsequent to the delivery of the Subsequent Mortgage
      Loans to the Purchaser, the Mortgage Loan Seller’s representations and
      warranties contained herein with respect to the Subsequent Mortgage Loans shall
      be deemed to relate to the Subsequent Mortgage Loans actually delivered to
      the
      Purchaser and included in the Subsequent Mortgage Loan Schedule and any
      Substitute Mortgage Loan.

     

    Section
      18.  Severability.  If
      any provision of this Agreement shall be prohibited or invalid under applicable
      law, the Agreement shall be ineffective only to such extent, without
      invalidating the remainder of this Agreement.

     

    Section
      19.  Counterparts.  This
      Agreement may be executed in counterparts, each of which will be an original,
      but which together shall constitute one and the same agreement.

     

    Section
      20.  Amendment.  This
      Agreement cannot be amended or modified in any manner without the prior written
      consent of each party.

     

    Section
      21.  GOVERNING
      LAW.  THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN
      ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS
      CONFLICT OF LAW PROVISIONS (OTHER THAN SECTION 5-1401 OF THE GENERAL OBLIGATIONS
      LAW) AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL
      BE
      DETERMINED IN ACCORDANCE WITH SUCH LAWS.

     

    Section
      22.  Further
      Assurances.  Each of the parties agrees to execute and deliver
      such instruments and take such actions as another party may, from time to time,
      reasonably request in order to effectuate the purpose and to carry out the
      terms
      of this Agreement including any amendments hereto which may be required by
      either Rating Agency.

     

    Section
      23.  Successors
      and Assigns.

     

    This
      Agreement shall bind and inure to the benefit of and be enforceable by the
      Mortgage Loan Seller and the Purchaser and their permitted successors and
      assigns and, to the extent specified in Section 13 hereof, Bear Stearns, and
      their directors, officers and controlling persons (within the meaning of federal
      securities laws). The Mortgage Loan Seller acknowledges and agrees that the
      Purchaser may assign its rights under this Agreement (including, without
      limitation, with respect to the Mortgage Loan Seller’s representations and
      warranties respecting the Mortgage Loans) to the Trustee. Any person into which
      the Mortgage Loan Seller may be merged or consolidated (or any person resulting
      from any merger or consolidation involving the Mortgage Loan Seller), any person
      resulting from a change in form of the Mortgage Loan Seller or any person
      succeeding to the business of the Mortgage Loan Seller, shall be considered
      the
“successor” of the Mortgage Loan Seller hereunder and shall be considered a
      party hereto without the execution or filing of any paper or any further act
      or
      consent on the part of any party hereto. Except as provided in the two preceding
      sentences and in Section 15 hereto this Agreement cannot be assigned, pledged
      or
      hypothecated by either party hereto without the written consent of the other
      parties to this Agreement and any such assignment or purported assignment shall
      be deemed null and void.

     

    Section
      24.  The
      Mortgage Loan Seller and the Purchaser.  The Mortgage Loan Seller
      and the Purchaser will keep in full effect all rights as are necessary to
      perform their respective obligations under this Agreement.

     

    Section
      25.  Entire
      Agreement.  This Agreement contains the entire agreement and
      understanding between the parties with respect to the subject matter hereof,
      and
      supersedes all prior and contemporaneous agreements, understandings, inducements
      and conditions, express or implied, oral or written, of any nature whatsoever
      with respect to the subject matter hereof.

     

    Section
      26.  No
      Partnership.  Nothing herein contained shall be deemed or
      construed to create a partnership or joint venture between the parties
      hereto.

     

    [REMAINDER
      OF PAGE INTENTIONALLY LEFT BLANK]

     

    
      	 	 	 	 
	2
              Please contact Bear, Stearns & Co. Inc. for Purchase
              Price.

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    IN
      WITNESS WHEREOF, the parties hereto have caused their names to be signed hereto
      by their respective duly authorized officers as of the date first above
      written.

     

    
       

      
        	 	
                EMC
                  MORTGAGE CORPORATION

              	 
	 	 	 	 
	
                 

              	
                By:
                  

              	 	 
	 	 	Name: 	 
	 	 	Title: 	 
	 	 	 	 

      

      
         

        
          	 	
                  STRUCTURED
                    ASSET MORTGAGE INVESTMENTS II INC.

                	 
	 	 	 	 
	
                   

                	
                  By:
                    

                	 	 
	 	 	Name: 	 
	 	 	Title: 	 
	 	 	 	 

        

      

    

     

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    EXHIBIT
      1

     

    CONTENTS
      OF MORTGAGE FILE

     

    With
      respect to each Subsequent Mortgage Loan, the Mortgage File shall include each
      of the following items, which shall be available for inspection by the Purchaser
      or its designee, and which shall be delivered to the Purchaser or its designee
      pursuant to the terms of the Agreement.

     

    (a)  with
      respect to each Mortgage Loan:

     

    (i)  The
      original Mortgage Note, endorsed without recourse to the order of the Trustee
      or
      to blank and showing to the extent available to the Mortgage Loan Seller an
      unbroken chain of endorsements from the related originator, at the time they
      made the initial endorsement, to the last endorsee up to and including the
      point
      the sponsor acquired such mortgage loan;

     

    (ii)  The
      original Mortgage and, if the related Subsequent Mortgage Loan is a MOM Loan,
      noting the presence of the MIN and language indicating that such Subsequent
      Mortgage Loan is a MOM Loan, which shall have been recorded (or, if the original
      is not available, a copy), with evidence of such recording indicated thereon
      (or
      if the original is not available, a copy), with evidence of such recording
      indicated thereon (or if the original Security Instrument, assignments to the
      Trustee or intervening assignments thereof which have been delivered, are being
      delivered or will, upon receipt of recording information relating to the
      Security Instrument required to be included thereon, be delivered to recording
      offices for recording and have not been returned to the Mortgage Loan Seller
      in
      time to permit their recording as specified in Section 2.01(b) of the Pooling
      and Servicing Agreement, shall be in recordable form);

     

    (iii)  unless
      the Subsequent Mortgage Loan is a MOM Loan, a certified copy of the assignment
      (which may be in the form of a blanket assignment if permitted in the
      jurisdiction in which the Mortgaged Property is located) to “Wells Fargo Bank,
      National Association, as Trustee”, with evidence of recording with respect to
      each Mortgage Loan in the name of the Trustee thereon (or if (A) the original
      Security Instrument, assignments to the Trustee or intervening assignments
      thereof which have been delivered, are being delivered or will, upon receipt
      of
      recording information relating to the Security Instrument required to be
      included thereon, be delivered to recording offices for recording and have
      not
      been returned to the Mortgage Loan Seller in time to permit their delivery
      as
      specified in Section 2.01(b) of the Pooling and Servicing Agreement, the
      Mortgage Loan Seller may deliver a true copy thereof with a certification by
      the
      Mortgage Loan Seller, on the face of such copy, substantially as follows:
“Certified to be a true and correct copy of the original, which has been
      transmitted for recording” or (B) the related Mortgaged Property is located in a
      state other than Maryland and an Opinion of Counsel has been provided as set
      forth in Section 2.01(b) of the Pooling and Servicing Agreement, shall be in
      recordable form);

     

    (iv)  all
      intervening assignments of the Security Instrument, if applicable, with evidence
      of recording thereon;

     

    (v)  the
      original or a copy of the policy or certificate of primary mortgage guaranty
      insurance, to the extent available, if any;

     

    (vi)  the
      original policy of title insurance or mortgagee’s certificate of title insurance
      or commitment or binder for title insurance; and

     

    (vii)  originals
      of all modification agreements, if applicable and available.

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    

    EXHIBIT
      2

     

    SUBSEQUENT
      MORTGAGE LOAN SCHEDULE INFORMATION

     

    The
      Subsequent Mortgage Loan Schedule shall set forth the following information
      with
      respect to each Subsequent Mortgage Loan:

     

    (a)           the
      loan number;

     

    (b)           [Reserved];

     

    (c)           the
      city, state and zip code of the Mortgaged Property;

     

    (d)           the
      property type;

     

    (e)           the
      Mortgage Interest Rate;

     

    (f)           the
      Servicing Fee Rate;

     

    (g)           the
      Net Rate;

     

    (h)           the
      original term;

     

    (i)           the
      maturity date;

     

    (j)           the
      stated remaining term to maturity;

     

    (k)           the
      original principal balance;

     

    (1)           the
      first payment date;

     

    (m)           the
      principal and interest payment in effect as of the Cut-off Date;

     

    (n)           the
      unpaid principal balance as of the Cut-off Date;

     

    (o)           the
      Loan-to-Value Ratio at origination;

     

    (p)           paid-through
      date;

     

    (q)           the
      insurer of any Primary Mortgage Insurance Policy;

     

    (r)           the
      Gross Margin, if applicable;

     

    (s)           the
      Maximum Lifetime Mortgage Rate, if applicable;

     

    (t)           the
      Minimum Lifetime Mortgage Rate, if applicable;

     

    (u)           the
      Periodic Rate Cap, if applicable;

     

    (v)           the
      number of days delinquent, if any;

     

    (w)           which
      Mortgage Loans adjust after an initial fixed-rate period of three, five, seven
      or ten years;

     

    (x)           the
      Loan Group;

     

    (y)           the
      Prepayment Charge Loans; and

     

    (z)           the
      Servicer.

     

    Such
      schedule also shall set forth for all of the Mortgage Loans, the total number
      of
      Mortgage Loans, the total of each of the amounts described under (k) and (n)
      above, the weighted average by principal balance as of the Cut-off Date of
      each
      of the rates described under (e), (f) and (g) above, and the weighted average
      remaining term to maturity by unpaid principal balance as of the Cut-off
      Date.

     

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    EXHIBIT
      3

     

    MORTGAGE
      LOAN SELLER’S INFORMATION

     

    All
      information in the Prospectus Supplement described under the following Sections:
      “SUMMARY OF PROSPECTUS SUPPLEMENT — The Mortgage Loans,” “THE MORTGAGE POOL,”
“THE SPONSOR” and “SCHEDULE A — CERTAIN CHARACTERISTICS OF THE MORTGAGE
      LOANS.”

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    EXHIBIT
      4

     

    PURCHASER’S
      INFORMATION

     

    All
      information in the Prospectus Supplement and the Prospectus, except the Mortgage
      Loan Seller’s Information.

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    EXHIBIT
      5

     

    SCHEDULE
      OF LOST NOTES

     

    Available
      Upon Request

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    EXHIBIT
      6

    

    APPENDIX
      E – STANDARD & POOR’S ANTI PREDATORY LENDING
      CATEGORIZATION

     

    REVISED
March 1,
      2007

     

    APPENDIX
      E - Standard & Poor’s Predatory Lending Categories

     

    Standard
      & Poor’s has categorized loans governed by anti-predatory lending laws in
      the Jurisdictions listed below into three categories based upon a combination
      of
      factors that include (a) the risk exposure associated with the assignee
      liability and (b) the tests and thresholds set forth in those laws. Note
      that certain loans classified by the relevant statute as Covered are included
      in
      Standard & Poor’s High Cost Loan Category because they included thresholds
      and tests that are typical of what is generally considered High Cost by the
      industry.

     

    
      	
              Standard
                & Poor’s High Cost Loan Categorization

            
	
              State/Jurisdiction

            	
              Name
                of Anti-Predatory Lending

              Law/Effective
                Date

            	
              Category
                under

              Applicable
                Anti-Predatory

              Lending
                Law

            
	
              Arkansas

            	
              Arkansas
                Home Loan Protection Act, Ark. Code Ann. §§ 23-53-101 etseq.

              Effective
                July 16, 2003

            	
              High
                Cost Home Loan

            
	
              Cleveland
                Heights, OH

            	
              Ordinance
                No. 72-2003 (PSH), Mun. Code §§ 757.01 etseq.

              Effective
                June 2, 2003

            	
              Covered
                Loan

            
	
              Colorado

            	
              Consumer
                Equity Protection, Colo. Stat. Ann. §§ 5-3.5-101 etseq.

              Effective
                for covered loans offered or entered into on or after January 1,
                2003.
                Other provisions of the Act took effect on June 7, 2002

            	
              Covered
                Loan

            
	
              Connecticut

            	
              Connecticut
                Abusive Home Loan Lending Practices Act, Conn. Gen. Stat. §§ 36a-746
                etseq.

              Effective
                October 1, 2001

            	
              High
                Cost Home Loan

            
	
              District
                of Columbia

            	
              Home
                Loan Protection Act, D.C. Code §§ 26-1151.01 etseq.

              Effective
                for loans closed on or after January 28, 2003

            	
              Covered
                Loan

            
	
              Florida

            	
              Fair
                Lending Act, Fla. Stat. Ann. §§ 494.0078 etseq. Effective October 2,
                2002

            	
              High
                Cost Home Loan

            
	
              Georgia
                (Oct. 1, 2002 – Mar. 6, 2003)

            	
              Georgia
                Fair Lending Act, Ga. Code Ann. §§ 7-6A-1 etseq.

              Effective
                October 1, 2002 – March 6, 2003

            	
              High
                Cost Home Loan

            
	
              Georgia
                as amended (Mar. 7, 2003 – current)

            	
              Georgia
                Fair Lending Act, Ga. Code Ann. §§ 7-6A-1

              etseq.

              Effective
                for loans closed on or after March 7, 2003

            	
              High
                Cost Home Loan

            
	
              HOEPA
                Section 32

            	
              Home
                Ownership and Equity Protection Act of 1994, 15 U.S.C. § 1639, 12 C.F.R.
                §§ 226.32 and 226.34 Effective October 1, 1995, amendments October 1,
                2002

            	
              High
                Cost Loan

            
	
              Illinois

            	
              High
                Risk Home Loan Act, Ill. Comp. Stat. tit. 815, §§ 137/5
                etseq.

              Effective
                January 1, 2004 (prior to this date, regulations under Residential
                Mortgage License Act effective from May 14, 2001)

            	
              High
                Risk Home Loan

            
	
              Indiana

            	
              Indiana
                Home Loan Practices Act, Ind. Code Ann. §§ 24-9-1-1 etseq.

              Effective
                January 1, 2005; amended by 2005 H.B.

              1179,
                effective July 1, 2005.

            	
              High
                Cost Home Loans

            
	
              Kansas

            	
              Consumer
                Credit Code, Kan. Stat. Ann. §§ 16a-1-101

              etseq.

              Sections
                16a-1-301 and 16a-3-207 became effective

              April
                14, 1999; Section 16a-3-308a became effective

              July
                1, 1999

            	
              High
                Loan to Value Consumer

              Loan
                (id. § 16a-3-207) and;

            
	
              High
                APR Consumer Loan (id. §

              16a-3-308a)

            
	
              Kentucky

            	
              2003
                KY H.B. 287 – High Cost Home Loan Act, Ky.

              Rev.
                Stat. §§ 360.100 etseq.

              Effective
                June 24, 2003

            	
              High
                Cost Home Loan

            
	
              Maine

            	
              Truth
                in Lending, Me. Rev. Stat. tit. 9-A, §§ 8-101

              etseq.

              Effective
                September 29, 1995 and as amended from

              time
                to time

            	
              High
                Rate High Fee Mortgage

            
	
              Massachusetts

            	
              Part
                40 and Part 32, 209 C.M.R. §§ 32.00 etseq. and 209 C.M.R. §§ 40.01
                etseq.

              Effective
                March 22, 2001 and amended from time to time

            	
              High
                Cost Home Loan

            
	
              Nevada

            	
              Assembly
                Bill No. 284, Nev. Rev. Stat. §§ 598D.010 etseq.

              Effective
                October 1, 2003

            	
              Home
                Loan

            
	
              New
                Jersey

            	
              New
                Jersey Home Ownership Security Act of 2002, N.J. Rev. Stat. §§ 46:10B-22
                etseq.

              Effective
                for loans closed on or after November 27, 2003

            	
              High
                Cost Home Loan

            
	
              New
                Mexico

            	
              Home
                Loan Protection Act, N.M. Rev. Stat. §§ 58- 21A-1 etseq.

              Effective
                as of January 1, 2004; Revised as of February 26, 2004

            	
              High
                Cost Home Loan

            
	
              New
                York

            	
              N.Y.
                Banking Law Article 6-l

              Effective
                for applications made on or after April 1, 2003

            	
              High
                Cost Home Loan

            
	
              North
                Carolina

            	
              Restrictions
                and Limitations on High Cost Home Loans, N.C. Gen. Stat. §§ 24-1.1E
                etseq.

              Effective
                July 1, 2000; amended October 1, 2003 (adding open-end lines of
                credit)

            	
              High
                Cost Home Loan

            
	
              Ohio

            	
              H.B.
                386 (codified in various sections of the Ohio Code), Ohio Rev. Code
                Ann.
                §§ 1349.25 etseq.

              Effective
                May 24, 2002

            	
              Covered
                Loan

            
	
              Oklahoma

            	
              Consumer
                Credit Code (codified in various sections of Title 14A)

              Effective
                July 1, 2000; amended effective January 1, 2004

            	
              Subsection
                10 Mortgage

            
	
              Rhode
                Island

            	
              Rhode
                Island Home Loan Protection Act, R.I. Gen. Laws §§ 34-25.2-1 etseq.
                Effective December 31, 2006.

            	
              High
                Cost Home Loan

            
	
              South
                Carolina

            	
              South
                Carolina High Cost and Consumer Home Loans Act, S.C. Code Ann. §§ 37-23-10
                etseq.

              Effective
                for loans taken on or after January 1, 2004

            	
              High
                Cost Home Loan

            
	
              Tennessee

            	
              Tennessee
                Home Loan Protection Act, Tenn. Code Ann. §§ 45-20-101 etseq. Effective
                January 1, 2007.

            	
              High
                Cost Home Loan

            
	
              West
                Virginia

            	
              West
                Virginia Residential Mortgage Lender, Broker

              and
                Servicer Act, W. Va. Code Ann. §§ 31-17-1 et

              seq.

              Effective
                June 5, 2002

            	
              West
                Virginia Mortgage Loan Act Loan

            

    

    

    
      	
              Standard
                & Poor’s Covered Loan Categorization

            
	
              State/Jurisdiction

            	
              Name
                of Anti-Predatory Lending

              Law/Effective
                Date

            	
              Category
                under

              Applicable
                Anti-Predatory

              Lending
                Law

            
	
              Georgia
                (Oct. 1, 2002 – Mar. 6, 2003)

            	
              Georgia
                Fair Lending Act, Ga. Code Ann. §§ 7-6A-1 etseq.

              Effective
                October 1, 2002 – March 6, 2003

            	
              Covered
                Loan

            
	
              New
                Jersey

            	
              New
                Jersey Home Ownership Security Act of 2002, N.J. Rev. Stat. §§ 46:10B-22
                etseq.

              Effective
                November 27, 2003 – July 5, 2004

            	
              Covered
                Home Loan

            

    

    

    
      	
              Standard
                & Poor’s Home Loan Categorization

            
	
              State/Jurisdiction

            	
              Name
                of Anti-Predatory Lending

              Law/Effective
                Date

            	
              Category
                under

              Applicable
                Anti-Predatory

              Lending
                Law

            
	
              Georgia
                (Oct. 1, 2002 – Mar. 6, 2003)

            	
              Georgia
                Fair Lending Act, Ga. Code Ann. §§ 7-6A-1 etseq.

              Effective
                October 1, 2002 – March 6, 2003

            	
              Home
                Loan

            
	
              New
                Jersey

            	
              New
                Jersey Home Ownership Security Act of 2002, N.J. Rev. Stat. §§ 46:10B-22
                etseq.

              Effective
                for loans closed on or after November 27, 2003

            	
              Home
                Loan

            
	
              New
                Mexico

            	
              Home
                Loan Protection Act, N.M. Rev. Stat. §§ 58- 21A-1 etseq.

              Effective
                as of January 1, 2004; Revised as of February 26, 2004

            	
              Home
                Loan

            
	
              North
                Carolina

            	
              Restrictions
                and Limitations on High Cost Home Loans, N.C. Gen. Stat. §§ 24-1.1E
                etseq.

              Effective
                July 1, 2000; amended October 1, 2003 (adding open-end lines of
                credit)

            	
              Consumer
                Home Loan

            
	
              South
                Carolina

            	
              South
                Carolina High Cost and Consumer Home Loans Act, S.C. Code Ann. §§ 37-23-10
                etseq.

              Effective
                for loans taken on or after January 1, 2004

            	
              Consumer
                Home Loan

            

    

     

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    SCHEDULE
      A

     

    REQUIRED
      RATINGS FOR EACH CLASS OF CERTIFICATES

     

    Public
      Certificates

    

    
      	
              
                Class

              

            	
              
                S&P

              

            	
              
                Fitch

              

            
	
              Class
                I-A-1

            	
              AAA

            	
              AAA

            
	
              Class
                I-A-2

            	
              AAA

            	
              AAA

            
	
              Class
                II-A-1

            	
              AAA

            	
              AAA

            
	
              Class
                II-A-2

            	
              AAA

            	
              AAA

            
	
              Class
                III-A-1

            	
              AAA

            	
              AAA

            
	
              Class
                III-A-2

            	
              AAA

            	
              AAA

            
	
              Class
                III-X-1

            	
              AAA

            	
              AAA

            
	
              Class
                R-I

            	
              AAA

            	
              AAA

            
	
              Class
                R-II

            	
              AAA

            	
              AAA

            
	
              Class
                R-III

            	
              AAA

            	
              AAA

            
	
              Class
                B-1

            	
              AA

            	
              AA

            
	
              Class
                B-2

            	
              A

            	
              A

            
	
              Class
                B-3

            	
              BBB

            	
              BBB

            

    

     

    None
      of
      the above ratings has been lowered since the respective dates of such
      letters.

     

     

    Private
      Certificates

    

    
      	
              
                Class

              

            	
              
                S&P

              

            	
              
                Fitch

              

            
	
              Class
                B-4

            	
              BB

            	
              NR

            
	
              Class
                B-5

            	
              B

            	
              NR

            
	
              Class
                B-6

            	
              NR

            	
              NR

            

    

    

    None
      of
      the above ratings has been lowered since the respective dates of such
      letters.

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    SCHEDULE
      B

     

    MORTGAGE
      LOAN SCHEDULE

     

    [Provided
      upon request]

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    EXHIBIT
      R

    

    FORM
      OF
      SUBSEQUENT TRANSFER INSTRUMENT

    

    Pursuant
      to this Subsequent Transfer Instrument, dated [__________], 2007 (the
“Instrument”), between Structured
      Asset Mortgage Investments II Inc. as
      depositor (the “Depositor”), and Wells Fargo Bank, N.A., not individually but
      solely as trustee (in such capacity, the “Trustee”) under the Pooling and
      Servicing Agreement, dated as of August 1, 2007 (the “Agreement”), among the
      Depositor as depositor, EMC Mortgage Corporation as master servicer (in that
      capacity, the “Master Servicer”) and as mortgage loan seller (in that capacity,
      the “Mortgage Loan Seller”), the Depositor and the Trustee, pursuant to the
      Agreement, agree to the sale by the Depositor and the purchase by the Trustee
      of
      the Subsequent Mortgage Loans listed on the attached Exhibit 1 (the “Subsequent
      Mortgage Loans”).

     

    Capitalized
      terms used but not otherwise defined herein shall have the meanings set forth
      in
      the Agreement.

     

    
      	
              Section
                1.

            	
              Conveyance
                of Subsequent Mortgage Loans.

            

    

     

    (a)           The
      Depositor does hereby sell, transfer, assign, set over and convey to the Trustee
      in trust, on behalf of the Trust, without recourse, all of its right, title
      and
      interest in and to the Subsequent Mortgage Loans, including all amounts due
      or
      accruing on the Subsequent Mortgage Loans after the related Subsequent Cut-off
      Date, and all items with respect to the Subsequent Mortgage Loans to be
      delivered pursuant to Section 2.07 of the Agreement; provided, however, that
      the
      Depositor reserves and retains all right, title and interest in and to amounts
      due on the Subsequent Mortgage Loans on or before the related Subsequent Cut-off
      Date. The Depositor, contemporaneously with the delivery of this Agreement,
      has
      delivered or caused to be delivered to the Trustee each item with respect to
      the
      Subsequent Mortgage Loans set forth in Section 2.01 of the Pooling and Servicing
      Agreement and the other items in the related Mortgage Files.  The
      transfer to the Trustee by the Depositor of the Subsequent Mortgage Loans
      identified on the Subsequent Mortgage Loan Schedule attached hereto as Exhibit
      1
      shall be absolute and is intended by the Depositor, the Mortgage Loan Seller,
      the Master Servicer, the Trustee and the Certificateholders to constitute and
      to
      be treated as a sale of the Subsequent Mortgage Loans by the Depositor to the
      Trust Fund.

     

    (b)           The
      Depositor, concurrently with the execution and delivery hereof, does hereby
      transfer, assign, set over and otherwise convey to the Trustee without recourse
      for the benefit of the related Certificateholders all the right, title and
      interest of the Depositor in, to and under the Subsequent Mortgage Loan Purchase
      Agreement, dated as of [_________], 2007, between EMC
      Mortgage Corporation, as seller, and the Depositor, as purchaser (the “Purchase
      Agreement”).

     

    
      	
              Section
                2.

            	
              Representations
                and Warranties; Conditions
                Precedent.

            

    

     

    (a)           The
      Depositor hereby confirms that each of the conditions precedent and the
      representations and warranties set forth in Section 2.07 of the Agreement are
      satisfied as of the date hereof.

     

    (b)           All
      terms and conditions of the Agreement are hereby ratified and confirmed;
      provided, however, that in the event of any conflict, the provisions of this
      Instrument shall control over the conflicting provisions of the
      Agreement.

     

    
      	
              Section
                3.

            	
              Recordation
                of Instrument.

            

    

     

    To
      the
      extent permitted by applicable law, this Instrument, or a memorandum thereof
      if
      permitted under applicable law, is subject to recordation in all appropriate
      public offices for real property records in all of the counties or other
      comparable jurisdictions in which any or all of the properties subject to the
      Mortgages are situated, and in any other appropriate public recording office
      or
      elsewhere, such recordation to be effected by the Depositor at the
      Certificateholders’ expense on direction of the related Certificateholders, but
      only when accompanied by an Opinion of Counsel to the effect that such
      recordation materially and beneficially affects the interests of the
      Certificateholders or is necessary for the administration or servicing of the
      Subsequent Mortgage Loans.

     

    
      	
              Section
                4.

            	
              GOVERNING
                LAW.

            

    

     

    THIS
      AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS
      OF
      THE STATE OF NEW YORK, WITHOUT REGARD TO CONFLICTS OF LAWS PRINCIPLES THEREOF
      OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW.

     

    
      	
              Section
                5.

            	
              Counterparts.

            

    

     

    This
      Instrument may be executed in one or more counterparts and by the different
      parties hereto on separate counterparts, each of which, when so executed, shall
      be deemed to be an original; such counterparts, together, shall constitute
      one
      and the same instrument.

     

    
      	
              Section
                6.

            	
              Successors
                and Assigns.

            

    

     

    This
      Instrument shall inure to the benefit of and be binding upon the Depositor
      and
      the Trustee and their respective successors and assigns.

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    IN
      WITNESS WHEREOF, the parties hereto have executed this Agreement on the date
      first above written.

     

     

    
      
        	 	
                STRUCTURED
                  ASSET MORTGAGE INVESTMENTS II INC., as Depositor

              	 
	 	 	 	 
	
                 

              	
                By:
                  

              	 	 
	 	 	Name: 	 
	 	 	Title: 	 
	 	 	 	 

      

       

      
         

        
          
            	 	
                    WELLS
                      FARGO BANK, NATIONAL ASSOCIATION, not individually but solely
                      as Trustee,
                      as aforesaid.

                  	 
	 	 	 	 
	
                     

                  	
                    By:
                      

                  	 	 
	 	 	Name: 	 
	 	 	Title: 	 
	 	 	 	 

          

          

            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

        

      

    

    EXHIBIT
      1

    

    SUBSEQUENT
      MORTGAGE LOAN SCHEDULE

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